NEWS & EVENTS
What To Look For Before Purchasing Real Estate In Thailand
It has been two years since was introduced to the word “pandemic.” Every historical event that happened has affected changes in societies, laws, and lifestyles. Mostly historically, events from the past mainly have been occurring with wars. But this is a new historical event which had affected the whole planet. Now, the ongoing pandemic, with no end as for site yet, has brought in many changes in human life, with businesses, economics, and political policies coming into new effect.
Yet, more importantly, this pandemic has changed the course of how people will live for an extended period. The new emphasis on health care, technology, and immigration will have a new outlook. In 2021, people have, in some sort, accepted the pandemic as a way of life. The acceptance has allowed people and businesses to change and find new ways to adjust to the pandemic. These lifestyle changes happen with minimal food and drinks products to significant investments and new purchases.
Zooming in on people have adjusted to the “new normal,” especially in a developing country in Thailand. Zooming out, Thailand is an attractive place of investments, culture, traditions, and leisure activities. Zooming out again, Thailand’s first half of 2021 has seen some negative, but the outlook of ending 2021 to 2022 looks promises in investments, trades, and technological advances. Significantly once moved to Thailand during the “new normal” phrase is essential to ask yourself what you need to look to purchase a condo in Thailand. Few reasons might affect your purchasing decisions and outlook for the country. Below are a few reasons to look at buying or permanently moving to Thailand.
City Plan
This time, the talk of the town is not about the pandemic but about how city plans can affect your purchase. Such a case is happening in Bangkok now in real estate at the heart of the city. The condominium is a luxury high-rise condominium with 50-story floors named Ashton. As land in the city of Bangkok can be small, and lots of alleyways to maneuver around the heavy traffic or during rush hour. For high-rise luxury condos in the city center uses a significant amount of land to build. In Bangkok, such condos will need to combine land to construct. Such cases do affect neighborhoods around the city, and they might cause some distractions. Especially in times of adjustment and acceptance of the pandemic, it is paramount to understand your community.
Understanding your neighborhoods is a way for investors and buyers to know what is in your area. Health caution has significantly risen during the pandemic, as people’s awareness of health caution has increased. You understand your neighbor’s culture or why this type of design and condominiums are constructed in the neighborhood. Developers in Thailand are not launching new projects because buyers are worried about the surrounding area and, importantly, how condominiums can align with their lifestyles. When embarking on your journey to find a permanent new home, it’s paramount to understand the neighborhood you stay in, the surrounding area for your likelihood, and how the condos align with your lifestyles and work.
Bigger Picture (The Economy)
At first, it is to look deep to understand and know your condominium city plan and your neighborhood. Then, zooming out, it is also essential to know how the country is planning for the future and how the past was. Looking back at how Thailand was at the beginning of 2021 was different. At the beginning of the year, the country as a whole had the pandemic under control. Still, it overestimated how the pandemic can mutate. The pandemic has shifted, and the low vaccinated rate in Thailand’s Southeast region has caused some downward trends. Bank of Thailand has forecast that the country’s GDP will be around 3%, which percentage lowered from about 7% this year. The lowered GDP is mainly because of the hardest-hit industry of the country; tourism. However, to bring in confidence on the outlook for Thailand as a whole, they are some upward trends for it. One sector which supports the country’s GDP is export. As the western hemisphere economies recover because of vaccination, they import Thai products with machinery and rubber. With this is all about and now instead of 2014, the EU and Thailand agree to trade lower tariffs and lower interest rates of goods in the free trade deal.
Foreign investors with big developers are coming to Thailand to provide real estate. For instance, Koh Samui, another location open in Thailand for international visitors, has launched a new project with a developer in Hong Kong. With outside investors looking to develop real estate in Thailand, it does bring confidence to buyers that Thailand is a place to investments in a holder market. Developers are targeting real estate in the South of Thailand because of remote workers. Remote workers have changed to the new environments by choosing to live in distant places as work from home has become a phenom in many workforces to adapt to. With Thailand pouring its investment in technology and digital spaces, remote workers will have an abundance of advantages with new types of real estate construction to fit the new professional life.
Prices
Secondly, in foreing investments, this is a significant buyer-friendly market. Looking at the big picture, the Thai Baht has fallen around 4%, and it is around the weakest currencies in the Southeast Asia region since 2018. The Thai Baht has peg against the U.S. Dollar. As the coins are low to exchange, now purchasing condominiums comes at a lower price. Not only has the baht decreased, but with how the market is slower than before, developers are decreasing unit prices. So there is an opportunity to find your permanent home when foreing trade and policies were happening and with the Thai Baht falling in value.
Prime Location
Locations do come with how prices are affecting the real estate market to expedite a quicker decision-making process. In the end, Thailand or Bangkok is a prime location for investments and a new permanent home. Selling prices have decreased, which makes it easier for buyers to make decisions because they believe that, in the future, projects in good locations will command higher prices. As stated above, when purchasing to look at city plans, which is an advantage in Bangkok. As a prime location in the city has finite land and spaces. New developments will have less ground to work with and need to find recent locations with 12,700 unsold units accounted for in July. Therefore, you can calculate that prices will increase in the future, and for buyers and investors now to hold and yield profits by 2022. As Bangkok Post stated, 2022 is when Thailand is looking to return to normalcy.
How far can we go back to normalcy two years ago, the year 2019, with businesses adapting to consumer behavior changes? And consumer accepting and adapting to the pandemic; the “new normal” is what to receive in the future: A new standard for your new condo should be in place. You are comforting the neighborhood for hospitals nearby for health and fitness centers to focus on your health.
It is about how your professional and personal life aligns with the condominium’s facilities. With Thai Baht at it, weakness and ex-pats cost of living is cheaper. So it’s is an opportunity to find the right home in the “new normal” space.
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