Real Estate business looking forward after Covid-19

The outbreak of Covid-19 has brought about a significant shift in our way of life, resulting in changes in our behavior and living habits. The pandemic has affected us all, from remote work to social distancing and online learning. As a result, we have seen a notable change in local and overseas buyer behavior, with a greater emphasis on larger living spaces, more privacy, and access to primary and secondary necessities.

The outbreak of Covid-19 has brought about a significant shift in our way of life, resulting in changes in our behavior and living habits. The pandemic has affected us all, from remote work to social distancing and online learning. As a result, we have seen a notable change in local and overseas buyer behavior, with a greater emphasis on larger living spaces, more privacy, and access to primary and secondary necessities.

Thailand, with its unique value proposition, remains a top destination for real estate, offering a variety of property choices based on geographical preferences. Despite the absence of freehold ownership allocation for foreigners, the demand for the housing sector remains high, and developers have found creative ways to acquire villas through either a BVI structure, leasehold agreement, or Thai company formation.

The condominium market in many areas has significantly shifted, with buyers becoming more sophisticated and demanding larger living spaces, multiple bedrooms, extended facilities, better unit functionality, and, most importantly, privacy. As a result, developers need to recognize the importance of service aptitude in attracting successful foreign transactions.

Foreign buyers now focus on long-term security rather than short-term investment opportunities, with the sentiment to acquire property as an investment vehicle no longer being the main objective. Generational living, where 2 or 3 generations live together in one household, has become more prevalent.

Thailand still holds one of the lowest closing costs to acquire real estate globally, making it an attractive option for foreign buyers. However, it is essential to recognize the "new normal" post-Covid and cater to buyers' demands for projects that complement their lifestyles while focusing on long-term security.

As the real estate market in Thailand continues to thrive, the demand for foreign buyers has been on the rise. With the country's strategic locations, diverse asset class options, and growing infrastructure, it's no wonder why Thailand remains a top destination for foreign investment. In this article, we will explore the various buyer groups that have been notable in 2022, as well as the crucial role that real estate agents play in foreign transactions. We will also discuss the future of Thailand's real estate market and the potential trends that developers should keep in mind.

Expats have always been a significant part of Thailand's real estate market, and this trend will continue in 2022/3. Many ex-pats have seen Thailand's real estate market transition and upgrade, enabling them to make sound decisions with a long-term objective. Thailand's diverse asset class options have been a major draw for these buyers, and the country's growing infrastructure has made it an attractive option for foreign investment.