This article on real estate agents in Thailand appears in the Dot Property Group Report: How Has COVID-19 Impacted the Thailand Property Market? Click here to download your FREE copy.
Real estate agents in Thailand report that buying decisions have taken significantly more time during the COVID-19 pandemic with over 50 percent of property professionals also seeing a noticeable decline in transactions. There is a silver lining with a buyer’s market and discounts helping generate activity, especially among overseas buyers.
The Dot Property Agent Survey asked property professionals from across the Kingdom to share their thoughts on how COVID-19 has impacted the Thailand property market. A wide range of Thai and internationally-led agencies were anonymously polled as part of the survey.
Unsurprisingly, real estate agents in Thailand saw sales decline during the COVID-19 pandemic. Of the property professionals surveyed, 55 percent responded that sales significantly decreased while another 34 percent oversaw a lesser sales decline. A small number of companies, 11 percent, either had no change or recorded an uptick in sales during the past year.
The transactions that were happening occurred a slower pace than normal with 58 percent of agents noting it took significantly more time for buyers to make a decision and another 27 percent reporting buyers required slightly more time to make a decision.
According to one real estate agency, serious buyers have continued to look for good deals during the pandemic with price being key. This sentiment was backed up by many others in the industry with 67 percent of survey respondents finding discounts were the best way to attract property buyers.
Real Estate gents uncertain about a Thailand property market rebound
Unlike Thai developers, who were optimistic about a property market recovery, agents in the Kingdom are uncertain when it will take place and what needs to be done to support it. As one agent said, neither local or overseas property buyers can be confident about the situation until a clear, unified plan is in action.
The majority of real estate agents don’t believe the property market will return to pre COVID-19 levels until 2023. There was also a lack of consensus on what can be done to support a real estate recovery in the country.
Property professionals who assist international clients are waiting for tourism to resume in full. Meanwhile, real estate agents who work with local buyers are hoping for a change in loan regulations, government stimulus measures or both. Additionally, an economic recovery is also seen as important by both groups.
