The article on Bangkok housing demand appears in the Dot Property Group Report: How Has COVID-19 Impacted the Thailand Property Market? Click here to download your FREE copy.
- Suburban Bangkok housing demand jumped by 12.7% during the COVID-19 pandemic
- Demand for suburban Bangkok homes costing THB30 million or more skyrocketed by 55.1% since April 2020
- Foreign demand in Bangkok housing soared by 24.4% between April 2020 and March 2021 when compared to the previous 12 months
Demand for housing in Bangkok and the surrounding provinces rose by 9.7 percent since the COVID-19 pandemic began in 2020. This would support past statements from many leading Thai developers who claim there is real demand from buyers in this segment.
In particular, demand for homes in the suburban Bangkok provinces of Samut Prakan, Nonthaburi and Pathum Thani surged by 12.7 percent year-on-year during the COVID-19 pandemic. In Bangkok, housing demand increased by a more modest 3.1 percent.
As far as total market share, housing in Bangkok and the surrounding areas accounted for 37.6 percent of total residential demand in the capital region between April 2020 and March 2021. This was an increase of 1.8 percent from the previous 12-month period.
There does seem to be some correlation between the COVID-19 situation and demand for suburban Bangkok housing with enquiries peaking in May/June 2020 and again in the first quarter of 2021. These correlate with the first, second and third waves of COVID-19.
Property seekers want high-end homes in suburban Bangkok
Demand for home prices at THB5 million and above soared during the COVID-19 pandemic signaling a change in priorities for many potential homebuyers. Enquiries for suburban Bangkok homes costing THB30 million or more skyrocketed by 55.1 percent. Meanwhile, demand for THB10-30 million homes jumped by 48.9 percent and rose by 33.9 percent for the THB5-10 million price range.
Interestingly, enquiries received for homes priced at less than THB5 million shrunk by less than one percent. In the year prior to the COVID-19 pandemic, this segment contained 84.3 percent of all suburban Bangkok housing demand but that dropped to 76.5 percent between April 2020 and March 2021.
International Bangkok housing demand grows, but volume remains limited
Bangkok housing demand among overseas property seekers grew by 24.4 percent year-on-year between April 2020 and March 2021. This accounted for nearly 30 percent of all foreign demand for residential property in the Thai capital. Ultimately, interest in housing remains far behind condos.