Bangkok’s property sales market was also affected by the recent COVID emergency situation; Our sales team has noted a 30% decrease in sales inquiries during the 12 month period when the pandemic was at its peak.
In prior years 2019 and before a steady stream of international buyers, especially from Hong Kong, Singapore and the UK has been the norm. However, inquiries from international buyers have dramatically decreased as a result of the pandemic. As things return to normal previous trends are likely to return.
Interestingly, the decrease in sales during the pandemic was not as dramatic as rental inquiries and the reason for this has been an increase in inquiries from within the local Thai market. Many Thai investors and homebuyers, have been using the depressed market conditions to look for “good deals”.
We have seen a relatively significant decrease in Bangkok sales inquiries for the price ranges of 2.5-5 MB and 5-7.5 MB; these price ranges are usually middle-income price brackets and this income group was likely the most affected by the pandemic.
In parallel there has been a surprising increase in the higher budget ranges of 7.5-10 MB and 10MB+. Upon further analysis, these inquiries were mostly from Thai homebuyers looking for larger 2-bed and family-sized condos.
The outlier <2.5MB budget range has also seen a small increase; after examining inquiries, we note that this was mostly due to foreign buyers that were looking for “discounted properties”.
The Thailand and Bangkok sales market also recorded a high number of inquiries for condos and properties in Phra Khanong; the area is a residential commuter hub, popular with working professionals that work in the Central Business District. This increase was likely because of a large influx of good-value property listings that were advertised during this period (Y2020 – 2021)
Central Bangkok business district locations remain the top “go to” neighborhoods for buyers, especially during these uncertain market conditions. In the past 12months our team experienced a large increase in inquiries for properties in Asoke, Phrom Phong and Thonglor. These 3 areas are lifestyle and business hotspots usually popular with affluent working professionals.