The future lies in the sharing economy for humans to live sustainability and to minimise using precious resources ensuring that there is enough to go round. The rise of sharing platforms such as Grab or Airbnb are proof of its success.
However, the sharing economy is not a new concept and public transportation in one form or another has been around for some time. Only with the rise of middle classes who have access to more disposable income have people been able to afford their own means of private transportation. More recently though individuals are becoming more aware of their consumption as echoed in Thailand Consumer Sentiment Study H1 2021.
The survey revealed that more than three out of five respondents stated that future MRT and BTS lines would influence their decision to rent or buy a property. Interestingly proximity to public transportation is more important to mid and high-income Thais.
Either this segment is more attuned to the environmental benefits of public transportation or they have identified the correlation of distance to public transportation to capital appreciation. It might even be both factors.
However, the report indicates that distance to the BTS and MRT varies in importance depending on age. It is the most important consideration, and over the location, for buyers and renters aged 22 to 29 years. This age group is likely to have the lowest income therefore it is easy to assume that their thirst for public transportation is because they do not own a car.
Interestingly respondents aged 60 years and above shared a similar sentiment who might also like the convenience of using public transportation over the responsibilities of car ownership.
For the rest of the age groups, 30 to 59 years, location continued to be the most important factor for buyers and renters with proximity to public transportation coming second. However, many developers are specifically choosing locations close to the BTS and MRT network in Bangkok to satisfy demand and to achieve the highest prices. So in the future, it might be that these two variables go hand in hand.
However, the DDproperty Thailand Property Market Index showed locations in Bangkok fringe and outer CBD that access current and future Skytrain routes recorded the highest Price Index growth. In Thawi Watthana district, property prices rose 13% from the previous quarter, with single-detached houses experiencing the highest growth at 15%.
The Price Index in Taling Chan district increased 6% from the previous quarter, with single-detached houses having the highest growth at 3%.
The Price Index of Bang Khen district increased by 10% from the previous quarter, with condominiums enjoying the highest growth at 11%.
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