Top 3 Trends of Real Estate in 2019: What can be expected after Thai Elections?
First off, we would like to say “Happy new year 2019”. We wish you all a healthy and prosperous new year. Now, it’s a great chance to begin this year with the trend updates on Thai real estate. We’ve looked into big data in combination with a broad range of situational analyses to find out “What is going to be the next big things in the Year of the Pig”. Let’s find out!
1. A Promising Sign of the Economic Upturn
After four long years of the military coup, Thailand is finally gearing up toward their first election since. This means you can expect more money spent due to a better mood as well as the mega public projects such as the Light Rail Transit and the MRT (Orange, Purple and Blue Line Extension).
These together could result in the real estate market growing as urbanization brings about convenience which also brings about more business activities accompanied by a flock of people coming in. Thus, property investors can anticipate more and diversified demand for properties from top-end to lower-end properties.
2. The Rise of Millennial Buyers
Normally we would expect Gen X or baby boomers to be the main buyers of real estates. But actually, it’s becoming more and more Millennials (born in 1980 -2000). The key reason is due to the change in family structure to be more of a nuclear family. These Millennials are getting older, earning more money than the past, and looking for their first real estate to root in.
So, what can we expect from having more Millennial occupants? Real estate investors have to be aware that these people are tech-savvy, care for quality over size, and need work-life balance. Accordingly, they would fancy their homes to be in a walkable distance to access the public transit and would love smart appliances that make their life more efficient. As a result, the properties that make the best impression online with high-quality photos, relatable demonstrations or cutting-edge facilities and technology would win their hearts right away.
3. More Stable Price After Years of Fluctuation
Due to increasingly scarce land plots in Bangkok, the prices of real estate have doubled in many neighborhoods over the past seven years. However, for this year it will reduce to a lesser extent as a result of political instability, unsold properties from last year, stricter mortgage rules, and so on. These make real estate developers penetrate niche markets with high availability of choices to serve a variety of unique demand, such as condos for seniors, condos for people who like to exercise, condos for pet lovers, etc.
For investors, these may present new opportunities because the price is expected to be more stable than ever and they will be guaranteed that their investment has the real demand supported and has the high chance of climbing up in capital gain as well as rental yield.
Get an upper hand of the Trends with Angel Real Estate Consultancy.
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