This paper presents the results of recent research to estimate hedonic property valuation models and regional house price indexes for the provinces of Thailand. House price indexes are an important input into the analysis of residential mortgage performance and the development of the credit loss projections needed for underwriting and pricing loans and mortgage insurance, establishing loss reserves against future credit losses, and setting risk-based capital requirements. The lack of coordinated information on the various sectors of the real estate industry in Thailand has been cited as a contributing factor in the severity of the boom-bust cycle in Thai real estate, and the availability of broad-based residential property value indexes may help to fill an important information gap and improve the efficiency of real estate markets in Thailand. The particular experience of the Thai real estate market indicates the potential benefits to lenders of statistical property valuation models. Traditional valuations based on cost, sales comparison, and income capitalization approaches have been hampered by the lack of uniform standards and formal certification units. process. The situation has been further complicated by the structural inefficiencies of an emerging real estate market. After many years of relatively steady and sustained growth, the real estate sector in Thailand began to contract in 1996, as housing completions declined sharply in response to an excess supply of housing Price speculation in real estate continued, however, fueled in part by previous financial liberalization measures aimed at stimulating foreign capital investment in Thailand. Although the real estate bubble was already deflating by 1996, the subsequent decline in property values was compounded by the emergence of the 1997 Asian economic crisis.