This article on the Bangkok expat property market appears in the Dot Property Thailand Real Estate Outlook 2021. You can read the report right here!
It remains to be seen just how the COVID-19 pandemic impacted the number of expats living in Bangkok last year. Some did return to their home countries while others decided to stay. One thing is for certain, the Bangkok expat real estate market was affected and work needs to be done to stimulate demand from this group in 2021.
“With the pandemic and associated travel restrictions, the number of expats traveling to Thailand has tremendously decreased. Once the virus is under control, any policies to lessen restrictions and incentivize foreign investment would definitely prove to be beneficial to Thailand’s economy,” Khun Nichada Changrew, CEO at Nichada Thani Group said. “The Thai government’s recently launched Elite Card, which allows expats to gain access to longer visas, is certainly an excellent starting point.”
The Bangkok expat market has traditionally centered around CBD areas. This preference could be changing in 2021 as the “New Normal” and widespread adoption of work from home are likely to influence decision making. International buyers may eschew high-rise condominiums in Bangkok’s city center in favor of low-density housing in suburban locations.
“I am therefore optimistic about 2021 and believe that Thailand and its local property market will prevail, attracting expats and foreign investments. However, the location and type of residence of choice may shift from high-rise, town-central, busy and crowded residences, which are difficult for the “New Normal” social distancing lifestyle, to gated communities equipped with full-functioning facilities and low-rise spacious houses, which can add convenience to working from home,” Nichada explained.
Nichada Thani is one of the most popular residential communities for executive expat families living in Thailand. Demand has traditionally been strongest from the American buyers, but the developer is now seeing more diverse interest.
“We are seeing demand from over 60 other foreign nationalities, predominantly Europeans. In the last five years, the Asian community has continuously grown with a large Korean community followed by a number of Chinese and Japanese families. A property search trend reveals piquing interest from India, Indonesia, Turkey, Argentina and Egypt,” Khun Nichada noted.
For more insights, be sure to read the Dot Property Thailand Real Estate Outlook 2021!