“LWS” indicates that the demand for pet-friendly condominiums is on the rise, particularly for units priced between 3-5 million baht, especially in locations near the BTS line in three areas: Ratchayothin-Bang Sue, Ratchada-Phra Ram 9, and Phra Khanong-On Nut.

Mr. Prabhan Sak Raksaiwan, Managing Director of LWS Wisdom and Solutions Co., Ltd., a real estate research and development company under the LP.N. Development Public Company Limited, revealed the results of a survey on homebuyer behavior, particularly regarding condominiums, conducted last January amidst an economic slowdown and a sluggish real estate market. The random survey included 183 respondents, with 58% identifying as female, 35% as male, and 7% as LGBTQ+, aged between 29 and 44 years. This group, which has an average income of 25,000 - 75,000 baht per month, with 18% earning over 75,000 baht per month, shows a strong purchasing power. Notably, 75% of respondents expressed interest in purchasing pet-friendly condominiums priced between 3 - 5 million baht per unit, with 67% of this interested group being single individuals.

The top three areas of interest are:

1. Ratchayothin – Chatuchak - Bang Sue, budget of 2 - 4 million baht per unit.

2. Ratchada - Phra Ram 9 - Phetchaburi New Cut, budget of 1 - 3 million baht per unit.

3. Phra Khanong – On Nut - Bang Chak, budget of 1 - 3 million baht per unit.

These locations are favored due to their proximity to job opportunities and convenient transportation, along with surrounding amenities for pet owners, including veterinary hospitals, pet grooming services, pet hotels, and cleaning services for condominiums. This survey reflects a shift in condominium buyer behavior, as indicated by a study from Mahidol University’s College of Management in 2023, which found that 49% of “Gen Y” individuals aged 24 - 41 consider their pets as family members under the concept of "Pawrents". This demographic has high purchasing power, leading to an increasing demand for pet-friendly condominiums.

“Given this buyer behavior, there is an opportunity for real estate developers, particularly in the residential condominium sector, to create pet-friendly units that meet the needs of these buyers, especially since this group has high purchasing power,” Mr. Prabhan Sak stated.

Furthermore, the survey found that pet-friendly condominiums can be rented out at prices 10 - 15% higher than regular units of the same size, accommodating the increased costs associated with maintaining pet-friendly properties, thus presenting an investment opportunity for buyers.

“In a slowing economy where purchasing power for real estate is declining due to rising household debt, developers must create projects that stand out from competitors and offer a 'Wow' factor to meet market demands. Our survey indicates that those purchasing pet-friendly condominiums are high-income individuals looking for genuine living spaces while also catering to investment opportunities,” Mr. Prabhan Sak concluded.