The digital lifestyle has become an integral part of modern living, significantly influenced by the COVID-19 pandemic. Innovations have played a crucial role in transforming daily life and business models, pushing everyone to adapt to a new context. This shift has led people to become more accustomed to maintaining social distance and hygiene, altering some attitudes as well. This is evident from the latest DDproperty’s Thailand Consumer Sentiment Study, which reveals changes in consumer attitudes and behaviors due to the impact of COVID-19. Two-thirds of consumers (66%) are avoiding crowded places more than before, followed by nearly half (42%) who choose to dine out less frequently. Additionally, almost one in three consumers (31%) remain concerned about the pandemic due to its impact on those close to them, while only 1% believe COVID-19 has had no effect on their lives at all.

Has COVID-19 Accelerated the Search for Homes in the Digital Lifestyle?

DDproperty, Thailand's number one real estate marketplace, has shared insights from the latest Thailand Consumer Sentiment Study, reflecting how COVID-19 has become a catalyst for consumers to shift their perspectives and behaviors regarding housing choices in the New Normal era. Consumers are now looking for homes that cater to the new lifestyle.

  • Work from Home has Triggered The Great Resignation - Lockdown measures have made working from home a daily routine. Even as the situation begins to ease and people return to the office, many consumers are reassessing their work styles and desired lifestyles, leading to The Great Resignation trend seen in the U.S., which could also happen in Thailand. More than half (59%) of consumers express intentions to seek jobs that allow for more work-from-home flexibility, recognizing the importance of spending time with family and maintaining social distance. During the work-from-home period, consumers have also improved their living spaces to create a conducive online working environment, reducing the perceived necessity of returning to the office.
  • Online Platforms are Playing a Bigger Role in Real Estate Transactions - Previously, online channels were merely sources for project information. However, the pandemic has hindered site visits, prompting real estate developers to adapt their strategies to connect online and facilitate purchasing decisions. Consequently, more than half of consumers are now using online channels to select housing projects of interest (54%) and participate in virtual tours (52%). Additionally, one in five consumers (20%) has signed purchase agreements online, showcasing the adaptation and utilization of online resources by both buyers and sellers.

  • Cryptocurrency is Opening Doors for Young Buyers - The rise of cryptocurrency not only offers quick investment returns but also creates opportunities for younger generations to own high-priced properties more easily. The survey indicates that more than half of consumers (57%) are interested in using digital currencies to purchase homes or condos, particularly among younger individuals who are more open to technology and quick to learn new things. Interest is notably high among those aged 22-29 (71%) and 30-39 (61%).

Housing Demand Continues to Grow with Strong Supporting Factors

Insights from DDproperty’s latest Thailand Consumer Sentiment Study reveal that consumer demand for housing remains on an upward trend despite the impacts of COVID-19. Financially prepared consumers are increasingly planning to purchase homes with long-term lifestyle considerations in mind.

  • Government Measures Boost Housing Demand - With the economy still recovering, consumers are opting for cautious financial planning and delaying unnecessary expenditures to maintain cash flow. However, government measures supporting real estate transactions, such as reducing transfer fees and mortgage fees for both new and second-hand homes, along with temporary easing of loan-to-value (LTV) regulations by the Bank of Thailand, are positive factors likely to stimulate consumer demand. Seven in ten consumers indicate intentions to purchase housing in the future as they adapt to living with COVID-19. Additionally, rising construction costs and potential price increases from developers, along with external conflicts affecting inflation in Thailand, are further accelerating housing purchase decisions, with 45% of consumers planning to buy within the next two years, up from 39% in the previous survey.
  • Consumers Planning to Buy Homes for Retirement - Over three-quarters (78%) of current homeowners still wish to purchase additional housing, viewing property acquisition not just as a living solution but as a means to secure their future. The top reasons for additional home purchases include preparing for retirement (31%), buying for relatives (28%), and investing in rental properties for long-term income (26%). Furthermore, 46% of current homeowners plan to buy additional housing within the next year, reflecting renewed confidence among financially capable consumers.

  • Health Remains a Key Factor in Housing Choices - The prolonged pandemic has led nearly two-thirds (63%) of consumers to prioritize lifestyles that promote ongoing health, with a growing trend among older adults. They believe that maintaining good health and strong immunity can reduce the risk of viral infections. Beyond health maintenance, most consumers recognize the importance of having healthcare facilities nearby, even after the pandemic ends. A significant 88% express a desire to rent or buy homes close to hospitals, followed by 45% seeking residences near pharmacies and 37% looking for homes near specialized health service centers for long-term convenience in accessing medical care.
  • Electric Vehicles are a Significant Consideration in Home Buying - With the government establishing clear support measures for electric vehicles, interest in purchasing electric cars in Thailand is resurging. Two-thirds of home seekers (67%) are willing to pay more for homes or condos equipped with electric vehicle charging stations, as they consider the sustainability of future living. Each home purchase is significant, prompting careful consideration of long-term functionality. Additionally, electric vehicles can help reduce rising fuel costs, offering another avenue for savings.

About DDproperty

DDproperty is Thailand's number one real estate marketplace, attracting over 3.5 million visitors monthly with a diverse selection of more than 700,000 property listings. DDproperty has been voted the top online property search platform, helping Thais find their ideal homes. It is part of the PropertyGuru Group, a leading real estate technology company in Asia. For more information, visit www.DDproperty.com and www.PropertyGuruGroup.com, as well as our social media channels including Facebook, Instagram, YouTube, and LinkedIn.

About PropertyGuru Group

PropertyGuru Group is a leading real estate technology company in Southeast Asia, trusted by over 52 million home seekers visiting its websites each month. PropertyGuru and its affiliates provide access to over 3.3 million property listings across the region, along with insights and solutions that empower consumers in Singapore, Malaysia, Thailand, Indonesia, and Vietnam to make informed decisions.

PropertyGuru.com.sg launched in 2007, revolutionizing the real estate market in Singapore by introducing an online system that made home searching more transparent. Over the past decade, PropertyGuru has evolved from a leading property media company into a high-growth technology firm, managing the number one real estate marketplace, offering award-winning applications, and providing the best platforms to support property developers, including FastKey, a mortgage marketplace PropertyGuru Finance, and various essential real estate services such as property awards, marketing activities, and print media across Asia. For more details, visit https://www.propertygurugroup.com/.