Changes in the residential property market

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It’s behind us! Year 2020 has been special and difficult for everyone. However, Covid-19 continues to spread. Today we take our readers to look at the changes in the residential property market in Bangkok since the Covid outbreaks earlier last year until now and are likely to persist indefinitely.

People adapting their lifestyle to suit the New Normal era. “Work From Home” has become a norm and essential for businesses to carry on. As a result, we are seeing big changes in the residential property market. Last few years, the people of Bangkok have turned their attention to condominiums and apartments in the city center as an ideal way of living, willing to live in a confined space for the convenience of commuting to work.

With the luxury of working from home, the problem of travelling has become irrelevant for the majority of Bangkoker. Therefore, people have their heads turned to single-detached houses and townhouses as in the old days when condominiums were non-existent. Big time developers had anticipated the changing in what people are looking for when purchasing residential property. More housing projects of different types are being launched and discussed to meet the needs of people, wanting more living space as most of the days are being spent at home.

Moreover, after analyzing the current market condition, development groups and real estate researchers are of the same opinion that this new discovered trend will likely to last for indefinitely. So we can expect the rising number of housing projects as a contrary to condominium projects.

Prospec Appraisal is here to provide consultant and appraisal services for houses and other kinds of real estate. People who are planning on moving to new places better suit the New Normal era, valuation of assets is important and should not be overlooked before buying or selling property.

Credit to news and information sources: Bangkokbiznews

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