As Bangkok’s condominium market is developing into a more mature cycle with a growing number of niche offerings, the latest trend for buyers is taking a deep dive into researching the options.
Digital innovation is one of the leading trends for the property sector with online marketplace FazWaz.com experiencing a rise in the key metric of page views.
Supporting this evolution is a new report from global brokerage JLL Thailand that comments “With a wider choice of supply to pick and choose, buyers spend more time on researching alternatives.
Demand for condominiums in Bangkok has remained very strong. We have continued to receive high volumes of enquiries from prospective purchasers, particularly for condominiums in central business areas. “
Just yesterday I was speaking to a Thai-listed group who are about to launch VR or ‘virtual reality’ tours at show units that are aimed at creating an emotional shift in sentiment of a prospective buyer, and create a sense of urgency to seal a deal.
Meanwhile JLL’s latest view on condominium market sentiment in Bangkok is highlighting that buyers are spending more time to get over the line which is being fueled by increasing choices, while on the supply side JLL says “Many prospective buyers have appeared indecisive even though they are seriously looking to purchase a unit. Bewildered by a considerable amount of condominium supply offered in the market, these buyers appear unsure if the different units they are looking at offer the best value for money, and as a result, take a longer time to make a decision. However, most of them tend to purchase a unit finally. It is just a matter of time.”
While the age of internet commerce has spawned the long take of products and choice for real estate, both in the first hand and secondary segments, Thai condominium buyers are now taking a broader view of what’s on the table and in fact spending more time at the table before closing a purchase.
