It’s truly a buyer’s market, new study on Bangkok condos shows #SootinClaimon.Com

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https://www.nationthailand.com/property/30404361

It’s truly a buyer’s market, new study on Bangkok condos shows

Apr 01. 2021Nattha KahapanaNattha Kahapana

By The Nation (sponsored news)

Though Thailand’s property market showed some signs of recovery in the third quarter of 2020, homebuyers’ purchasing power was weakened with the arrival of a new wave of Covid-19 infections in mid-December, Nattha Kahapana, deputy managing director and head of Knight Frank’s Phuket operations said.

The real-estate consultancy says buyers postponed home-buying decisions as they were worried about the state of the economy. Also, foreign buyers have not returned due to travel restrictions and the rising number of new infections in Europe.

Hence, property developers are having to rely on local buyers, whose spending power has been restricted by layoffs or salary cuts, and subsequently banks denying them loans.

With no foreign buyers and limited local buyers, some developers have either postponed or cancelled new projects.

Nattha reckons it will take at least two years to sell off the units in stock and bring equilibrium to the market.

Supply

A recent Knight Frank Thailand study found that the supply of new condo units in Q4 2020 dropped by 77.8 per cent, with only 4,196 new condo units being put up for sale compared to 18,926 units in the same period in 2019.

Up to 65 per cent of the total new condo projects launched in the fourth quarter of 2020 were Grade C properties with a selling price of Bt40,000 to Bt75,000 per square metre, followed by Grade B projects going for Bt85,000-Bt120,000 per sqm. No Grade A condos were launched during that period.

In terms of location, 95 per cent of the new condominiums were situated in the suburbs of Bangkok followed by 5 per cent in the fringe of the central business district. No projects in the actual CBD area were launched in the last quarter of 2020.

Demand

The overall market in Q4 2020 slowed down from the previous quarter due to the new Covid flare-up. In the last quarter, only 1,391 or 33 per cent of the 4,196 units up for sale were sold, marking a 17 per cent drop compared to the same period in 2019 and a 6 per cent drop compared to the previous quarter.

Selling price

The selling price of condominium units dropped in Q4 2020 compared to the previous quarter. Condos in the CBD area dropped by 5 per cent to Bt251,435 from Bt265,000 per square metre in the previous quarter. Those in the fringe of the CBD dropped 15.4 per cent from Bt146,000 to Bt123,560 per square metre, while the asking price for those in the suburbs dropped 13.2 per cent from Bt79,400 to Bt68,945 per square metre.

This price drop was put down to operators pushing to sell off units to boost their liquidity.

New projects launched in the fourth quarter of last year are also relatively cheaper, proving that it is truly a buyer’s market.

Outlook

Last year was challenging for the real-estate business in Thailand and 2021 is not expected to improve very much because developers have to rely primarily on local buyers, Nattha said.

Developers are also delaying new launches because they need to sell off their sizeable stock of unsold units. Some 20,000 to 30,000 new units are expected to be put on the market this year at prices that reflect real demand.

Many large developers are also shifting their focus on low-rise projects due to reduced risk as they can be built in phases.

A rebound in the condominium market is expected in mid-2022, once the Covid-19 epidemic comes under control.

Also, Chinese investors have been trying to buy condos via the embassy or brokers in China as they are unable to enter Thailand. They view the country as a safe haven in the event of an epidemic.

However, the market still needs to wait for the outbreak to ease and international travel to resume before it can fully recover. Things may go in the opposite direction if there is political turmoil, so developers need to come up with a plan for an uncertain future.

Landy Home eyes 15% growth in 2021 as No 1 in home building market #SootinClaimon.Com

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https://www.nationthailand.com/property/30404111

Landy Home eyes 15% growth in 2021 as No 1 in home building market

Mar 26. 2021

By THE NATION

Landy Home (Thailand) marked the grand opening of its flagship sales gallery on Ratchapruek Road on Wednesday by targeting Bt2.4 billion sales in the home building market in 2021 – or repeat yearly growth of 15 per cent.

“Our business performance in 2020 showed 15 per cent growth from the previous year with total sales of Bt2.1 billion, 80 per cent of which came in Bangkok and 20 per cent in other provinces,” said Pornrat Maneerattanaporn, assistant managing director & sales director. “This performance went against the trend in 2020 when the value of the home building market dropped roughly 5 per cent from Bt12.5 billion in 2019 to Bt12 billion in 2020 under the impact of Covid-19.”

Pornrat said statistics from the Home Builder Association indicated that sales of custom-built houses in 2020 were dominated by smaller homes in the Bt2-5 million price range and mid-size homes priced Bt5-15 million.

“However, demand for luxury houses priced over Bt15 million is on the rise and could grow as high as 16 per cent year on year in 2021,” she added.

“Amid economic uncertainty brought by the outbreak, customers in this sector are considering building their houses with larger companies rather than smaller ones due to superior credibility and reliability. This is a great opportunity for Landy Home as we have long experience in home building plus the largest registered capital in the market at Bt200 million.”

The company is therefore targeting sales growth of 15 per cent to total Bt2.4 billion in 2021.

Phattra Maneerattanaporn, Landy Home’s director of marketing and product design, said demand for Bt15 million-plus luxury houses drove the decision to open the Landy Grand Sale Gallery on Ratchapruek Road as the company’s flagship.

“This flagship store will help us penetrate the high-end market in Thonburi areas,” she said. “According to our database, the demands for luxury houses in Thonburi is as high as in Bangkok. Thonburi also has high potential in terms of complete infrastructure, convenient transport connections to downtown Bangkok and main highways, population density, and potential for future development.”

Phattra added that the company has divided its products into three segments.

Trendy Homes are small-size residences priced at Bt2-5 million and accounting for 45 per cent of the company’s sales. Landy Homes are medium-size residences priced at Bt5-15 million, accounting for up to 30 per cent of sales. The Landy Grand are large, luxurious residences at Bt15 million and over, responsible for 25 per cent of the company’s sales.

“At our flagship store, you will find over 300 models of houses under the Trendy Home and Landy Home categories on the first floor, while the second floor is dedicated to Landy Grand products that include 3D models, consultation station with our experienced architects, and an exclusive lounge for customers,” she said. “Landy Home Ratchapruek is designed as a one-stop service centre for the luxury home building market. Currently we are offering discounts of up to 30 per cent as well as gift vouchers up to Bt450,000 to new customers.”

As for home-building trends in 2021, Phanid Maneerattanaporn, Landy Home’s director of construction and administration, said: “With the modern lifestyle focusing on health and spending more time at home, the company is focusing on developing home technology under the concept “Landy Life” with an aim to improve our customers’ quality of life at an affordable price.”

Among the company’s signature technologies is the CAP+, or Clean Air Positive Pressure Plus – an air purifying system that is installed in all Landy Home houses to protect against PM2.5 dust particles and germs, maintain oxygen levels and reduce carbon dioxide within the air-conditioned rooms.

“Moreover, we have taken it to another level with CAP+ V.2, adding a Zeolite Filter that helps reduce allergens and filters out chemical substances, controlled via a mobile application which is compatible with Google Assistant and Alexa,” he added.

Landy Grand Sale Gallery is opposite The Circle Shopping Complex on Ratchapruek Road in Bangkok’s Taling Chan district. For more information, contact (02) 938 3456.

Housing market in six provinces to start flourishing from next year, study shows #SootinClaimon.Com

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https://www.nationthailand.com/property/30403943

Housing market in six provinces to start flourishing from next year, study shows

Mar 21. 2021

By The Nation

A study conducted by Krungsri Research indicates that the housing sector in six key provinces will pick up in 2022-2023 thanks to developers’ strategy of cutting prices to release stock.

The provinces, in this case, are Chiang Mai, Chonburi, Rayong, Nakhon Ratchasima, Khon Kaen and Phuket.

The research house also took a look at developers’ plans to expand investment in tourist and industrial centres to compete with developers in Bangkok and its adjoining areas. This is reflected by the average 8-per-cent rise in land price in the six provinces last year compared to 2019.

Krungsri Research estimates that Thailand’s housing sector will either stabilise or shrink slightly in 2021 compared to 2020 because the Covid-19 outbreak is still pressuring economic recovery.

Developers are currently focusing on releasing some 100,000 units, while homebuyers are holding off on purchases.

As a result, the number of new projects launched this year will be the same as last year, though in 2022-2023, the sector is likely to improve in line with economic recovery and return of tourists.

The Thai economy in 2021 is expected to grow at an average of 3 to 4 per cent from a 6.1 per cent contraction in 2020. Investment in infrastructure is also progressing, especially in the EEC area, which is helping the housing market in Chonburi and Rayong to recover faster than other provinces.

The tourism industry is also expected to gradually recover, as certain tourists, such as business travellers, health travellers or people from countries with low infection rates, start arriving.

If the country starts reopening soon, then the number of tourists will return to approximately 40 million by 2024, about the same as in 2019.

The government has also launched the Thailand Elite Card scheme, which grants foreigners a residence permit of up to 20 years, thus encouraging them to purchase a second home here.

Apart from reducing prices to release stock, developers are also focusing more on low-rise projects to target those who work from home as well as keep homes affordable for the locals.

Low-rise housing

New projects will shrink by 7.5 per cent this year, judging by the 16.7-per-cent drop in applications for low-rise housing construction permits in the first 10 months of 2020. Demand is expected to improve in 2022-2023 from the middle-income market looking for affordable houses.

High-rise housing

The recovery of condominiums is lower than low-rise projects. The launch of new projects is expected to drop by 35.7 per cent in 2021, judging by the 54.7-per-cent drop year-on-year in the number of applications for construction permits in the first 10 months of 2020.

The supply of new condominiums is rising in Rayong and Phuket to accommodate the expansion of industrial and tourism sectors.

Developers are now creating projects that serve changing consumer lifestyles, such as working at home, more attention to health and wellbeing, as well as safety features required by an ageing society.

However, the housing sector’s 2021-2023 growth can be hit by some factors, such as rising household debt cutting purchasing power, tougher loan-approval regulations and an oversupply of housing units.

Property developers eye Orange, Yellow, Pink Skytrain lines #SootinClaimon.Com

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https://www.nationthailand.com/property/30403796

Property developers eye Orange, Yellow, Pink Skytrain lines

Mar 17. 2021

By THE NATION

Property developers are directing their focus to outer Bangkok areas, especially along the Orange, Yellow and Pink Skytrain lines in 2021, a Colliers International Thailand executive said.

Research and communications director Phattarachai Taweewong said there are 678,262 completed condominium units in Bangkok. Of these, 58 per cent or 391,793 are located in outer Bangkok and 42 per cent or 286,469 in inner city areas.

“In 2021 developers will continue to expand their projects in outer Bangkok areas, especially along Skytrain routes that are currently under construction,” he said.

“They are the Orange Line from Ramkhamhaeng to Lamsalee, the Yellow Line from Lat Phrao to Srinakarin roads, and the Pink Line from Raminthra to Chaeng Watthana roads. We expect to see new condo projects announced in these areas in the coming months.”

The company also reported that in inner Bangkok, zones that have the most accumulated supply of finished condominiums are Ratchadapisek-Phaholyothin roads – 96,105 units or 14 per cent – followed by those on Silom-Sathorn roads – 60,368 units or 9 per cent – and those on Sukhumvit Road – 37,476 units or 6 per cent.

Price of luxury homes in and around Bangkok remains sky-high despite Covid crisis #SootinClaimon.Com

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https://www.nationthailand.com/property/30403090

Price of luxury homes in and around Bangkok remains sky-high despite Covid crisis

Feb 26. 2021

By The NationThe Agency for Real Estate Affairs (AREA) on Thursday released a list of 15 most-expensive housing estates in Thailand, most of which are in Bangkok and its vicinity.

The costliest unit has a price tag of Bt260 million, while the cheapest is Bt44 million.

“Clearly the Covid-19 crisis has not affected the price of luxury residences,” AREA president Sopon Pornchokchai said.

The 15 most expensive housing estates are as follows:

• Santiburi The Residences: Bt260 million per unit. Located on Praditmanutham Road in Bangkok’s Bueng Kum district, the Bt6.5-billion project has 25 units. Each two-storey house has a useable area of 1,366 square metres. The land is priced at Bt265,000 per square wah, and the project was developed by Singha Estate.

• Atelier Residence: Bt138 million per unit. Located in Soi Sahakarn Pramool, Pracha Uthit Road in Bangkok’s Wang Thong Lang district, the Bt1.1-billion project only has eight units. Each three-storey house has a useable area of 1,150sqm. The land is valued at Bt120,000 per square wah and the estate was built by Aland Development.

• Mavista Prestige Village: Bt100 million per unit. Located on Krungthep Kreetha Road in Bangkok’s Saphan Sung district. The Bt1.39-billion project has 14 units, with each three-storey house having a useable area of 914sqm. The land is valued at Bt150,000 per square wah, and the project was developed by MJP Property.

• Issara Residence Rama 9: Bt96 million per unit. Located on Soi Rama IX 13 in Bangkok’s Bang Kapi area. The Bt1.92-billion project has 20 units, with each three-storey unit having a useable area of 726sqm. The land is valued at Bt350,000 per square wah and the project was built by Charn Issara Development.

• Crystal Solana: Bt75 million per unit. Located on Praditmanutham Road in Bangkok’s Bueng Kum district, the Bt3.08-billion project has 41 units. Each three-storey house has a useable area of 685sqm. The land is priced at Bt300,000 per square wah and the project was developed by KE Land.

• The Riverdale Residence: Bt69 million per unit. Located on Thailand Route 345 in Pathum Thani’s Muang district, the Bt3.86-billion project has 56 units. Each two-storey house has a useable area of 476sqm. The land is valued at Bt45,000 per square wah and the project was developed by Riverdale Golf and Country Club.

• The Royal Kaset-Nawamin: Bt66 million per unit. Located in Soi Prasertmanukit 27 in Bangkok’s Lat Phrao area, the Bt5.21-billion project has 79 units. Each two-storey house has a useable area of 420sqm. Land has been valued at Bt80,000 per square wah and the project developed by TCC Capital Land.

• Issara Residence Bangna: Bt64 million per unit. Located on the Eastern Bangkok Outer Ring Road in Samut Prakan’s Bang Phli district, the Bt2.49-billion project has 39 units. Each three-storey house has a useable area of 697sqm. The land is valued at Bt220,000 per square wah and the project was developed by CIN Estate.

• Veva Priva Ekkamai-Ramindra: Bt62 million per unit. Located in Soi Ramkhamhaeng 21, Praditmanutham Road in Bangkok’s Wang Thong Lang district, the Bt434-million project has seven units. Each three-storey house has a useable area of 644sqm. The land has been valued at Bt150,000 per square wah and the project was developed by Narai Property.

• Ladawan Ratchapruek-Pinklao: Bt55 million per unit. Located on Ratchapruek Road in Bangkok’s Taling Chan, the Bt12.87-billion project has 234 units. Each two-storey house has a useable area of 416sqm. The land has been valued at Bt100,000 per square wah and the project was developed by Land and Houses.

• Baan 365 Rama 3: Bt53 million per unit. Located on the Industrial Ring Road in Bangkok’s Yannawa district, the Bt2.19-billion project has 41 units. Each three-storey house comes with a useable area of 340sqm. The land is priced at Bt250,000 per square wah and the project was built by LPN Development.

• Anina Villa: Bt52 million per unit. Located in Soi Yenakart 2, Yenakart Road in Bangkok’s Yannawa district, the Bt1.14-billion project comprises 22 units. Each 4.5-storey house has a useable area of 530sqm. The land is valued at Bt700,000 per square wah and the project was developed by Yenakart Asset.

• Ladawan Rama 2: Bt50 million per unit. Located on Rama II Road in Bangkok’s Bang Khunthien district, the Bt6.1-billion project has 122 units. Each three-storey unit has a useable area of 434sqm. The land is valued at Bt100,000 per square wah and the estate was developed by Land and Houses.

• Granada Pinklao-Phetkasem: Bt47 million per unit. Located on Kanchanaphisek Road in Bangkok’s Bang Khae district, the Bt1.82-billion project has 39 units. Each two-storey unit has a useable area of 786sqm. The land is valued at Bt120,000 per square wah and the project was developed by SC Asset Corporation.

 Grand Bangkok Boulevard Ratchaphruek-Charan: Bt44 million per unit. Located on New Prannok-Phutthamonthon Sai 4 Road in Bangkok’s Taling Chan district, the Bt1.30-billion project has 30 units. Each two-storey house has a useable area of 588sqm. The land has been valued at Bt160,000 per square wah and the project was developed by SC Asset Corporation.

Potential remains high for Phuket’s real estate market despite Covid-19 impact #SootinClaimon.Com

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Potential remains high for Phuket’s real estate market despite Covid-19 impact

Feb 09. 2021

By THE NATION

As one of Asia’s best tourism destinations, and Phuket’s increasing tourist numbers each year, property business was among the sectors that grew continuously, says

Nattha Kahapana, deputy managing director of Knight Frank Thailand and head of the Phuket operation.

The large number of foreign tourists visiting each year includes a large group that has started to look at condominiums to buy, so they can have a place to stay when they visit Phuket.

Some also sought additional rental income when they were not in residence. For these reasons, the real estate business in Phuket drew great interest of investors as they saw foreign tourists being a main source of purchasing power.

Also, Thai investors turned their attention to the market. Condominium projects that launched in Phuket were the types that focused on rental returns, and such projects invited hotel brands to manage the properties, which boosted the reputations of the projects.

From the rental yields received, Phuket became an attractive place to buy condominiums for investment. However, the Covid-19 pandemic drastically reduced the volume of tourists, as they could not travel. Heavily reliant on tourism, the economy of Phuket came to a halt and became sluggish, Nattha said.

The real estate sector of Phuket was directly affected. Even though Thai tourists continued to come, they were not enough to revive the economy of the island, he said.

At the same time, however, there were new condominiums launched for sale; such operators believe that many tourists and investors would continue to fuel demand for condominiums when the situation returns to normal.

According to research results of Knight Frank Thailand, it was found that at the end of 2020, the total supply of condominiums in Phuket stood at 26,096 units.

There were just 1,862 new units launched for sale in 2020, from seven condominium projects. This figure is close to that of the years before 2016, when there was an average of around 1,700 to 2,000 units launched for sale per year. It can be seen that the number of condominiums launched this past year decreased from 2019 by some 65.97 percent.

From a supply of 5,471 newly launched condominium units in 2019, this dropped to just 1,862 units in 2020. This significant drop in new supply is attributed to the Covid-19 outbreak, which has severely affected demand. Developers therefore delayed the launch of projects. Moreover, commercial banks became concerned about the uncertainty of the situation, and implemented tight controls in lending for project development. Therefore, developers suspended the launches of projects.

In 2020, new condominium launches were mostly in Layan, at 59 per cent, followed by the Patong and Naithon Beach areas, accounting for 22 per cent and 13 per cent, respectively.

The Mai Khao Beach area contained the smallest number of new condominium launches, at only 6 per cent of the total supply. Mai Khao, an area in the north of Phuket, is not yet very popular as it is far from amenities, compared to other beaches. As a result, Mai Khao has quite a lot of land available.

In 2020, there was a total of 19,761 units sold, from a total supply of 26,096 units, which represents a sales rate of 75.7 per cent. It increased from 2019, when it was 73.4 percent.

There are around 6,335 units left for sale. The number of new condominiums sold in 2020 was only 1,966 units, which has decreased from 2019’s 4,036 units. This decrease is due to the lack of foreign tourists, a major source of purchasing power, who were unable to enter the country because of the Covid-19 pandemic. Phuket was severely affected, whether it was tourism, employment, or even real estate.

There were some condominium projects that had to stop sales or had low sales. Moreover, they have been unable to apply for loans from financial institutions who are now quite strict in lending for condominium developments.

In addition, there are some projects that have stopped selling, opting to wait and see. Due to Covid-19, foreign tourists are unable to come to Phuket and they comprise the group of condominium buyers in Phuket.

Land price in central Bangkok remains unchanged #SootinClaimon.Com

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Land price in central Bangkok remains unchanged

Feb 03. 2021

By The Nation

The price of land in the heart of Bangkok has remained unchanged despite the Covid-19 crisis, Kulwadee Sawangsri, executive director of investment and land services for CBRE (Thailand), said on Wednesday.

She said land in Bangkok’s three central business districts had stayed the same since 2019 as several projects had to be delayed.

“In 2019, land in the Ploenchit-Lumpini area was the most expensive at Bt3.9 million per square wah, while in Sukhumvit it was Bt2.8 million per square wah and Bt1.7 million per square wah in Silom-Sathorn area,” she said.

Kulwadee added that no change in price is expected in these three areas as most owners are waiting for the right opportunity to sell their land, even though some have sold cheaply.

“This is an opportunity for businesses to adjust their project, such as reducing the size to ensure construction is completed easily and quickly,” she added.

Centara inks deals for hotels in Khao Yai and Vang Vieng, Laos #SootinClaimon.Com

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Centara inks deals for hotels in Khao Yai and Vang Vieng, Laos

Jan 18. 2021

By The Nation

Centara Hotels & Resorts, Thailand’s leading hotel operator, has expanded its footprint in Southeast Asia by inking hotel management agreements for one resort in Khao Yai, Thailand, and two resorts in Vang Vieng, Laos, adding 304 keys to its group portfolio.

In Laos, Centra by Centara Riverside Resort Vang Vieng (formerly Thavisouk Island Hotel) and Thavisouk Riverside Resort & Spa Vang Vieng, Centara Boutique Collection (formerly Thavisouk Riverside Hotel) are located on the opposite sides of the Nam Song River, connected by a private bridge linking the two properties.

The two rebranded riverside properties are expected to open in the fourth quarter this year after refurbishment programmes.

The Vientiane-Vang Vieng expressway, opened in December 2020, brings Vang Vieng within an hour’s drive of Luang Prabang.

“Signing this management agreement with Centara Hotels & Resorts represents a milestone for us. Since we started in 2002, we have grown alongside the destination to become the largest hotel operator in the city, and we are excited to leverage Centara’s international reach to present Vang Vieng to a wider audience,” said Bounsong Khammang, owner of Thavisouk Hotels & Resorts.

Thavisouk Hotel & Resorts was founded nearly two decades ago with just 40 rooms and today is the biggest hotelier in the city with more than 300 rooms.

Meanwhile newly added to the Centara Boutique Collection is Roukh Kiri Khao Yai Hotel, nestled amid the lush and mountainous Khao Yai National Park just three hours from Bangkok. This is Centara’s first hotel in Khao Yai.

The signings follow seven other management deals signed in 2020 by Centara for resorts in Myanmar, Oman, Vietnam and Thailand.

Four housing trends in 2021 #SootinClaimon.Com

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Four housing trends in 2021

Jan 18. 2021

By The Nation

Since the Covid-19 outbreak, lifestyle and living including business practices of today’s people have changed, with a “new normal” that requires social spacing, wearing masks, reduced contact, and keeping hands clean.

It’s not just the coronavirus outbreak that has created an impact on the present lifestyle. The lifestyle of modern people had already changed from the impact of technological developments, forcing everyone to adapt to advances in technology or digital disruption.

As a result, many businesses have had to adjust to keep pace and meet the needs of the changing customer groups. Real estate is no different from other businesses in terms of adjustments as the lifestyle, demands and consumer behaviour have changed. It requires development of products and services designed to accommodate the changing needs of customers. The marketer or housing developer has to analyse and predict trends including for construction in 2021. SCG analysed construction and housing trends for 2021 and found four factors that will influence and lead to changes.

1. Digital transformation

Bringing digital technology to be applied to all sectors is one of the key change parameters that are driven very quickly. This can be clearly seen by most people who have learned to use tools, technologies and online facilities for added convenience in their daily lives until it becomes a new normal.

2. Pay more attention to the living space

This trend emerged during the lockdown period when more people stayed at home than ever before. Home furnishings were made more livable and supportive of changing lifestyles. So, no matter how much the world has evolved and changed, housing is still an important fundamental factor and the safest place.

3. Well-being, an indispensable hygiene trend

The world is becoming more alert to hygiene, a trend that is in the interest of people of all ages and constantly growing rapidly. As a new way of living, seeing good health and well-being is vital as well as having a good and safe home.

In the meantime, Thailand still has to fully adapt to the ageing society in line with the people’s behaviour and pay attention to safety as the top priority.

4. Circular economy and environment

People are starting to pay attention to the environment, saving more energy or even on a circular economy for maximum efficiency.

Condo, office, shopping mall markets contract while demand grows for rental factories, warehouses #SootinClaimon.Com

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Condo, office, shopping mall markets contract while demand grows for rental factories, warehouses

Jan 14. 2021

By THE NATION

Most of the property markets in 2021, including condominiums, office space and shopping malls, are expected to contract due to the fallout from the Covid-19 pandemic, but the warehouse and factory rental markets will thrive due to rapid expansion of e-commerce, property experts said.

Nexus Property Marketing Ltd managing director Nalinrat Jaroensuphong said the condominium market in 2021 will continue to contract despite an increasing supply of new units – 33,000 to 38,000 – compared to 21,000 in 2020.

“This is due to about 20 projects postponing their openings from last year to this year,” he pointed out. “We estimate that the total condominium supply throughout the year will be 674,000 units.”

Nalinrat said new condo projects this year would focus on smaller units at cheaper prices to match the current economic situation and the trend of buying a home in outer Bangkok compared to buying a condo in the city.

“However, if the government opens the country to foreign tourists from the third quarter, the economy should start to recover and demand for condos should rise slowly,” he added.

Nexus estimates that most of the condominium projects to open this year will have starting prices of between Bt1.2 million and Bt2.5 million per unit, with the total sale price decreasing by 5 per cent, compared to 4 per cent in 2020.

Meanwhile, Nexus Real Estate Advisory Ltd managing director Theerawit Limthongsakul said demand for office space and space at shopping malls has declined since the first wave of Covid-19 last year as many companies still want their employees to work from home to avoid the risk of contracting the virus.

“Last year, office and commercial space occupancy dropped from 94 to 91 per cent, compared to over 95 per cent in the last 7-8 years before Covid-19,” he said.

“However, demand for rental factories and warehouses has been increasing for the past 4-5 years, thanks to the rapid growth of e-commerce,” he said.

“It is estimated that the rental factory and warehouse markets have available space of 4 million square metres each. Rented factories could generate income of Bt200/sqm/month, while rented warehouses could earn up to Bt150/sqm/month,” he added.