Clearly from what they are building, developers believe it is small units sized from 35 to 45 square metres that most buyers are looking for, as a first home for one or two people. Later these people might buy a bigger property in a suburban area, but they would try to keep their condo if they can.
Mr Visit said very few developers were building condominiums in the 250 to 350 square metres range these days. The largest units in new buildings are around 100 square metres. Steeply higher prices in the inner city areas, where units cost 120,000 to 150,000 baht square metres, have led to this shrinkage in living space. Also, under Bank of Thailand regulations buyers are now required to put up a minimum 20% deposit if they purchase a new property costing more than 10 million baht.
This desire to own a condo has led to these properties selling very quickly in the secondary market unless they are very pricey units in a project that has not yet sold out.
While buyers continue to like the Sukhumvit and Sathon areas, Mr Visit has noticed that other zones such as Ratchadaphisek, Phaya Thai and the lower sois off Phahon Yothin near Soi Ari have become very popular and the prices are no longer low.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
Is There a Silver lining amid COVID-19?
Thinking of the future impact of this pandemic on office buildings, it may have already dawned on many of us that a majority of potential long-term trends and health measures will become permanent work-life features in the times to come.