"MRT Rama 9" is a hot location along the subway line, while people in Bangkok are increasingly interested in the “Suan Luang” area and the rental market in “Bang Na” is booming. Amid challenging tests from a fragile economy, inflation, the impact of the Russia-Ukraine war, and rising interest rates, consumer confidence in spending has been shaken. However, the demand for housing remains strong. DDproperty, Thailand's number one real estate marketplace, reveals insights from visitors on its website www.ddproperty.com during the first half of 2022 (January - June 2022), reflecting the popular housing trends among buyers and renters nationwide. It was found that visits to property sale listings decreased by about 14% from the previous six months due to the aforementioned factors, leading some consumers to delay purchasing decisions and opt for renting instead. This shift has resulted in interesting growth in rental demand in certain locations, aligning with data from DDproperty’s Thailand Consumer Sentiment Study, which revealed that only 16% of consumers are ready to buy a home within the next year.

In terms of online housing search behavior, 50% of home seekers type search terms based on their interests (Free Text), while another group uses specific location keywords, such as province, district, or sub-district, accounting for 40% of all searches.

Additionally, “train stations” are among the most popular search terms today, making up 10% of all searches. This indicates that locations along the subway line remain a crucial factor for home seekers, especially for consumers living in Bangkok and its vicinity, who want to avoid traffic congestion and prefer locations that are convenient for traveling by subway.

“Bangkok” Tops the List for Property Searches
Bangkok remains the most searched province for real estate in the first half of the year, followed by Chiang Mai in second place, Nonthaburi in third, Chonburi in fourth, Samut Prakan in fifth, Pathum Thani in sixth, Phuket in seventh, Prachuap Khiri Khan in eighth, Pattaya in ninth, and Nakhon Ratchasima in tenth. It can be seen that most housing searches are concentrated in the surrounding provinces benefiting from the capital's growth, as well as popular tourist cities, which have also gained attention. This trend is a result of the growing popularity of Workcation during the pandemic, where working while traveling and relaxing has become a significant factor attracting consumers to seek vacation homes in tourist cities.

“MRT Rama 9” is the Most Popular Location Along the Subway Line
Locations along the subway line are a popular choice when searching for housing. According to the latest DDproperty’s Thailand Consumer Sentiment Study, more than half (51%) of consumers believe that housing projects with convenient access to public transportation are among the top external factors. The most searched subway locations in the first half of 2022 are primarily in areas with job opportunities and complete amenities, catering to urban lifestyles.

The top 10 subway stations that are popular among property seekers in the first half of 2022 are: 1. MRT Rama 9, 2. BTS On Nut, 3. BTS Ari, 4. BTS Asoke, 5. BTS Phrom Phong, 6. BTS Ekkamai, 7. MRT Huai Khwang, 8. BTS Udom Suk, 9. BTS Thonglor, and 10. BTS Saphan Khwai.

“Suan Luang” Captivates Bangkok Buyers, “Bang Na” Booms in the Rental Market
The real estate market in Bangkok is showing notable movements with continuous new project launches, coupled with infrastructure development. This is evident from the number of views on property sale listings on DDproperty, where “Suan Luang” has become the most sought-after location for purchases in the first half of the year, being a middle to upper-class residential area benefiting from the Yellow Line subway project connecting Ladprao to Samrong.

Meanwhile, the number of views on rental property listings on DDproperty shows that “Bang Na” is the most sought-after rental location in the first half of the year, supported by positive factors from the subway project connecting Bangkok with Samut Prakan, proximity to job opportunities, and the development of several mega projects and residential projects.

The top 5 locations in Bangkok that received the most purchase interest in the first half of 2022 are:

1. Suan Luang, Suan Luang District

2. Bang Chak, Phra Khanong District

3. Bang Na, Bang Na District

4. Ladprao, Ladprao District

5. Khlong Tan Nuea, Watthana District

 

The top 5 locations in Bangkok that received the most rental interest in the first half of 2022 are:

1. Bang Na, Bang Na District

2. Bang Chak, Phra Khanong District

3. Khlong Tan Nuea, Watthana District

4. Huai Khwang, Huai Khwang District

5. Phra Khanong, Khlong Toei District

 

Property Prices for Sale and Rent in Bangkok Have Not Recovered

However, when considering the overall sale prices of popular housing types in Bangkok during the first half of this year, there has been no increase. The average price is found to be 106,000 baht/square meter, down 5% from the previous year and down 18% compared to the pre-pandemic period (Q4 2019). This period is considered a good opportunity for consumers looking to own a home and are financially prepared before property prices and interest rates rise in the second half of the year.

Meanwhile, the average rental price for all types of housing in Bangkok is 485 baht/square meter/month, down 3% from the previous year and down 13% compared to the pre-pandemic period. However, even though condominiums are the only property type with a rental price decrease of 3% from the previous year, there is still significant rental demand, particularly among working professionals and students, resulting in an average rental rate for condominiums at 500 baht/square meter/month. In contrast, single-family homes continue to be popular in the rental market with a growth trend, averaging a rental price of 320 baht/square meter/month, up 28% from the previous year, while townhouses average 210 baht/square meter/month, up 7% from the previous year.

 

“Samut Prakan” Takes the Top Spot in the Suburban Property Market

The Work from Home trend during the pandemic has led consumers to seek housing in the outskirts of Bangkok more, making suburban and peripheral housing options more attractive due to their lower prices. From the number of views on property sale listings in the peripheral areas on DDproperty, Samut Prakan is the most sought-after province for buying and renting properties in the first half of 2022, benefiting from the Green Line subway extension project from Bearing to Samut Prakan, which facilitates commuting to work or school in the city center.

 

The top 5 locations in the peripheral areas that received the most purchase interest in the first half of 2022 are:

1. Bang Kaeo Sub-district, Bang Phli District, Samut Prakan Province

2. Bang Krasor Sub-district, Mueang Nonthaburi District, Nonthaburi Province

3. Samrong Nuea Sub-district, Mueang Samut Prakan District, Samut Prakan Province

4. Bang Phli Yai Sub-district, Bang Phli District, Samut Prakan Province

5. Khu Khot Sub-district, Lam Luk Ka District, Pathum Thani Province

 

The top 5 locations in the peripheral areas that received the most rental interest in the first half of 2022 are:

1. Samrong Nuea Sub-district, Mueang Samut Prakan District, Samut Prakan Province

2. Bang Krasor Sub-district, Mueang Nonthaburi District, Nonthaburi Province

3. Bang Kaeo Sub-district, Bang Phli District, Samut Prakan Province

4. Khlong Nueng Sub-district, Khlong Luang District, Pathum Thani Province

5. Pak Kret Sub-district, Pak Kret District, Nonthaburi Province

*Source: From SimilarWeb between October 2021 - March 2022

1 Source: Data from SimilarWeb between October 2021 - March 2022.

2 Source: Data from Google Analytics between July 2021 - December 2021.

3 Data from July 2021 - December 2021.