Article | Future Cities

Real Estate Factors Change

October 20, 2022


Our way of life is often changed due to external factors we are helpless to influence. Things like global warming, PM2.5 air pollution, the Russia-Ukraine conflict, rising energy costs, the economic downturn, and other recent phenomena force people to approach their lives in different ways and alter their behavior to match new realities. Buying an electric car, wearing a mask, and cutting back on certain items in our diet are just a few examples. Businesses are not immune to the shifting sands of a dynamic world either; during COVID-19 the real estate market was forced overnight to devise new ways of responding to evolving consumer demands.

“Awareness of environmental issues is now greater than ever before, and sustainability is at the heart of the discussion. This can be seen in several large-scale projects in Bangkok, most notably the recently renovated Queen Sirikit National Convention Center where 4,500 square meters of rooftop solar cells have been installed to serve as a renewable energy source for the compound. New housing developments are also implementing such technologies to improve long-term energy efficiency for residents,” stated Mr. Pakkhaphol Tipsuna, Sustainability Manager at CBRE Thailand

The conflict in Ukraine continues to push up the price of oil and other raw materials to the point where lifestyles need to adjust to match the changed cost of living. One alternative is the growing interest in electrical vehicles. It is now quite normal to see such vehicles on Thai roads and the industry will have received a boost with the news that Tesla and BYD are about to enter the Thai market. In what is surely a sign of the times, EV chargers are a common sight in new commercial and residential developments and are viewed by many as a must-have feature. 

Energy awareness is not the only concern for new developments. Air, water, and other concepts of well-being are also being applied in all kinds of projects as people spend more time in their homes than ever before.
In the past few years PM2.5 has emerged as a health worry, especially in major Thai cities. This has resulted in air purifiers being seen as essential home appliances. Innovations such as the Energy Recovery Ventilator (ERV) are being utilized by both developers and private homeowners to improve air quality and reduce electricity bills.

The Internet of Things (IoT) is an emerging technology that has been talked about for years but is now starting to take more concrete shape due to growing worldwide internet access. Convenience remains key and this will only rise in importance. As technology advances and lifestyles shift, digital connectivity will find ways of advancing well-being and setting the standard for new developments.

New factors that affect people’s lives and behaviors arrive all the time, and developers who adapt to the coming tech revolutions and implement the right solutions to buyers’ needs are certain to enjoy the greater successes.

This is a special article written by Yanisa Dechwattanatam, Assistant Marketing Manager at CBRE Thailand for Bangkok Post, dated 20 October 2022.