A look at the real estate trends in the year of the Golden Dragon
Seven trends can be clearly defined in Thailand’s real estate sector during the auspicious year of the Golden Dragon after a harrowing 12 months of global uncertainties, economic crises, cost of living increases and wars.
1. With pets considered significant family members and thus deserving of a proper home, more pet-friendly condos will come on the market as developers enhance condominium projects to accommodate fur babies, especially dogs and cats, thus impacting purchase decisions.
2. An increase in rental condos catering to investor groups seeking properties for rent, especially in locations near universities, schools, malls, hospitals, and industrial estates. This serves both buyers and developers who cater to the rental market and those facing credit rejections, as well as students and working individuals.
3. Serviced apartments to attract expatriates, businessmen, and tourists returning to work in Thailand due to comparatively lower rental costs than hotel accommodation but offering hotel-like services.
4. In the luxury housing market, homes priced at more than 20 million baht will see continuous growth in demand among high-end buyers, with an emphasis on space, location, unique designs, and limited supply due to scarce and expensive land.
5. The tourist real estate market will witness a resurgence due to returning international tourists, notably Russians buying properties in Phuket.
6. Wellness residences will continue their rapid growth of the last 5 years, as the elderly population surpasses 70 million and consumers focus more on preventive healthcare. This development extends beyond Bangkok to various areas like Khao Yai and Hua Hin, which offer homes catering to the 40-60 age group.
7. Green buildings, crucial for communities and the environment amidst climate change challenges caused by increased carbon dioxide emissions from economic activities, will be very much in the spotlight. Real estate, which contributes up to 40% of carbon emissions, has seen a surge in large businesses committed to constructing or leasing green buildings for environmental friendliness, resource efficiency, and improved comfort and health for occupants.
(This article first appeared in Krungthep Thurakij / Bangkokbiznews. com)
