Thai Homebuyers Shifting Away from Condos in Favor of Houses

The huge selection of residential projects of all shapes and sizes from high-rise super luxury to low-rise houses across Bangkok is a testament to Thailand’s strong property ownership culture. Thais have always had a strong affinity to real estate, with young working professionals aspiring to “own the roof over their head” early in their careers!

Traditionally, the Thai property ownership cycle follows a set path. First the young working professional develops his/her career, eventually getting on the property ladder by buying a city condo in a convenient central location (Close to BTS or MRT); that professional eventually decides to start a family and moves-out to Bangkok’s suburbs and acquires a house.

This property ownership trend has allowed Bangkok’s Developers to capitalize on clearly defined market segments, either young working professionals looking for lifestyle or families looking for space.

However, the “new normal” brought about by the COVID-19 pandemic seems to have shifted Bangkok’s real estate landscape. Thai homebuyers are now turning their attention to low-rise housing projects as opposed to exploring the Capital’s high-rise offerings. Fresh Property has experienced an uptick in Thai homebuyers specifically looking for houses; these buyers are typically looking to explore townhouse and detached house options with 2-3 bedrooms and garden space.

 

 

This trend is the result of a combination of factors, notably skyrocketing prices of downtown high-rise projects and the increasing rarity of “large family-sized” condo unit types.

Other important factors that might be the cause of this shift include “health-conscious buyers” wanting to escape the high-density living experience of condos and the “work from home” trend that has forced professionals and young families to put greater importance on personal living space.

This trend has also been galvanized by the fact that many houses offer beautiful environments, charming interiors and a comfortable living experience!

Here are 3 examples of houses that have been newly listed by Fresh Property:

1. Townhouse Phrom Phong Sukhumvit 39
3 Beds/ 2 Baths/ Land Size 40 Square Wah @ 22 MTHB

This unique townhouse is located on Sukhumvit 39 in the exclusive and trendy Phrom Phong neighborhood. The property’s ultra-prime location and its sizable land plot make it a very rare item and a unique opportunity for potential buyers!

The Phrom Phong neighborhood is a vibrant lifestyle hotspot and the property is in close proximity to the Emquartier and the Emporium luxury shopping malls. On top of that the area offers a community environment and is packed with well-known restaurants, eateries and coffee shops.

The townhouse was designed by A49 one of Thailand’s top architectural firms and it offers a charming and comfortable living environment. The house consists of a large open-plan kitchen and living area, 3 large bedrooms and 2 bathrooms. The highlight of this property is the private, serene and peaceful garden area!

2. Townhouse at Areeya Mandarina Sukhumvit 77
3 Bed/ 3 Bath/ Living Space 250 Sqm. @ Only 9.5 MB

This beautiful townhouse offers a natural and peaceful living environment. The property is located in the Areeya Mandarina Sukhumvit 77 a housing compound by Areeya Property.

The property is located on Sukhumvit 77 in the up-and-coming On Nut neighborhood. The area is popular with both Thais and Expats, residents will enjoy a convenient community lifestyle. The On Nut environment is relaxed and laid back with numerous supermarkets (I.e. Tesco Lotus and Big C), fresh and cooked food markets and a large selection of restaurants and eateries.

The townhouse offers a spacious 250 square meters of living space and can also be used as a home office. There are 3 bedrooms and 3 bathrooms, making it an ideal layout for larger families; the landlord has customized the interiors and he has fitted and installed extra built-in furniture and storage space.

The residents of Areeya Mandarina Sukhumvit 77 also have access to numerous facilities such as a resident’s club house and a large pool.

3. Townhouse at The Plant Exclusique
3 Bed/ 2 Baths/ Living Area 167 Sqm. @ Only 13.5 MTHB
(Land Size: 60.6 Square Wah)

The Plant Exclusique is a modern townhouse with a spacious and comfortable layout ideal for young families. The low-rise house project is developed by Pruksa Real Estate, an established listed developer.

The Plant Exclusique is located in Pattanakarn, the neighborhood offers a pleasant residential community. Residents can connect to Pattanakarn Road, a major artery that allows road users to connect to different parts of Central Bangkok.

The townhouse offers a large living area and the landlord has had a full european kitchen installed; the house also offers 3 large bedrooms and 2 bathrooms. Being part of a low-rise housing compound, residents also have access to numerous facilities such as 24-hr security, a residents’ clubhouse, large pool and fitness centre.

…Will this Bangkok Real Estate Trend Continue?

Whether this trend will continue to grow or whether it is just a temporary phenomenon created by the “new normal” is uncertain!

However, the living experience of both houses and condos are vastly different; appealing to different market segments and buyer profiles. Secondly, rental investors should not be overly concerned by this trend, as condo units especially in popular locations will continue to remain easier to rent and provide more attractive rental yields (Between 3-8% on average).

In a large market like Bangkok, there will most definitely continue to be a sustainable and solid market for both Bangkok condos and houses.

 

Fresh Property is an established Real Estate Agency!
If you are looking to buy or rent a house or condo in Bangkok, feel free to browse our large selection of properties for sale or rent. Alternatively, feel free to contact us directly and one of our agents can review your requirements.

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Fresh Editorial

The Editorial Team is made up of Property Professionals with years of experience in the Bangkok Property Industry. Articles and reports are drafted using first-hand experience and local expertise!

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