Financial instability from COVID-19 is one challenge to investing in property, including political instability
Based on a report by DDproperty, Thailand’s real estate market in the past year has been sluggish due to several factors, but the market is expected to recover in 2022.
Looking at consumers and purchasing trends, buyers are extending their house-buying strategy with DDproperty’s Thailand Consumer Sentiment Study indicating that 71 percent of consumers have further delayed their house buying.
The pandemic has shifted consumer behaviour, from how to travel to where to work and live.
The sentiment study also revealed that 39 percent of consumers plan to buy property within the next one to two years.
Financial instability induced by COVID-19 is one hurdle towards property investment, as 63 percent of respondents mentioned concerns over property prices. Meanwhile, 37 percent lacked confidence due to political instability.
Moreover, 80 percent of consumers said that the government does not help ease the process of owning property.
Measured such as reducing interest rates on old and new home loans are needed to transact, said 57percent of those surveyed.
In terms of age ranges, more than half of millennials, up to 58 percent, have no plans of moving out of their family home within the year.
49 percent want to be with and take care of their family, while 43 percent do not have enough financial resources to climb onto the property ladder.
As for millennial financial planning, 61 percent focused on managing their money through an emergency fund, 60 percent spent their money on family expenses, and 54 percent used their funds to pay off debt.
In addition, 93 percent of Thais have shown more interest in sustainable living, including houses with solar panel systems (62 percent), cooling systems (58 percent), and pollution absorption functions (48 percent).
The Property Report editors wrote this article. For more information, email: [email protected].
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