End users are leading residential demand in Thailand with luxury houses and superluxury condominiums being the most popular options. According to CBRE Thailand, those searching for a home are very discerning as their needs have changed dramatically over the past two years.
The consultancy noted that sales at superluxury condominium projects, especially branded residences, were brisk in 2021. Buyers in this segment have high purchasing power, although a lack of supply can make finding a unit difficult.
“For (superluxury condominium) projects, buyers have high purchasing power and expect top quality materials with prime downtown locations, preferably serviced and managed by leading hotel brands. The supply of super luxury condominiums is limited while demand continues,” Khun Artitaya Kasemlawan, Head of the Residential Sales – Project at CBRE Thailand, noted.
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While end users are driving residential demand in Thailand, CBRE found that Chinese investors are dipping back into the market as well. However, what this group is looking for now is quite different from years past.
“Apart from the local market, there has been demand from Chinese investors who are interested in high-end, low-rise real estate in Thailand, and specifically for downtown single detached houses ranging from THB30 million to THB150 million, located near business districts with easy access to Suvarnabhumi International Airport,” Khun Artitaya stated.
She continued, “There is also demand for ultra-luxury single houses priced over THB100 million among Chinese buyers, particularly those who reside or do business in Thailand, and investors who seek business opportunities in Thailand and are looking for low-rise houses for their own use. These Chinese buyers prefer a large land area, spacious garden, open spaces and high ceiling houses with large rooms. The houses should also have several car parking spaces, a private swimming pool and be fully furnished and ready to move in.”
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