Fastest Recovery Seen in Luxury Houses and Condominiums Near Educational Centres
After the government has lifted its restrictions and safety measures implemented during the COVID-19 pandemic, CBRE, a leading international property consultant, has pointed out luxury detached houses and condominiums near educational institutions are currently attracting a lot of attention from buyers, sending them on the fastest recovery route which sets them apart from the rest of the residential market.
Ms. Aliwassa Pathnadabutr, Managing Director of CBRE Thailand, revealed, “After Thailand was hit by the COVID-19 outbreak in early 2020, the single luxury housing market has been one of the fastest market to recover, as evidenced by the sales figures from projects where CBRE has been the marketing and sales consultant. CBRE is currently the sole agent of 9 luxury single housing projects in the central Bangkok, midtown area and suburbs of Bangkok with price ranging from 25.9 to 150 Million Baht. The main buyers are locals seeking a new home with more living space and privacy following the ‘New Normal’ way of living after COVID-19, taking the living space as well as the internal and external functions into account.”
CBRE also found that the condominium market near educational institutions is another market that shows swift recovery and was less affected by the COVID-19 crisis. "Condominium projects near universities have a clear target audience because there are real demands. Apart from own-use purchases or parents purchasing for their university-bound children, this market is a good alternative for investors looking for a low-risk market which is easy to lease. In comparison to other condominium markets for investors when it comes to resale, condominiums near universities are more liquid, especially the new projects with modern designs that suit the next generation," Ms. Aliwassa added.
In terms of the general condominium market overview, CBRE customer and marketing data revealed that the existing demand from buyers in the pre-pandemic period whose decisions were put on hold is now returning to the market with the buyers awaiting the right price and promotion to make their purchase. The majority of the buyers comprising 93% are Thais while the remaining 7% are expatriates who reside in Thailand.