The Luxury Housing market not only remains un-phased by the current pandemic but seems to be getting stronger as buyers enjoy strong purchasing power, with many looking for units as a second home.
Lower to middle earners have been hit hard, however, high earners are obviously less effected
Many high earners have not been affected as much by the economic slowdown, so the level of demand and inquiry remains somewhat similar to before the outbreak.
Detached houses priced at 10 million baht and above have continued to sell well, with people’s preferences have changed, they want more space and green areas.
During the past decade, urban centers like Bangkok have became concrete jungles and many families and individuals have opted to live in smaller and smaller spaces outsourcing their recreation to places like gyms and spas.
“Living small” and “minimalism” had been popular lifestyle trends up until now.
People are now looking towards inner-city locations or key tourist destinations such as Pattaya to escape from the spreading virus, widespread and prolonged lockdowns have shown a light on how miserable “home” can be when it is a 35 square meter box you cannot leave.
The freedom of mobility has been replaced with the restrictions of panic-stricken governments desperately fighting to keep citizens safe.
There is also an increase in demand for second homes in resort destinations, again such as a Pattaya, from both international and Thai buyers as they look for an escape hatch in the future.