Thailand's Real Estate Market Softening. Good Time to Buy?
Summary
TLDRThe 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
- π The Thai real estate market has experienced a dip in interest, with transactions normalizing to pre-COVID levels in 2023.
- π Despite a decrease in the number of properties sold, the total transaction value has shown a gradual increase, indicating higher property values.
- π Bangkok dominates the property market with the highest number of transactions and value, followed by Chonburi and Nonthaburi.
- π The first quarter of 2024 saw a significant drop in property transactions, suggesting a short-term softening of the market.
- πΌ Tax implications for foreigners buying property in Thailand are still unclear, with potential changes to tax residency rules to be monitored until 2025.
- π 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.
- π° 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.
- π‘ There is a growing preference for single-family homes over condos, especially among those looking for family living accommodations.
- π 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.
- πΆββοΈ The preference for condos includes a desire for larger units, customization options, and pet-friendly properties, especially among those buying as an investment.
- π 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
π 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.
π 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.
π 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.
π 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.
ποΈ 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.
π 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.
Mindmap
Keywords
π‘Real Estate Market
π‘Property Transactions
π‘Market Softening
π‘Transaction Value
π‘Bangkok Metropolitan Area
π‘Purchase Intention
π‘Highrise Condos
π‘Pet-Friendly Condos
π‘Secondhand Properties
π‘Investment Property
π‘Rental Market
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
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