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Thailand’s Seniors are world’s most active Airbnb hosts and guests

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Thailand’s Seniors are world’s most active Airbnb hosts and guests | The Thaiger
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Seniors (hosts and guests aged 60 and older) have been a growing and integral part of the Airbnb community for many years – they are growing fast, earning important extra income, and continue to be the most-loved of any age group. They are fast growing, are booking on Airbnb in increasing numbers, and leading a new trend of multi-generation family travel beyond traditional tourist districts to experience local, authentic neighbourhoods.

Thailand’s Hospitable Senior Hosts are the Best Rated

Globally, senior hosts are the fastest-growing of any age group of hosts on Airbnb, and there are now over 400,000 senior hosts on Airbnb worldwide. In 2017, senior hosts around the world earned over 65 billion baht, hosted over 13.5 million guest arrivals at their listings, and welcomed travellers from over 150 countries.

In Thailand, there are currently almost 1,500 senior hosts on Airbnb, representing a year-on-year increase of more than 26%. Senior hosts earned a combined total of close to 300 million baht,welcoming over 52,000 guests into their homes. They also ranked among the most loved hosts in the world — senior hosts are the best-rated host age group in Thailand with more than 83% of reviews of senior hosts receiving five stars.

Thai Experience Host, Sirichan, shared: “I first become an Airbnb Host two years ago. My home is quite unique, over 100 years old, and I wanted to share its fascinating Thai architectural legacy with visitors who wished to experience something traditionally Thai while learning to cook Thai food. Since then I have made many friendships from being a Host. It’s almost like becoming a member of my Guest’s family and I have enjoyed sharing moments of happiness together.”

Siew Kum Hong, Airbnb Regional Director, APAC says: “Known for their renowned welcoming hospitality and as avid world travellers, it’s not surprising that seniors in Thailand are aging meaningfully by embracing the home sharing community. As the travel industry continues to grow, Airbnb promotes tourism that is local, authentic, diverse, inclusive, and sustainable, creating new economic opportunities for hosts in the homes and communities where they live.”

Thailand’s Senior Guests are World’s Most Active on Airbnb

Globally, senior guests are now the fastest-growing of any age group on Airbnb, with the number of seniors who have booked on the platform growing 66% in the past year.

Thailand’s seniors are the world’s most active on Airbnb, topping the list of countries with the highest proportion of senior guests on Airbnb. Across the country, seniors who booked on Airbnb grew 62% in the past year alone, a figure that is expected to continuing trending up as a quarter of Thailand’s population are expected to be 65+ by 2040.

Countries with the highest proportion of over 60s travelling on Airbnb* are:

  1. Thailand
  2. Japan
  3. United States of America
  4. United Kingdom
  5. France
  6. Australia
  7. Italy
  8. Germany

*Minimum 1000 guests

In turn, seniors around the world are flocking to Thailand for their getaways. Airbnb’s top trending destinations** in Thailand among seniors include:

  1. Rawai, Phuket – 73.68%
  2. Kathu, Phuket – 56.78%
  3. Chiang Mai – 53.59%

**Defined as the cities with greatest YoY increase in # of bookings by senior guests for 2018 travel compared to 2017

Thai senior Winai Kharuwannapat, who uses Airbnb extensively on his travels, commented: “I have used Airbnb for more than four years already and my Airbnb Hosts have all been excellent, very considerate and take care of me like I am a member of their family. They also make some useful local recommendations. I screen Airbnb Hosts in advance by looking at reviews from previous guests and this gives me peace-of-mind and confidence when I travel. Pricing is always reasonable and the quality of accommodation good, and often Hosts assist with airport transfers which makes my travel convenient and enjoyable.”

“It’s perhaps no surprise that we’re seeing such strong growth in this demographic. Seniors are healthier and wealthier than they’ve ever been, while also tending to take more and longer trips than other age groups,” noted Greg Greeley, President of Homes, Airbnb.

Thailand Seniors Leading Multi-Generational Family Travel

Seniors are also at the forefront of a growing trend in Airbnb bookings: multi-generational family travel, where the booking guest is a senior travelling with children or an infant.

In the past year, multi-generational travel in Thailand noted a significant Thailand has seen 55% increase growth in multi-generational travel, with more than 40% being of which are first-time bookings. Popular travel destinations include Bangkok, Auckland, Kuala Lumpur, Bali, Sydney, Kyoto and Taipei, with an average booking value of 4,700 baht per night.

Airbnb homes often provide amenities that make them ideal for family getaways: kitchens, shared dining spaces, and individual bedrooms and bathrooms. This is an accelerating trend on Airbnb: multi-generational family travel bookings have grown 75% in the past year. And in 2018, over half of these multi-generational bookings have been by first-time bookers new to the Airbnb community.

Thailand’s Seniors are world's most active Airbnb hosts and guests | News by The Thaiger

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Property

Thailand’s property market waits for an end to Covid-19

The Thaiger

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Thailand’s property market waits for an end to Covid-19 | The Thaiger

The Coronavirus outbreak poses challenges for Thailand’s property market as potential Chinese condominium buyers remain stranded in China. Meanwhile, some believe that the outbreak may bring opportunities for non-Chinese buyers and in the long-run, the Chinese may be looking for an overseas refuge in the event of these types of emergencies popping up again

Through all this, there will be a certain level of pent up demand for Thai real estate.

Of course, it’s not just the Chinese unable to come and inspect potential buys, the rest of the world is also mostly shut out of Thailand.

Market remains weak

The pandemic is hurting the condominium market as Chinese nationals were accounting for half of the international buyers in Thailand, or 57.6% of the total foreign condo owners in 2018.

Vichai Viratkapan, acting director-general of the Real Estate Information Centre says that 50% of Chinese condo transfers are expected to disappear in the first 2 quarters of this year and the total transfer value by the Chinese will miss the mark of the usual 29 billion baht by about 25% (around 7 billion).

However, since Chinese property buyers only make up 6% of the total international and domestic housing transfers in Thailand, the proportion of total housing transfers in the country is likely to be similar to last year.

Developers looking to sell current stock whilst shelving new projects

CBRE reports that most Thai developers are postponing the launch of new condo projects to focus on clearing existing stock.

“Discounting completed projects to generate quick revenue as a financial lifeboat is the best solution for many of the country’s larger developers whilst the market is in limbo.”

Rathawat Kuvijitrsuwan, head of CBRE Research and Consulting in Thailand believes that, now business is gradually recovering, a few developers have started to launch new condominium projects.

“In the first half of 2020, the Bangkok condominium landscape was gloomy with fewer than 10,000 condominium units launched, which was much lower than the total number of new launches in the past three years of more than 60,000 condominium units per year.”

The Chinese are reluctant to complete transfers

The virus has continued to affect hospitality operators, including hotels and condominiums that service tourists, nationwide. Since China has suspended tours, put restrictions on movement, and locked down cities, home to over millions of people, it also poses a threat to real estate developers as their clients are unable or unwilling to fly.

“Currently multiple off-plan condominium developments are approaching completion, and Chinese clients are unable or unwilling to transfer. Chinese clients who made a reservation in Q4 2019 are requesting a refund and withholding their investment,” said Marciano Bijmohun, Business Development Director at FazWaz Property Group.

He believes every condominium that is in transfer status will see the percentage of non-transfer units rise in the coming months.

“These non-transfer units will cause a big financial hit to developers.”

If a client refuses to transfer, does not comply with the terms and conditions stipulated in the sales and purchase agreement, and decides to release the property, their deposits will be forfeited.

“However, there is some good news, these non-transferred units can be offered with a discount to new clients.”

Also, as China has been susceptible to a few disease outbreaks – from bird flu to the current coronavirus – it may prompt Chinese buyers to look for second homes outside of China.

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Bangkok

Silom Road tops as the most expensive area to buy land in Bangkok

Caitlin Ashworth

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Silom Road tops as the most expensive area to buy land in Bangkok | The Thaiger
PHOTO: Unsplash: Paul Szewczyk

Silom Road, Bangkok’s nightlife district, is the most expensive area to buy land in Bangkok, followed by Phloen Chit Road, according to data the Treasury Department gathered from 2016-2019. The pandemic may have fluctuated the prices, but no data on land value for 2020 has been reported by the department. They also say only asking prices were recorded, so it’s unclear how much the price decreased by during negotiations.

On Silom Road, land prices per square wa are up to 1 million baht while land on Phloen Chit Road have been reported to cost up to 900,000 per square wa. A square wa is about 4 square metres. Land on Rajadamri Road ranges from 750,000 baht to 900,000 baht per square wa. The cheapest areas to buy land in Bangkok are farmlands in the Bangkhuntian district. Land prices range from 500 baht to 10,000 baht per square wa.

Properties on Silom Road are also the most expensive in Bangkok. The price for a 170 square wa 4 storey office on the road costs around 155 million baht, according to the data. The highest asking price was 7 billion baht for a 37 storey office building on Sathorn Road.

Here are the top 10 most expensive areas to buy land in Bangkok:

1. Silom Road at 700,000 baht to 1 million per square wa

2. Phloen Chit Road at 900,000 baht per square wa

3. Rajadamri Road at 750,000 baht to 900,000 baht per square wa

4. Rama I Road at 400,000 baht to 900,000 baht per square wa

5. Wireless Road at 500,000 baht to 750,000 baht per square wa

6. Sathorn Road at 450,000 baht to 750,000 baht per square wa

7. Yaowarat Road at 700,000 baht per square wa

8. Thaniya Road, Pattanapong Road, Pattanapong II Road at 600,000 per square wa

9. Narathiwas Rajanakarin Road at 280,000 baht to 600,000 baht per square wa

10. Ratchawong Road, Sampeng Road at 550,000 baht per square wa

SOURCE: Nation Thailand

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Thailand

Thai condo developers clearing inventory rather than starting new projects

The Thaiger

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Thai condo developers clearing inventory rather than starting new projects | The Thaiger

“With waves of uncertainty and financial stress crashing into the market from the COVID-19 pandemic, most residential property developers have decided to postpone their plans.”

CBRE, the international property consultants, reports that most Thai developers are postponing the launch of new condo projects to focus on clearing existing stock. Discounting completed projects to generate quick revenue as a financial lifeboat is the best solution for many of the country’s larger developers whilst the market is in limbo.

Rathawat Kuvijitrsuwan, head of CBRE Research and Consulting in Thailand believes that, now business is gradually recovering, a few developers have started to launch new condominium projects.

“In the first half of 2020, the Bangkok condominium landscape was gloomy with fewer than 10,000 condominium units launched, which was much lower than the total number of new launches in the past three years of more than 60,000 condominium units per year.”

Since June, CBRE Research says new condominium projects, along new extensions and future routes of mass transit lines, with starting prices under 2 million baht, and those along existing mass transit lines are usually priced lower than 3 million baht.

“On the other hand, there has been no newly launched condominium in the high-end and above segments this year due to the high level of unsold supply and high land cost in prime locations. Investors have become more cautious in spending a large amount of cash during these uncertain times.”

“Some of the newly launched condominiums have had a good sales rate during their first launch. Most of these projects have been launched with a product and pricing that are mainly targeting large demand from buyers with lower-purchasing power and are located in an attractive location with limited available condominium supply in the area.”

But despite the slowdown of general activity and the current sales and promotions to dispose of excess stock, over 60,000 condos are expected to be completed this year and around 80,000 units each year over the next 2 years.

“With over 140,000 condo waiting to be transferred over the next 2 years, there is a possibility that a large number of booked units could return to such a volatile market as some cash-strapped buyers could decide not to transfer their units.”

“The future of the condominium market depends on the direction that residential developers will take collectively. With the 10 year record low number of newly launched condominium projects, this is the moment for the market to correct its long-standing oversupply and overpricing issues.”

CBRE Research believes that there are still opportunities for developers, including the 4 under-construction mass transit lines that are expected to be completed in 2022, the new Bangkok City Planning that will unlock many new locations for condo development and foreign demand that will come back… eventually.

To find the best range of condos, houses and villas, around Thailand, click HERE.

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