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In spite of an economy damaged by the pandemic still raging in Thailand, the real estate investment market is doing well.
The Thai economy has experienced many difficulties in recent months following the successive waves of Covid-19. Nevertheless, tourism is slowly recovering with the announced opening of the borders for vaccinated tourists from ten countries. But one field stands out from the others in this country: luxury real estate.
Indeed, there has been a 26.8% year-on-year increase in reservations for new real estate projects in Bangkok. In the first half of this year alone, new luxury condominium projects topped the list in terms of highest average bookings. With a rate of about 76%, the demand for these high-end condominiums seems to be the highest of all property types. This is due to the smaller number of new projects coming on line as investors jump at the opportunity.
Artitaya Kasemlawan, head of residential sales assesses, “Due to the current pandemic, the entire residential market in Bangkok in the first half of 2021 has been affected by the emergence of Covid-19 waves (…) with developers focusing on special offers, mainly giving 5-10% discounts, for unsold, move-in ready inventory to speed up customers’ decision making.”
While Covid-19 has brought down the real estate market, units in desirable locations remain attractive. World-renowned hotel brands are also finding that high-end investors want to use their buying power to snatch up these luxury residences.
“Prime location remains the most important factor in attracting buyers and investors, not to mention the high level of service offerings by the major hotel brands, which will be reflected in the long-term appreciation of the projects. This is a great time for buyers to own a valuable asset that can be passed on to future generations at a reasonable price,” adds Artitaya Kasemlawan.
For the average worker, needs have also changed with the explosion of telecommuting. These employees, who now spend a lot of time at home, need larger condos and lots for single-family homes.
Reservation cancellations were also lower than expected, with 1.1 percent of total units sold cancelled in early 2021. Foreign investors accounted for 5.3 percent of cancelled reservations in the first half of this year.
Read also > ECONOMY : HOW THAILAND PLANS TO BOOST LUXURY TOURISM
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In spite of an economy damaged by the pandemic still raging in Thailand, the real estate investment market is doing well.
The Thai economy has experienced many difficulties in recent months following the successive waves of Covid-19. Nevertheless, tourism is slowly recovering with the announced opening of the borders for vaccinated tourists from ten countries. But one field stands out from the others in this country: luxury real estate.
Indeed, there has been a 26.8% year-on-year increase in reservations for new real estate projects in Bangkok.
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In spite of an economy damaged by the pandemic still raging in Thailand, the real estate investment market is doing well.
The Thai economy has experienced many difficulties in recent months following the successive waves of Covid-19. Nevertheless, tourism is slowly recovering with the announced opening of the borders for vaccinated tourists from ten countries. But one field stands out from the others in this country: luxury real estate.
Indeed, there has been a 26.8% year-on-year increase in reservations for new real estate projects in Bangkok.
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