The 3rd Wave Covid and the Changing in Home Purchasing Behavior

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Our readers may recall our previous articles on: Changes in the Residential Property Market Today, InvestMan is back with another story to update you on the changes in home consumer behavior after this recently third wave of COVID.

We previously discussed changes in buyers’ interest in residential properties towards single-detached houses and townhouses, which offer more living and functional space to meet the needs of people adjusts their lives during this New Normal era where “Work From Home” is not an option but a must. This new found trend is the completed opposite of 2 years ago where people flocked to buy condominiums in the middle of the city for convenient commuting to work.

This ongoing third wave of COVID is by far the worst one yet for Thailand. This only reassures the new purchasing trend of residential property which are more than likely to remain this way for a while. News source, Bangkok Biz, has reported the statistics of second-hand home searches results through the website, Terrabkk.com, disclosed by Terra Media & Consulting Co., Ltd. The numbers still confirm that:

The search traffic for single-detached homes and townhomes increased by 24% and 14% respectively, a complete opposite trend when compared to condominiums which have seen a 5% drop in search.
Housing property values of 3-7 million baht is becoming popular among people who are interested in buying a single house, as it received 47% more attention, while the townhomes that received the 53% increasing attention, ranges at 2-3 million baht.

Another talking point discovered from the analysis of this datas is the hot location which is gaining a lot of interest. At the moment, the most eye-catching residential area is the Petchkasem – Phutthamonthon area. This comes with no surprise considering that Covid has forced people to rethink their neighborhoods, moving to a far less concentrated area seems like a very good idea where housing is much more affordable compared to the crowded Bangkok communities. The availability of the MRT and BTS transit only made the area even more viable.

Real estate development groups such as Pruksa Co., Ltd. have also pointed out to the new sales strategy in order to accommodate this COVID era, as consumers use digital channels to search and buy a home. As a result, these development companies have increasingly focused on online sales channels, putting much more effort into online advertisements. However, with the overall poor economic recession since the COVID outbreak, the purchasing decisions become much more difficult and usually take longer times for potential buyers.

Prospec Appraisal is here to provide consultant and appraisal services for land, houses and all types of property. 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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