Have you ever checked in to a serene resort and wished that you could call the place your forever home? Well, people are doing just that in Thailand by buying up resort real estate.
Resort properties in Thailand’s leisure destinations have experienced a surge in interest from domestic buyers over the past months.
According to new data released by Thai property portal FazWaz, the popular Thai seaside resort area of Hua Hin has seen buying interest grow significantly in year-to-date online inquiries.
FazWaz co-founder and chief executive officer Brennan Campbell said there’s a change in behaviour towards lifestyle purchase amid the pandemic.
“By tracking the data from Q2 2020 to mid-2021 on buying motivation of either a holiday home or for investment purposes, we can see a change in behaviour towards lifestyle purchases in Phuket, Koh Samui and Pattaya, with the sharpest uptick being Hua Hin,” he said in a statement.
Campbell added that in Hua Hin, 64% of transactions are now from the domestic market.
The trend for buyers seeking to relocate to Hua Hin is clear to property developers.
Banyan Residences chief executive officer Tjeert Kwant said there has been a significant rise in buyers looking to escape the city and enjoy a more healthy, active lifestyle.
“This for us has been the key driver with families and couples and looking for spacious second homes outside of Bangkok,” said Kwant.
The uptick in domestic buyers is also apparent in Phuket, said Boat Pattana chairman Boon Yongsakul.
“Our Shambala luxury pool villa project in Bangtao Beach initially targeted legacy overseas buyers in the Laguna Phuket area. But by the middle of last year, we saw a strong influx of Bangkok buyers and this has continued to drive sales momentum to date,” said the property developer.
According to Yongsakul, Thai home buyers now crave resort living, quality of life, and outdoor areas.
“If you look back five years, island real estate was focused on investment-type condominiums, but today it’s single-family homes or second residences,” he said.
C9 Hotelworks managing director Bill Barnett said there are several factors that contribute to this latest trend of locals moving away from metropolitan areas.
“Bangkok’s worsening pollution problems play a part in real estate purchase values. Another is the pandemic ‘Zoom-factor’ that has created what we expect to be a longer-lasting trend of working from home. Real estate developers are now facing changing consumer tastes for flex-specs and recreational areas,” he said.
FazWaz’s Campbell said this real estate trend is here to stay, even well beyond the pandemic.
“The pandemic is going to have a lasting impact on what drives Thais to purchase property and there is one thing for certain, the times are changing fast, and moving out of the city at a pace we have not seen before,” he concluded.
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