Thailand's Real Estate Market Softening. Good Time to Buy?

Summary

The video script explores the recent trends in Thailand's real estate market, analyzing data from the Real Estate Information Center and a survey by SCB. It discusses the dip in property transactions post-COVID, the gradual increase in transaction value, and the top provinces for property sales. The script also covers the impact of taxes on foreign buyers, the sentiment and purchase intentions of Thai residents, and preferences for property types and locations. It concludes with insights on rental trends and investment interests, providing a comprehensive overview for potential buyers and investors.

Takeaways

• 🏠 The Thai real estate market has experienced a dip in interest, with transactions normalizing to pre-COVID levels in 2023.
• 📉 Despite a decrease in the number of properties sold, the total transaction value has shown a gradual increase, indicating higher property values.
• 📈 Bangkok dominates the property market with the highest number of transactions and value, followed by Chonburi and Nonthaburi.
• 📊 The first quarter of 2024 saw a significant drop in property transactions, suggesting a short-term softening of the market.
• 💼 Tax implications for foreigners buying property in Thailand are still unclear, with potential changes to tax residency rules to be monitored until 2025.
• 🔍 A survey by Siam Commercial Bank indicates that demand for property slightly improved in 2024, with most buyers planning to purchase in the next 3-5 years.
• 💰 Mid to upper-income earners are the primary buyers, with an increased interest in properties over 3 million baht, while demand for lower-priced homes has decreased.
• 🏡 There is a growing preference for single-family homes over condos, especially among those looking for family living accommodations.
• 🔑 Renters are mainly Gen Y and Gen Z, seeking affordable condos close to workplaces and schools, with many aspiring to buy property within 5 years.
• 🚶‍♂️ The preference for condos includes a desire for larger units, customization options, and pet-friendly properties, especially among those buying as an investment.
• 🌐 Demand for property in other provinces is driven by non-locals seeking second homes, with a preference for homes over condos, particularly in top tourist provinces.

Q & A

What is the current trend in Thailand's real estate market as discussed in the video?

The video discusses a recent dip in interest in buying real estate in Thailand, suggesting a possible softening of the market. However, it emphasizes the importance of looking at data rather than conjecture to understand the market's health.

What data sources does the video refer to for analyzing Thailand's real estate market?

The video refers to data from Thailand's Real Estate Information Center for property transaction numbers and a survey by the SCB Economic Intelligence Center for the purchase behavior of Thai property buyers.

How did the number of property transactions in Thailand change from 2018 to 2023?

The number of property transactions in Thailand experienced a dip during the COVID-19 pandemic in 2020 and 2021, recovered in 2022, and then dipped again in 2023 as the market normalized to pre-COVID levels.

What was the total number of property transactions in Thailand in Q1 2024?

In Q1 2024, there were around 72,900 property transactions nationwide in Thailand, which was a 133% quarter-over-quarter dip from the previous quarter.

How does the total property transaction value compare between the number of properties sold?

While the number of properties sold in Thailand has decreased, the total property transaction value has shown a gradual increase, indicating a rise in the average transaction value per property.

Which province had the highest property transactions in Q1 2024, and what was its market share?

Bangkok had the highest property transactions in Q1 2024, with a market share of 24% in terms of the number of units sold and 38.7% in terms of transaction value.

What are the main reasons for the dip in property transactions in 2023 according to the video?

The main reasons cited for the dip in property transactions in 2023 include high living costs, high interest rates, high property prices, and household debt along with credit limitations.

What is the survey's finding regarding the purchase intention of Thai property buyers for the next 3 to 5 years?

The survey found that demand slightly improved from 2023, with most respondents planning to purchase in the next 3 to 5 years, anticipating an improvement in the economy and their purchasing power.

What type of property do Thai property buyers prefer for investment purposes according to the survey?

According to the survey, condos are the preferred type of property for investment purposes, with most investors interested in properties priced between 1 to 3 million baht and 3 to 5 million baht.

What are the main reasons people choose to rent instead of buying a property in Thailand?

The main reasons people choose to rent include the desire for closer proximity to workplaces and schools, affordability as they cannot afford to buy, uncertainty about the neighborhood, and a lack of confidence in their ability to service a mortgage.

How do Thai property buyers prioritize layout and customization options when buying a condo?

Thai property buyers prioritize layout and are willing to pay more for the ability to customize their units. This preference is particularly strong among those considering off-plan projects where customization options are more available.

What is the general sentiment among renters regarding their future property ownership?

The general sentiment among renters is optimistic, with 82% of them planning to buy a property after five years, indicating they are currently renting with the intention of eventually purchasing.

Outlines

00:00

🏠 Real Estate Market Trends in Thailand

The video discusses the recent changes in Thailand's real estate market, questioning whether the decline in interest is part of a natural market fluctuation or a sign of a more significant downturn. The speaker plans to analyze data from the Thailand Real Estate Information Center and a survey by the SCB Economic Intelligence Center to provide insights. The data will help determine whether it's a good time for buyers to negotiate lower prices or for investors to enter the market with confidence. The speaker also mentions their website, jetgunther.com, for those interested in buying property in Thailand.

05:00

📈 Analyzing Property Transaction Data

This paragraph delves into the analysis of property transaction numbers nationwide from 2018 to 2023, provided by the Thailand Real Estate Information Center. The data shows a dip in transactions during the COVID-19 pandemic, a recovery in 2022, and a slight dip again in 2023. The speaker also discusses the quarterly property transactions, noting a significant decrease in the first quarter of 2024. The transaction value, however, shows a gradual increase, suggesting higher transaction values per property despite fewer properties being sold. The top 10 provinces by property transactions in Q1 of 2024 are highlighted, with Bangkok leading the list.

10:01

🌐 Market Share and Tax Considerations

The speaker discusses the market share of Bangkok in terms of property transactions and values, noting its significant lead. The paragraph also addresses the tax implications for foreigners buying property in Thailand, explaining that those residing less than six months a year are not subject to tax. The long-term resident visa offers tax exemptions on income earned outside Thailand, but the speaker advises viewers to seek professional advice for detailed tax-related concerns. The focus then shifts to the short-term market dip in Q1 of 2024 and the potential future outlook based on a survey conducted by SCB.

15:03

📊 Survey Insights on Purchase Intentions

The speaker presents findings from a survey by SCB Commercial Bank, which polled 2,185 respondents about their property purchase intentions. The survey reveals that demand slightly improved in 2024, with most respondents planning to buy in the next 3 to 5 years, anticipating an economic upturn. The survey also shows a shift in preferences towards higher budget properties, with mid to upper-income respondents being the primary buyers. The demand for single-family homes has increased, while condos are more popular as secondary homes. The speaker also notes the importance of property location and the growing interest in pet-friendly condos.

20:05

🏘️ Preferences for Property Types and Locations

This paragraph focuses on the preferences of potential property buyers, highlighting a shift towards single-family homes and a decrease in interest for condos under 3 million baht. Buyers are more interested in properties over 3 million baht, indicating a preference for higher-end properties. The speaker also discusses the demand for off-plan condos, which offer customization options, and the growing trend towards pet-friendly condos. The importance of proximity to public transportation and the consideration of secondhand properties under 10 years old for better pricing and location are also mentioned.

25:08

📈 Investment Trends and Renter Preferences

The final paragraph discusses the rise in investment interest in real estate, with a 4% increase from 2023 to 2024, particularly in condos. The preferred property type for investors is condos, with most interested in properties between 1 to 3 million baht and 3 to 5 million baht. Renters, primarily Gen Y and Gen Z, are looking for condos under 10,000 baht per month, close to workplaces and schools. The speaker notes that many renters are optimistic about buying property within five years and are interested in properties close to public transportation, including the new yellow line.

Keywords

💡Real Estate Market

The real estate market refers to the economic sector involving the买卖 of property. In the video, the speaker discusses the fluctuations in Thailand's real estate market, noting a dip in interest which raises questions about whether it's part of a natural market cycle or a sign of decline. This is central to understanding the market trends and opportunities for buyers and investors.

💡Property Transactions

Property transactions refer to the process of buying and selling real estate. The script presents data on property transactions in Thailand, indicating a dip during the COVID-19 pandemic and a subsequent recovery, which is a key indicator of market health and consumer confidence.

💡Market Softening

Market softening suggests a decrease in demand or a slowdown in market activity. The video discusses a softening in the property market, as evidenced by a decrease in transactions, which could present opportunities for buyers to negotiate lower prices.

💡Transaction Value

Transaction value represents the total monetary value of property sales. Despite a decrease in the number of properties sold, the script notes an increase in transaction value, suggesting that properties are selling at higher prices, which is a critical factor for understanding market dynamics.

💡Bangkok Metropolitan Area

The Bangkok Metropolitan Area refers to the urban agglomeration encompassing Bangkok and its surrounding provinces. The script highlights this area as a significant market for property transactions, with Bangkok itself having the largest market share, indicating its importance in the Thai real estate market.

💡Purchase Intention

Purchase intention reflects the plans or desires of consumers to buy property. The video cites a survey showing that while demand slightly improved, many potential buyers are deferring their purchases to the next 3-5 years due to expectations of economic improvement, which is insightful for understanding consumer behavior.

💡Highrise Condos

Highrise condos are multi-story residential buildings. The script mentions a preference for highrise condos among potential buyers, which is indicative of the types of properties that are in demand and can influence developers' decisions.

💡Pet-Friendly Condos

Pet-friendly condos are residential units that allow residents to keep pets. The video notes a growing trend towards pet-friendliness, with 45% of respondents preferring such condos, reflecting changing lifestyle preferences and a notable aspect of modern real estate offerings.

💡Secondhand Properties

Secondhand properties are previously owned or used real estate. The script discusses the consideration of secondhand properties by buyers for better pricing and location, challenging the misconception that new properties are always preferred, and highlighting the practicality of buyers.

💡Investment Property

An investment property is real estate bought with the intention of generating income or capital appreciation. The video indicates a rise in the share of people looking to buy property for investment, with condos being the preferred type, which is significant for understanding the speculative side of the market.

💡Rental Market

The rental market pertains to the sector of real estate where properties are leased rather than sold. The script provides insights into the preferences and motivations of renters, such as proximity to workplaces and affordability, which is crucial for understanding the broader housing landscape.

Highlights

The Thai real estate market has experienced a dip in interest, prompting an analysis of whether it's a natural market fluctuation or a sign of decline.

Data from Thailand's Real Estate Information Center and a survey by SCB Economic Intelligence Center provide insights into property transactions and buyer behavior.

Property transactions in Thailand dipped during COVID-19 in 2020 and 2021 but rebounded in 2022, with a slight dip in 2023.

Despite a decrease in the number of properties sold, the total transaction value has seen a gradual increase, indicating higher per-property values.

Bangkok dominates the property market with a 24% market share in units sold and a 38.7% share in transaction value.

Most provinces experienced a dip in property transactions in Q1 2024, except Phuket, which saw an increase in both units and transaction value.

Tax implications for foreign property buyers in Thailand are discussed, with the potential for tax exemptions for long-term residents.

A survey reveals that demand for property in 2024 has slightly improved, with most buyers planning purchases in the next 3-5 years.

Mid to upper-income respondents are the primary buyers, showing increased interest in properties over 3 million baht.

High living costs, high interest rates, and high property prices are cited as reasons for delaying purchases.

Single-family homes are increasingly preferred over condos, with a significant rise in demand from the previous year.

High-rise condos and ready-to-move-in properties are preferred by potential buyers, with a focus on layout and customization options.

Pet-friendly condos and those close to public transportation are in higher demand among potential buyers.

Secondhand properties under 10 years old are considered for better pricing and location advantages.

Investment interest in property rose from 11% to 15%, with condos being the preferred property type for investors.

Most renters are Gen Y and Gen Z, seeking condos under 10,000 baht per month close to workplaces and schools.

Renters are optimistic about buying a property within five years, with 82% planning to purchase after this period.

The new yellow line in Bangkok, connecting to the Lot Pradit MRT station, is of interest to potential renters and buyers for its accessibility.

Transcripts

so the past few months at least on our

end things have quieted down a little

bit in terms of interest in buying real

estate in Thailand now is this part of

just a natural process of peak and

trough in the market or is Thailand's

real estate market withering away like

this plant that I literally just stole

downstairs in the lobby just to decorate

this corner for this video so why

conjecture when you can look at data and

that's exactly what we're going to do in

this video so we're going to look at

property transaction numbers Nationwide

and that is provided by Thailand's real

estate information center thank you so

much kopun Maka and we're also going to

look at the purchase behavior of Thai

property buyers this was a survey by the

seam Commercial Bank economic

Intelligence Center that's one of the

major banks in Thailand so that's a big

deal now why care about this data well

what I can think of is a soft Market if

this data indicates that could be a good

opportunity for people looking to buy

for long-term living as they could

potentially negotiate for lower prices

on the flip side an optimistic Market

could be a good opportunity for people

looking to buy to invest or if they want

to sell with confidence and if you're

looking to buy property in Thailand you

can go to my website Jet

gunther. and we can find you a property

that that fits your requirements now if

it's in Bangkok I try my best to be in

contact with you personally but I am so

swamped with all these inquiries and

making these videos so I also have a

team that I work with and I really think

they're one of the best in the country

and we service that in Bangkok and in

other major cities like hin paa Etc okay

so let's get started with the yearly

property transactions Nationwide from

2018 to

2023 in blue is number of houses sold

and condos are in red now we're going to

look at the left side first you can see

that uh the majority of of transactions

in Thailand are for houses and we see

that there has been a bit of a dip

during the covid time that's around 2020

and

2021 and it sprung back in 2022 as the

country opened up and people

uh resume in their confidence in buying

and then it kind of dipped a bit in 2023

as the market kind of normalized itself

to preco levels and if you look at

quarterly property transactions you zoom

in specifically for 2024 here you see

that uh total transactions this is we're

looking at the right chart now and in Q

q1 2024 that would be the very far right

so in q1

2024 uh there's been a total of around

72,900 property transactions Nationwide

and you can see that this is uh 133%

quarter over quarter dip from the

previous quarter and since q1

2023 property transactions has

consecutively decreased so we do see a

softening in terms of property

transactions now if we move on to the

next slide this shows yearly property

transaction value Nationwide in million

Bots from 2018 to 2023 so whereas the

previous one was the number of

properties sold this is the total

property value in million Bots sold so

on the left here also the same time

frame 2018 to 2023 now if I go to the

previous one you'll see that you know it

had a dip in covid and then it sprung

back in 2022 and it dipped again in 201

23 that's the number of properties sold

but if you come to the next slide in

terms of transaction value you actually

see a gradual increase so even though

there's less properties sold total value

in the market has increased so that

means overall the transaction value of

maybe if you average it out per condo

per property has increased and if you

look at quarterly property transaction

value q1 2023 to q1

2024 you see a steady climb as well but

then it dipped in q1 of this year so you

do see a short-term softening of the

market and then in this next slide I

think this is just a just fun reference

to look at the top 10 provinces by

property transactions in q1 of 2024 you

see that number one is Bangkok

unsurprisingly and then you see here

uh in terms of the unit sold Bangkok has

a market share of 24% and in terms of

value it has a market share of

38.7% and it's followed by churri which

is where paa is that's the second most

popular Province followed by

non which are provinces neighboring

Bangkok and we often group this into

bang the Bangkok metropolitan area so

it's Bangkok and its suburb so to speak

followed by puket changai rayong sonla

and K if you glance at this table here

I'm not going to go through everything

but at a glance you see more red than

green the only uh Province that's

showing an increase is number six here

puket where total number of houses

condos has

increased that's in terms of the the

amount sold and in terms of value sold

it's gone up as well by

21% in value so that's the only Province

that's doing very well during this

quarter the rest are experiencing a dip

I also want to insert here regarding

whether You' get taxed by the Thai

government when you bring money into

Thailand to buy property just a few

things to keep in mind number one is if

you reside in Thailand under 6 months

per year you won't be a tie tax resident

and will not need to worry about any of

this second of all the long-term

resident Visa offers tax exemption on

income earned outside of Thailand now

how to qualify for this is beyond the

purview of this video you can go to the

board of investment of Thailand's

website to find out I guess I'll link to

it in the video description all in all

things are not clear yet this is only

only been an announcement and no one's

actually been liable for tax yet it's a

wait and see until

2025 now some source of funds may be tax

exempt or you may be able to offset your

tax liabilities this is if you are a tax

resident of Thailand nevertheless I am

not a tax lawyer so do seek professional

advice if this is something that you are

really concerned about all right back to

the the video so this shows that in the

short term in q1 of 2024 the market is

experiencing a dip in demand but is this

how is it going to be like in the next 3

to 5 years well we don't really know the

future and we can't really predict that

but what we can do is we can survey the

sentiment and the purchase intention of

uh people in Thailand and that's exactly

what cam Commercial Bank did by

surveying

2,185 High respondents between February

14th to March 11th this year about their

intentions towards buying property 55%

male

47% single 33% married with kids most of

them are private employees of companies

12% civil servants 11% business owners

age group mostly Gen X and Gen Y 15%

Baby Boomers and 72% of them reside in

the Bangkok Metropolitan Administration

in terms of average monthly income 24%

have a monthly income of 50 to 100K bot

23% have a average income of 30 to

50,000 bot and so on so forth now

there's a bit of tie mixed in because I

actually took this slide from the

original Publications here that were

published in thae and I kind of

annotated it and I added my notes in

English so the the slide might look a

little clunky but that's because I

annotated on top of these so what the

survey shows is that demand in

2024 only slightly improved from 2023

where most who said they plan on

purchasing said they're looking to

purchase in the next 3 to 5 years when

they expect an improvement in the

economy and their purchasing power so

when asked when do you plan on buying a

property in 2023

50% said they had no plans or maybe they

may buy after the next 5 years now in

2024 that number dropped to

44% and the rest 9% say they plan on

buying within the year 177% plan on

buying within the next 1 to two years

and 30% say they plan on buying within

the next 3 to 5 years so all these

slices here have decreased from the

previous year but the slice of people

who say they plan on buying in the next

3 to 5 years has increased to 30% from

10% so less people are saying they don't

plan on buying but among the people that

do say they plan on buying most of them

are deferring their plans to the next 3

to 5 years and they cited that they

expect an improvement in the economy and

their own purchasing power now within

this number surveyed mid to Upper income

respondents were the ones who Who Remain

the primary buyers for the short term in

2024 to

2026 answering the question do you plan

on buying a home in the next 5 years it

was mostly mid to uper income

respondents who said they would buy a

property either this year or in the next

one or two years here these are people

so this gray here is people with income

of at least 50,000 bot a month all the

way up to above 200,000 bot a month and

also demand for homes over 3 million bot

have increased in line with the increase

in the purchase intent of mid to uper

income buyers while demand for homes

under 3 million bot have decreased so if

you look at which price segment do you

plan on buying in

2023 most people 48% say they plan on

buying a home that is worth between 1 to

three million bot but in 2024

29% say they would buy a home within one

to three million bot and then the

majority 33% said they would buy a home

that's priced between 3 to 5 million bot

and then uh 22% said they'd buy a home

that's priced within 5 to 10 million bot

so the higher budget properties are

gaining more interest from the people

survey and for those who have delayed

their purchases the reasons they had

cited are high living costs obviously

we're in a inflationary environment High

interest rates yes we're in that

environment as well and high property

prices oh yes the comment section loves

reminding me of this and then followed

by household debt and their own credit

limitations yeah actually yeah that's a

big one CU I considered buying something

and I was looking at and my reason was

credit limitations because the interest

rate's way too high and for me as a

business owner it's very difficult for

me to get a mortgage in Thailand so I

just need to be richer in cash and then

demand for single family homes has

increased from the previous year while

less people are preferring condos so

when asked what kind of property are you

looking for in 2024 67% they're say

they're looking to purchase a single

family home that's number is up from 54%

in the previous year now the second most

popular type of property is condos where

in 2024 only 15% said they plan on

buying a condo and that number was down

from 21% in 2023 most people are

preferring condos as a secondary home

for better commuting While most in this

group are looking for two bedrooms and

one bedroom plus units that accommodate

family living so this pie chart here on

the left indicates that most people who

are planning on buying a condo already

own a home and are planning on buying a

condo as a second home now what kind of

condo do they want 74% they say they

prefer a highrise so that's good to know

so I can feature more high-rise condos

on my channel and then what completion

status 61% say they like a ready to move

in property and that's understandable on

my channel whenever I feature ready to

move in property that's nicely furnished

gets a lot of attention but it's also

the assurance that you can actually

touch the property that you're going to

buy that there's assurance that it's

going to complete and this is how it's

going to look like that being said

pre-sale Off plan projects do offer you

really great pricing because they're

offering the developers are offering

them at bottom prices and then there's

more available units for you to choose

from within that condo when asked what

unit type 38% say they prefer a

two-bedroom and

37% say they prefer a one bedroom Plus

usually a one-bedroom plus means that it

hasn't

extra what do you call it a

multi-function room so it's great for

people who are working from home and

they want that room to set up as an

office some people may want to use it as

a reading room or just have a nice room

for their pets and uh yeah one only 177%

say they want to buy a one-bedroom 4% a

studio and 4% say they want something

bigger than a two-bedroom okay and most

people who plan on on buying a condo say

the layout is the most important factor

and are most willing to pay more for the

ability to customize their units right

now the ability to customize their units

uh is only available for Off plan

projects in the previous slide here you

say that most people prefer a ready to

move in condo but it's already built now

in terms of the ability to customize

meaning the actual unit isn't built yet

so you can customize in terms of like

okay some not all may let you open up

your living room instead of having two

bedrooms you choose not to build a wall

in the guest bedroom and just have a

giant living room or let's say ah I

don't like that Island I want to take

the island out or I want this kind of

flooring instead I want this kind of

material instead etc etc within reason

now there's structural limitations to a

condo obviously but when you buy an

off-pl condo uh to a certain degree you

can customize the condo and for people

who do value that then maybe they can

consider an off-pl condo that hasn't

been built yet and also 45% say they

prefer a pet friendly condo that's a big

Trend that's been coming up in the past

few years and uh unfortunately most

condos in Bangkok are not pet friendly I

would say only

5% now granted condos at the luxury

segment way more of them will be pet

friendly and if I ever feature a pet

friendly condo in this channel here I I

usually will indicate that yes this one

is pet friendly because that's often a

what's it called a uh a selling point of

that condo okay uh this one may seem

pretty obvious too but people are still

preferring condos that are close to

public transportation namely the BTS

suvit line the BTS clom line and the MRT

Blue

Line okay this one here contrary to what

many foreigners believe most high buyers

say they would consider secondhand

properties as they can offer better

pricing and location though most would

prefer it to be no older than 10 years

now yeah this sounds pretty common sense

right but I I don't know why for some

reason in the comments section or on

other forums for some reason

uh foreigners have this impression that

ties only just want to buy new condos

they just they just like the latest and

shiny thing that that I don't know like

I don't know they think ties are so

superficial but in the end like we're

all we're all humans that kind of want

the same thing like okay I can buy

secondhand if the price is better like

this is quite obvious like I I don't

mind buying a used car if it's in good

condition and the price is good the

other uh second reason is uh as

secondhand properties can be situated in

better locations that's because you know

in downtown sukumvit here land is scarce

and often times the best plots of land

that are next to like the major

intersections or in great neighborhoods

they've already been bought up and

developed right they've already been

developed into condos and so if you want

to live in that neighborhood in that

vicinity uh I mean

all been taken up so if you really want

to live there you're going to have to

look for a secondhand condo the new ones

you can find new ones that are in really

good locations now and they were just

built because I think only recently was

that plot of land uh the ROI on that

plot of land was considered to be worth

it right because the plot of land in

downtown would be super expensive so

they were just waiting for the right

time to do it so you do you can find

brand new condos that are in great

locations as well though a lot of times

secondhand condos are the ones that are

in the best locations okay demand for

property in other provinces mainly come

from non-locals meaning people who don't

reside in that Province who are buying

them as a second home while the vast

majority prefer homes over condos so and

ask which province outside of Bangkok do

you prefer woo the vast majority say

changai followed by churri which is

where paa is followed by nakon rashima

that's the province where K is followed

by

pen which is where is followed by Ray

patani and in Gold you see that those

that's people who prefer homes and

purple are people who prefer condos so

you see the vast majority of people

prefer homes which makes sense when you

live in the provinces you want to live

in a lowrise out in a Suburban kind of

environment with the lawn with nature

especially if you're in changai why

would you want to live in a condo when

you're in changai it just doesn't fit

the vibe but you know that's for most

people and this uh light purple and this

light blue chart here is the is the

split between external demand and local

demand so the takeaway from this is the

top four provinces are also top tourist

provinces and shangai is far ahead of

the pack despite the recent increase in

air pollution in the dry months shangai

is horrible now around let's say

February March April May maybe usually

three months where they um the North and

the surrounding countries burn up their

sugar cane crops and it causes a lot of

pollution during that time despite this

people still want to live in changai

because either because those months are

just so darn hot anyway that people stay

indoors and run their air conditioners

and air purifiers anyway or it's a time

for people to actually travel that's

actually the worst time to be in

Thailand so that's the best time to

travel and so most people will just uh

think of it that way and still choose to

live in the North puket moves from 5ifth

to 4th place as the province continues

to experience a real estate

boom most external demand comes from

Genex and Baby Boomers looking to buy a

secondary vacation and retirement home

while P Kiran and Chon B also have

strong demand for vacation style condos

what I mean by that uh vacation style

condos is often like branded residences

that within a compound and they're

they're technically condos but they're

actually low Rises an example is like

the Intercontinental residences in huin

that I toured in a previous video where

there a bunch of

lowrise buildings and you can own them

free hold because they're condos and

they're right next to the beach and it's

a actually really nice living

situation okay moving on the share of

people wanting to buy to invest Rose

from 11% in 2023 to 15% in 2024 with the

most popular property type being condos

and the price segment of the property

they want to buy most of them prefer

price segment between 1 to 3 million

followed by 3 to 5 million bot that's

for people who want to buy that's that

will be the owner now in terms of the

other side of things renters most of

them are Gen Y and gen Z who mainly have

a budget of no more than 10,000 bot per

month gosh it's gotten a bit dark in

here all of a sudden it's I think it's

cuz uh it's getting overcast and it's

going to rain so yeah uh the air

pollution in the north usually goes away

when the when the rainy season starts

which is around and then it becomes very

beautiful and the room type that they're

interested in the most common type is

for one-bedroom at 42% and 31% want a

one bedroom plus so you can see this is

a little bit flipped from the previous

slide where people who want to buy a

condo most of them prefer larger units

cuz I think at that point they're going

to cost a lot in terms of rent so you

may as well just buy it and you do tie

up your money but when you sell it there

is a chance of getting your money back

or making more instead of each month you

just blow it away on a large unit but on

the other hand for people who just want

to rent they just want to rent a small

room to just get it over with they don't

want to pay too much in rent which is

understandable from both ends okay so

most people who chose to rent do so to

have closer proximity to their

workplaces and schools this is pretty

obvious but for people looking to buy to

invest in and to rent out these are

things to keep in mind in terms of what

the tenant is looking for uh okay the

other second reason is people rent

because they can't afford to buy yeah

okay sure the third reason is they're

not certain of the neighborhood to that

they want to live in yet which is very

valid they might want to they might be

new to Bangkok and they may want to

experience living in various

neighborhoods before deciding which

neighborhood they want to settle down in

and another one is uh the desire to have

close proximity to public transportation

follow by not confident in their ability

to service their mortgage and it's a

daunting one especially in this High

interest rate environment okay so more

renters see themselves renting only for

the short term as they hope they will be

able to buy a property after five years

so it seems like uh a lot of renters

here are optimistic that they they're

only renting for the short term and they

want to buy something later so if you

see here um the timeline of renting uh

renting in the for the short term here 1

to 2 years has decreased from 32% to 20%

that's the steepest decrease from

2023 in Gold to 2024 in purple and when

asked do you plan on buying after 5

years

82% say yes that they are optimistic of

their capabilities of buying or at least

they do aspire to buy and they'll try to

make it work within 5 years and in

addition to the main train lines renters

are also interested in the new yellow

line to the east that connects with the

lot prow MRT station and runs along lot

prow road which I'm so glad that they

finally built a BTS there because it's

one of the worst I don't want to go

there and then it runs down to C cin

which is one of the worst roads as well

so I'm very glad that uh the people that

are in that area are able to commute

into town using the BTS now and that is

also why people don't mind having a

condo in that area so maybe it's going

to be cheaper cuz it's out in the

suburbs but at least there's also access

to public transportation that can take

them into downtown okay so I know that

was a lot so I'm just going to restate

the results of this survey here so

demand slightly improved from 2023 with

many planning to purchase in the next 3

to 5 years as they anticipate economic

Improvement and an increase in their own

purchasing power and buyers with incomes

over 50,000 bot a month Remain the

primary buyers for 2024 to 2026 focusing

on properties over 3 million bot while

demand for homes under 3 million bot

decreases increasing preference for

condos as secondary homes with a focus

on two bedrooms and one bedroom plus

units for family living with proximity

to public transportation and potential

condo buyers prioritize layout and are

willing to pay more for a customization

options and secondhand properties under

10 years old are also considered for

better pricing and for better location

and investment interest Rose from 11% to

15% with condos as the preferred type

and most renters are Gen Y and genz

looking for condos under 10,000 bot a

month that are close to workplaces and

schools thank you so much for SCB and

the real estate information center for

creating this and if you're looking for

property in Thailand you can see the

link in the video description or go to

my website jet gun.com thank you so much

for watching and I wish you all the best

in your real estate Journey