Pandemic causes surge in demand for larger living space
Property buyers in Thailand are increasingly interested in spacious homes. The surge in interest began particularly in the early days of the pandemic. Back then, buyers were looking for properties that would allow them to live comfortably while providing more space for their families to work and study from home.
According to CBRE’s report, which came out earlier this year, the top selling resale condo Units in 2021 were 2 bedroom apartments ranging in size from 80 to 130 square meters, followed by 3 bedroom apartments ranging in size from 200 to 360 square meters and 1 bedroom apartments ranging in size from 67 to 84 square meters.
Work and study from home trend
The pandemic accelerated the Trends in remote work, and the surge continues as the economy reopens. Because of this, people are reassessing their needs when it comes to where they live. NTeleworking not only allows people to escape to exotic locations like Phuket, but also creates the need for larger spaces. Many expats from many parts of the world, such as B. Hong Kong are coming to Phuket hoping to find a base and the perfect place to work from home post Covid-19. And of course they need enough space to be able to work comfortably in their home office.
Properties with 3 or more bedrooms are the perfect size for many remote workers who choose to work from home. Aside from turning the extra space into a home office, they can also turn it into a gym, arts and crafts room, and more. In the long run, they can always convert the extra space back into a bedroom if needed.
Several generations live under one roof
Another reason for the increasing demand for larger areas is multi-generational living. Today several generations of a family live under one roof. This style of living is becoming more and more common around the world, including in Thailand, because it is practical and affordable. When two or more adult generations live together, the extra space can be life-saving.
Multi-generational living is less about massive square footage and more about the floor plan of the apartment. Majority of people tend to choose a property where each person could have a separate room. Properties with 3 or more bedrooms allow family members personal space and privacy. They can have separate areas where they can work, study, and enjoy their own time.
Popularity of 3-4 bedroom in beach destinations
Many factors are contributing to the increased demand for larger properties in beach and island destinations. Larger houses with more space and bedrooms are particularly popular in areas like Phuket, Pattaya and Koh Samui. According to Fazwaz transaction insights, demand for 3-4 bedroom properties in Phuket has grown from around 16% in 2019 to around 32% in 2022.
Phuket is constantly being inundated with new residents from all over the world. People come to Phuket for a variety of reasons. However, one of the main reasons is the rising real estate prices in the western world. Home prices in North America and Europe, particularly the US and UK, are soaring out of control. Many people find that three bedroom homes are no longer affordable in their home country. Phuket, on the other hand, offers Homes of incredible value and quality. Many foreigners find that they can own bigger and better houses in Phuket for much less than in their home country.
In addition, Phuket is the preferred destination for vacationers. This means that many people are searching for their dream holiday homewith enough space for an enjoyable holiday. 3 bedroom properties are proving to be the perfect size for a wide range of demographics, from single professionals and empty nesters to newlywed couples and vacationers.
Low stock of three bedroom homes
The increasing demand for larger properties in Phuket has led to this an ongoing trend of low inventory of 3 bedroom homes, with numerous new property launches selling out quickly. A leading example is the Trichada branded properties in Cherngtalay, an area in the northwest of Phuket Island. After the spectacular success of Saitaan Project sold out and in response to demand for three bedroom villas the developer has launched their latest project called the Trichada Breeze.
After successfully selling out three phases before the pandemic, the developer is bringing many improvements to the new phase of the project to meet the needs of post-Covid-19 buyers.
Nowadays buyers want to live full time instead of renting in Phuket. This essentially means they need more living space in their homes. In addition, more and more people are looking for properties with enough space for a home office. Therefore the new phase of Trichada Breeze is bigger and better. In fact, the smallest units per type are roomier than the largest units in previous projects. Also, they added many features to make life more convenient and convenient. This includes social rooms, covered outdoor seating, a private swimming pool, entertainment areas and additional parking.
The developer has launched 18 four-bedroom resort-style villas in the first phase of Trichada Breeze. And 8 units were purchased in the first 3 weeks of their soft launch. Approximately 50% of Trichada Breeze’s off-plan villas have already been sold.
For interested buyers
Buyers looking for 3-4 bedroom properties in competitive markets must be prepared to outbid those making larger down payments or cash purchases. Yes, the high demand might have pushed the price up. However, on the plus side, 3 bedroom properties are more likely to hold their value over the long term.
Based on Fazwaz statistics, the rise of 3-4 bedroom homes may represent a long-term shift in people’s lifestyle preferences rather than a temporary trend. Therefore, waiting for demand to level off could be counterproductive.
If you want information about buying, selling, investing or renting property in Thailand, you can always get professional advice Thaiger property.