Restrictions on movement and decentralized measures across the region are presenting an unpredictable timeframe for when markets will enter a post-COVID reality. Although there is some optimism, a recent survey by FazWaz shows that nearly 60% of property developers expect that the crisis will last longer than six months, with 15% of that group indicating they believe the pandemic may last longer than a year.
“Regionally we’re seeing developers adjusting operations and setting frameworks for disruption,” explained the CEO of FazWaz, Brennan Campbell. The research also notes that 72% of the developers have re-forecasted their sales revenues, with both internal and external expenses being reduced.
Developers are clearly embracing technology to maintain their branding and consumer engagement. 83% of those questioned agreed that they’re investing in online tools and channels to improve their visibility. With buyers having their movements restricted, they are spending more time at home which leads to the opportunity for recreational real estate shopping.
To accommodate both buyers and sellers, the Thaiger Flash Sale powered by FazWaz Group will launch Thailand’s First and Largest Online Property Sale Event on 18th June. The sales event will be one of Thailand’s largest online discount hub, offering exclusive reductions and buyer incentives not available to the public before. Sign up here expo.fazwaz.com
Covid-19 can be viewed as “the straw that broke the camel’s back”, especially in the Bangkok market. For years, the property market has overflowed with unnecessary supply, paired with marketing strategies to attract speculators into a non-existent buy-to-let environment.
The coronavirus pandemic comes at a moment where the Thai real estate market has seen an over-supply coupled with reduced demand since 2019 due to appreciation of the baht and overall economic sentiment. “It’s not viable for developers to maintain the same price points with no uptake, and the post-COVID situation will have repercussions for the sales cycle for years to come,” explained Marciano Birjmohun Director BD at FazWaz. “This is definitely going to change the traditional way of doing business – a new normal of doing business is on the horizon after the pandemic.”