Thailand's real estate sector faces a critical credit crunch in H1 2025: mortgage rejection rates surged to 44.9% (up from 39.8% YoY), with mid-to-premium segment rejections rising 3.4–9.4 points. Banks cite strict approval criteria, low credit scores, high debt burdens, and lengthy review times. A new "self-rejection" phenomenon—where buyers preemptively withdraw—is up 40–50%, straining developer cash flow and creating systemic risk across the supply chain. The sector holds 185 billion baht in unrecognized revenue backlog, with major developers like AP Thailand, Asset Wise, and Sena facing multi-year recognition delays. This threatens upstream industries linked to real estate (40+ sectors).