Domestic demand lifts Eastern Seaboard property market during COVID-19 pandemic

This article on the Eastern Seaboard property market appears in the Dot Property Group Report: How Has COVID-19 Impacted the Thailand Property Market? Click here to download your FREE copy.

Key facts about the Eastern Seaboard property market

• Overseas demand for Eastern Seaboard housing made up 33.4% of total foreign residential real estate enquiries between April 2020 and March 2021, nearly a 5% increase
• Demand for THB3-5 million condo units sunk by 24.1% during the COVID-19 pandemic
• The THB10-30 million condo segment recorded a 6.9% increase in demand between April 2020 and March 2021 when compared to the previous 12 months

Growth in domestic demand wasn’t enough to offset the loss of overseas property interest along the Eastern Seaboard but it helped stabilized the residential real estate market. Demand was down five percent between April 2020 and March 2021 when compared to the previous 12 months.

Condominiums continue to dominate the Eastern Seaboard real estate landscape, although there was increasing interest in villas and houses among international property seekers. In the 12 months before the COVID-19 pandemic, these accounted for 28.5 percent of total overseas residential real estate enquiries in Pattaya, Chonburi and Rayong. The figure rose to 33.4 percent between April 2020 and March 2021. However, the segment saw almost no change in domestic demand.

In terms of price, demand for THB3-5 million condo units sunk by 24.1 percent during the COVID-19 pandemic. This was the only segment that saw a double-digit decrease in enquiries. The THB10-30 million condo segment was the sole price point that saw an increase in demand during the pandemic.

Will the third wave of COVID-19 hurt an overseas rebound?

Overseas demand throughout the Eastern Seaboard bottomed out in October 2020 but increased in each of the following five months. March 2021 saw the highest number of enquiries since February 2020 and was nearly double that of the COVID-19 low point.

It remains to be seen just how Thailand’s third wave of COVID-19 will impact the recovery in international interest. The silver lining here is that Eastern Seaboard property demand from foreign buyers remains and will likely return once the pandemic has passed.