PROPERTY PRICES IN THAILAND TO CONTINUE TO CLIMB
Bangkok–29 May–Four Hundred
DDproperty and Added Value announce the Property Affordability Sentiment Survey Results in Thailand
DDProperty.com, a subsidiary of PropertyGuru Group, Asia’s Leading Online Property Group, released its latest Q1 Property Sentiment Survey results to reveal a growing call for the government to look into tightening foreign ownership of property in Thailand.
The main concern amongst Thais is the demand for property by foreign buyers hiking up prices, especially for the private apartment and condominium market segment. Out of 1503 respondents, more than half have expressed dissatisfaction regarding the current Thai property market, with 4 in 5 expecting further price rises in the next 6 months.
Reflecting the negative sentiments on the ground, respondents perceive the government’s efforts in making housing more affordable to be insufficient. Close to 2 in 3 oppose relaxing the foreign property buying restrictions with those in the 30-39 being the fiercest supporters. In addition, 54% feel the government should do more, of which 52% express general disappointment over existing initiatives such as the First Home Buyer Campaign.
“Thai property buyers anticipate property prices to go up, and hence want the government to step in to manage the pace and ensure that property affordability will remain within their reach,” said Raymond Tan, Managing Director of Added Value Singapore. “The challenge is to find the correct balance which will entice local Thais to invest locally while continuing to attract foreign property investors”.
Survey findings also highlight the trend of more Thais looking overseas for more affordable options. A third of the respondents are considering buying properties elsewhere, with Laos and Australia being two of the more popular locations where interest lies mostly in houses, condominiums and land (particularly in Laos).
In collaboration with Added Value-Saffron Hill, a Singapore based independent professional research agency, the quarterly survey aims to provide insights into the local property market through the consumers’ perspective and shed light into how property trends affect their property decisions over time. Conducted since 2010, it was carried out across PropertyGuru Group’s four key target markets of Singapore, Malaysia, Indonesia and Thailand attracting 4,062 online respondents aged 21-69 who are influencers or decision makers on property.
Steve Melhuish, CEO of PropertyGuru Group said, “Insights garnered by the regional PropertyGuru Q1 Property Sentiment Survey reflect market realities in each of our key target markets and have proven to be an invaluable tool to understand the property market.”
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