COVID-19 has been affecting life in Thailand for 2 years (2020-2021). During this time, individual low-rise buildings have become the best-selling real estate object. Demand for luxury properties has been growing for 3 years in a row.
The real estate market focuses on the share of sales of luxury properties – 39% of sales in 2021, which is 69% more than in 2020. The growth in demand has been going on for the third year in a row, which means that the market for luxury properties is booming.
While sales of resort real estate in 2021 decreased by 4%, partly due to the fact that there were few projects and there were no new projects in such prestigious resort places as Pattaya, Khao Yai, Chiang Mai and Hua Hin. Besides, resort real estate was in great demand among foreign investors who have not yet returned to the market.
Among Thai buyers, there are more «customers with real demand» who buy real estate for life. People spend more time at home, work outside the office and this affects demand.
In addition to the Thai consumer market, there is demand from Chinese investors who are interested in real estate at a price of 30 to 150 million baht, and some have a demand for individual houses at a price of 300-400 million baht. The focus of Chinese buyers' attention is on houses with large gardens, high ceilings, spacious rooms, as well as a private pool.
Foreign customers with high purchasing power mainly bought condominiums, this sector accounts for 41% and mansions - 35%. Holiday real estate accounted for 24%. The top three foreign buyers of luxury real estate are clients from China (38%), the USA (18%) and the Netherlands (9%).