Homebuyers and renters compile a criteria list when looking for a new property. The Internet helps this process as it has developed into a vital resource to access information of available properties ahead of an inspection.
But what influences people the most when looking for their next property? Location, location, location is often drilled into buyers and tenants when looking for a property.
Choose the right location as a buyer and the likelihood of capital appreciation is greater and for investment landlords, a particular location will appeal to a larger pool of tenants. For owner-occupiers, the ideal neighbourhood will enhance their life by being close to where they work or socialise.
This ethos has been echoed in DDproperty’s recent report, ‘DDproperty’s Thailand Consumer Sentiment Study H1 2020’. The report collected data to evaluate how homebuyers perceive the Thai property market and what influences buying and renting decisions.
When questioned where priorities lie when looking for a new property to buy or rent, respondents overwhelmingly stated location. This view was shared between different age groups, relationship statuses and income earners suggesting that buyers desperately want to be in their preferred neighbourhood.
The next influencing factor found in the report was the security and safety of the area, followed by infrastructure and amenities, and then future developments in the area.
The rankings of these were similar for nearly all age groups, income earners and relationship statuses, although high-income earners and those over 60 years of age were more concerned about infrastructure and amenities over security and safety.
Interestingly buyers and renters have slight little interest in the views of the real estate agent suggesting their job is little more than to open the door for an inspection!
As expected price plays an equally important role for buyers and tenants topping the rankings of the most significant internal factors. This sentiment was felt across all ages, relationship statuses, and income earners.
However, the report found that price for high-income earners was even more significant implying that this category thinks with their head rather than their heart. Following close behind price is the size of the unit followed by facilities.
If we compare location with the price to gauge where priorities lie, while each topped their individual rankings, location by far is the most important of the two.
Since price determines the size of the unit, this suggests that buyers and renters are happy to sacrifice how big the property is in lieu of living in their desired locale explaining why location, location, location is such a strong mindset in the property game!
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