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CBD which includes Lumpini, Silom, Sathorn and early Sukhumvit will be the preferred area, other areas will be assessed after the flooding is over. Demand for high rise condominiums is likely to rise as people may want to buy them to use as a second home in the city center.
Purchasers considering buying residential properties in the future will pay more attention to the product, design features and flood protection measures of individual developments. Housing developers will also need to ensure flood prevention measures and features are incorporated when launching new developments.
The current flooding situation will have an impact across the board on all property sectors, but will vary in degree and extent, according to a leading real estate consultant CBRE Thailand.
Overall, the flooding will result in changes in demand patterns in the residential sector in terms of preferred locations and product. In terms of location, the The second home markets in Pattaya, Chonburi, Hua-Hin, Cha-am and nearby provinces will benefit from this crisis. Bangkok residents with disposable income will be inclined to purchase holiday homes out of Bangkok as many residents are now evacuating to Pattaya and Hua-Hin.
The move of Bangkok residents out of the city is also benefiting the hotel markets where CBRE is seeing a pick-up in occupancy for hotels and serviced apartments in Pattaya and Hua-Hin. Bangkok on the contrary is facing a drop in occupancy with cancellations from overseas tour groups and with travel warnings for Thailand. However, given the resilience of Thailand’s tourism industry, CBRE expects arrivals to quickly rebound once the flooding is over.
Overall, the government’s recovery program will be essential to all sectors of the property market and will have a direct impact on the overall economic outlook and Thailand’s direction for the coming year.
source property report