Bangkokians optimistic of property value growth over next five years, survey finds
Consumer sentiment regarding Bangkok’s real-estate market reflects concern about the near future due to economic factors, but there is an optimistic outlook for growth in property values over the next five years, according to the results of the “H1 2017 Consumer Sentiment Survey”, released on Monday by Thai portal DDproperty.
The survey examined sentiment among Bangkokians, and primarily first-time home-buyers and upgraders, during the first half of the year.
A majority of those surveyed (49 per cent) expected real-estate prices to rise by up to 10 per cent in the next five years, with another 14 per cent expecting prices to increase more than 10 per cent.
However, alongside long-term optimism, more than 60 per cent of survey respondents indicated price sensitivity today, given current worries about domestic economic growth.
“We see mixed sentiments in the survey – with people focused on economic pressures today, and expressing concerns about an overpriced market in Bangkok,” said Kamolpat Swaengkit, country manager of DDproperty, a subsidiary of PropertyGuru Group.
“But we also see very strong long-term optimism about the Bangkok market, and we attribute this to recognition that urbanisation will continue in Thailand. This will drive demand and, ultimately, make Bangkok one of the best cities in the region to buy property, and in particular a condo,” Kamolpat added
The survey reveals that buyers continue to prioritise location when considering a condominium purchase in Bangkok.
Ninety-four per cent of survey respondents indicated location as the primary factor in their buying decision.
Infrastructure, amenities and price per square metre also factor significantly in buying decisions.