In this month’s article, I will delve further into buying trends, locations, and the types of buyers in terms of what, where, and why they purchase. Later in the article, I will provide some insightful considerations regarding patterns that could be of assistance to you as the reader and potential property buyers.
Starting with the condominium market, many individuals come here with some apprehension and view the easy ownership of condos as the best initial investment. Regrettably, this often leads to disappointment in terms of the value received for the invested money, especially with the newer characterless, simple units designed for weekend visitors. Adding to this, they currently do not appreciate in value and are entangled in a challenging rental market due to the abundance of mass-produced units over the last decade.
On the opposite end, once buyers become comfortable with the city’s layout, accessibility to malls, golf courses, beaches, and restaurants, it becomes apparent that these amenities are all reliant on some form of transportation. This realization then opens up the housing market to the idea of owning a pool villa or a villa within a secured complex. Currently, this market is as good as, if not better than ever, with a variety of developments ranging from 4 million THB upwards to 15 million THB selling well among visitors. With these new builds, location becomes more important, as well as the frequency of the buyers’ residence. Notably, slightly south of the city has gained popularity recently, leading to considerable price increases. Following this trend, Khao Tao and the early parts of Pranburi are once again becoming attractive locations to consider, as moving further south can lead to lower costs. Interestingly, Western locations have taken precedence over the North, despite the North having some coastal connections. This shift is due to malls being situated more to the South and considerably better beaches as well. The Western areas have always had strong links to golf and the town. However, with the presence of international schools and many restaurants choosing to establish themselves a bit farther from the city center, buyers are now looking to these areas for reasonably priced housing and a desirable lifestyle. The North still possesses numerous attractions and should never be dismissed by those uninterested in city life, as it offers the opportunity to live contentedly within local villages, enjoying an easygoing life, lower cost of living, and the same sunny skies!
Now, on a personal note, what I find truly frustrating is the lack of interest in undertaking simple renovations for older homes. I understand that opting for a new house enables you to personally select your finishing touches and secure warranties in a newer development. Nonetheless, I still observe numerous older homes in excellent locations that are often overlooked. Don’t misunderstand me; some of these homes have more serious issues where renovations extend beyond mere cosmetics. Undoubtedly, there is risk involved, but through surveys and thorough checks, many of these concerns can be addressed. Revamping these older homes might take 6 to 10 weeks or more, but the payoff is the chance to acquire a more spacious dwelling and, perhaps more significantly, a larger plot of land in a superior location.