Speaking to the Bangkok Post, Kitisak Jampathipphong, chief executive at Century 21 Realty Affiliates (Thailand) Co, explained new rules relating to environmental impact assessments (EIAs) will make property development more expensive.
This will therefore have a knock-on effect on the value of this kind of Thai property, he stated.
Mr Kitisak pointed out land values have risen, doubling in price in some locations, which will also help drive up the cost of buying condos in desirable areas.
In an interview with Property Report earlier this month, director of the residential department at Knight Frank Thailand Ulf Schaefer stated the market for "ultra-luxury residences" is becoming more established in Bangkok, with several developments in the city targeted at the super wealthy.
He highlighted the market's two distinct sections, which are super luxury condos and apartments serviced by a high-end hotel.