The lower figure would represent market shrinkage of minus 0.7 per cent over the 75,000 units completed last year and the higher figure 3.3-per-cent growth. KResearch says investment in the real-estate sector this year may grow 2.5-4.3 per cent, compared with last year's growth of 3.1 per cent. The best-case scenario supposes that investment in condominium projects will continue, buoyed by an upward economic trend.

However, the worst-case scenario is based on the assumption that political setbacks will continue to affect both the economic situation and consumer confidence, biting into consumers' future incomes.

Worse still, it says measures to control baht speculation and changes to the Foreign Business Act may also become hindrances to foreign investment in the real-estate industry.

One point it says real-estate developers and buyers should consider is that developing projects or making decisions to buy homes based on government projects needs careful forethought.

It gives Suvarnabhumi Airport and the expansion of the rapid-transit route as examples, saying real-estate projects near Suvarnabhumi Airport are beginning to experience stagnating sales, while the Cabinet's approval of five rapid-transit rail routes in Bangkok will probably have a positive effect on the property market.

KResearch warns that in considering the potential of a given location, real-estate entrepreneurs and buyers need to look at other factors and estimate risks if designated routes are revised.