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Undoubtedly location has been a key reason people decide to buy property – the more prospered, the more attractive. Yet amid a fast-growing market, other factors come to play significant effects and prompt consumers to look beyond where they live.
Below are the top ten factors why people spend their money on real estate in Thailand, information from DDproperty Consumer Sentiment Survey collected in 2017’s second half.
1. Location
Despite numerable other factors, Location still tops the list due to its biggest impact. However, luxury doesn’t always translate to higher demand; consumers consider more on whether or not the location is suitable to their lifestyle, and even places distant from the inner city are in high demand nowadays – especially those accompanied by mass transit lines such as BTS Green Line and MRT Blue Line.
2. Infrastructure and available amenities
It’s also vital to gauge the potential of your location: will the price of the property leap or become sterile in the future? Knowing that there are, or will be, mass transit lines or stunning shopping venues near your residence is a sign that your location got some potential.
Rama IX Junction is one of the emerging locations in Bangkok where upscale developments gravitate – hence the closer to MRT Phra Ram 9, the higher potential residential projects are.
3. Security and safety of the location/area
Now real estate developments are decentralising into the suburbs where the costs are lower. A lot of consumers find it more convenient to live some distance from the hectic city, yet still connected to the mass transit line for daily commute. However, the farther the location goes, the sense of safety comes into concern. The more deserted, the more danger and less attractive the property is. Ultimately, everyone’s home needs to feel like home.
4. Price per sqm/sqw
Experienced buyers would prioritise price per sqm/sqw over the full starting price because it could be benchmarked with other projects’. Many enticing starting prices resulted in confined unit space – for example, 24 sqm Studio.
Developers often use this strategy to visually stimulate buyers’ interest. It’s crucially important to look at both figures especially when considering property below 3 million baht.
5. Accessibility to public transport
The mass transit line is not the only mode of public transport buyers consider when looking at a property – taxi, motorcycle taxi, and expressway are also included. Many consumers’ workplaces are in the city and the more convenient they can reach there, the more likely they will choose that location. Public transport doesn’t need to be at their doorsteps but conveniently reachable.
6. Design and construction
Besides reasonable usable area, the design also needs to match buyer’s preference nowadays. The interior and exterior must respond to their identity with a sense of proud and trendy. This goes to the level of material selection and safety of the construction. It’s a long-term asset that every aspect is counted.
7. Size of property/unit
Not only unit size needs to match the population, but the project’s area also needs to contribute a relaxed living. Studio with 24 sqm wouldn’t answer a family of four members, while a penthouse would not be interested in a single resident.
And as the nation is moving towards an aging society, extensive facility area is necessary for the elderly to walk and exercise. As long as the budget is limited, space would come before appearance.
8. Financial eligibility
Affordability could have come to the top factor, but with broader options, consumers find through reading project reviews on websites, it comes in the eighth place. Nowadays buyers can conveniently find the property that matches their preference by filtering the search box for low-end, mid-range, or high-end products.
Try to mortgage calculators by yourself.
9. Facilities within the property
Clubhouse and unique features and activities are appealing in the eyes of buyers. Swimming and fitness are the expected, while trendy and impressive ones like Co-working space, cinema room, or pet allowance could make a difference. After an exhausting day of works, residents need to relax and unwind with these soothers.
10. Proximity to mass transit
Property near mass transit lines, including those in the suburbs, are now seen overpriced relative to their usable areas. Buyers, especially those with personal vehicles, find it’s not worth paying the price as other modes of transportation can also take them to the workplace. Nevertheless, it’s still in the top ten factors why consumers decide to purchase property in Bangkok.
This information was collected from property buyers in Thailand and can reflect their fundamental needs and concerns in order. If you’re a beginner, you can follow these ten factors when deciding to buy a property, or read more insights about the Bangkok property market, check out DDproperty Property Index Report and DDproperty Property Market Outlook Report.
This article is written by Kittikom Pojanee, Content Writer at DDproperty.com. For more information, please contact kittikom@ddproperty.com
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