Pandemic causes surge in demand for larger living space
Property buyers in Thailand are becoming more interested in spacious homes. The surge in interest particularly started in the early days of the pandemic. During those days, buyers were on the hunt 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 that came out earlier this year, the best-selling resale condo units in 2021 were 2 bedroom homes sized 80 to 130 square metres, followed by 3 bedroom homes sized 200 to 360 square metres and one-bedroom sized 67 to 84 square metres.
Working and studying from home trend
The pandemic accelerated the trends in remote work, and the rise is lingering as the economy reopens. Due to this reason, people are reevaluating their needs when it comes to their place of living. Not only does remote working allow people to flee to exotic locations like Phuket, but it also creates the need for bigger spaces. Lots of expats from many parts of the world, such as Hong Kong, come to Phuket in hopes of finding a base and the perfect place to work from home post-Covid-19. And naturally, they need enough room for home offices to work comfortably.
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 turn back the extra space into a bedroom should the need arise.
Multiple generations living under one roof
Another reason behind the rise in demand for larger spaces is multigenerational living. Today, multiple generations of a family live under one roof. This style of living is getting more common worldwide, including in Thailand, because it’s practical and affordable. With two or more adult generations living together, having the extra space can be a lifesaver.
In the case of multigenerational living, it’s less about massive square footage than the layout of the home. The majority of people tend to choose a property where each person could have a separate space. Properties with 3 or more bedrooms allow family members to have personal space and privacy. They can have discrete areas to work, learn, and enjoy their own time.
Popularity of 3 -4 bedroom properties in beach destinations
Many factors contribute to the increased demand for larger properties in beach and island destinations. Bigger houses with more space and bedrooms are especially popular in regions like Phuket, Pattaya, and Koh Samui. According to Fazwaz’s transaction insights, demand for 3-4 bedrooms properties in Phuket has risen from roughly around 16% in 2019 to around 32% in 2022.
Phuket is constantly flooded with new residents from all over the world. People come to live in Phuket for a wide range of reasons. However, one of the main reasons is the rising price of properties in the Western world. Prices of properties in North America and Europe, particularly the US and the UK, are rising out of control. A lot of people find that three-bedroom houses in their home country are no longer affordable. Phuket, on the other hand, offers homes with incredible value and quality. Many foreigners find that they can own bigger and better houses in Phuket for a lot less compared to their home country.
Furthermore, Phuket is the preferred destination for holiday goers. This means that there are lots of people in search of their dream vacation home, with enough space for an enjoyable holiday. From single professionals and empty-nesters to newly married couples and vacationers, 3-bedroom properties prove to be the perfect size for a wide range of demographics.
Low inventory of three-bedroom homes
The rising demand for larger properties in Phuket has resulted in an ongoing trend of the low inventory of 3 bedroom homes, with numerous new property launches being sold out rapidly. One leading example is the Trichada branded estates located in Cherngtalay, an area in the northwest of Phuket island. After the spectacular success of the Sai Taan project selling out and in response to the demand for three-bedroom villas, the developer has launched its newest project called the Trichada Breeze.
Having successfully sold out three phases prior to the pandemic, the developer brings lots of improvements to the new phase of the project to cater to buyers’ needs post Covid-19.
Today, buyers are looking to live full time instead of renting in Phuket. This essentially means that they need more livable space in their homes. Additionally, more and more people are now looking for properties with enough space to fit a home office. That’s why the new phase of Trichada Breeze is bigger and better. In fact, the smallest units per type are more spacious than the largest units in previous projects. Plus, they added lots of features to make living more comfortable and convenient. These include socialising space, covered outdoor seating, a private swimming pool, entertainment areas, and extra parking spaces.
The developer launched 18 four-bedroom resort-style villas during the first phase of Trichada Breeze. And 8 units were bought in the first 3 weeks of their soft launch. About 50% of the Trichada Breeze off-plan villas have already been sold.
For buyers who are interested
Buyers in search of 3-4 bedroom properties in competitive markets have to prepare themselves to outbid those making greater down payments or all-cash buyers. Yes, the high demand may have caused the price to hike up. On the plus side, however, 3-bedroom properties are more likely to keep their value in the long run.
Based on Fazwaz statistics, the rise of 3-4 bedroom properties may represent a long-term shift in people’s lifestyle preferences rather than a passing trend. Thus, waiting for demand to level off could be counterproductive.
If you want information regarding buying, selling, investing or renting properties in Thailand, you can always seek professional advice from Thaiger Property.
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