Bangkok area home buying priorities revealed in latest Terra survey
Homebuyers vary across generations
A smart security system, after-sales service and a good neighborhood are the top three requirements consumers consider when buying a residential unit, according to property research and consultancy Terra Media and Consulting.
Sumitra Wongpakdee, managing director of Terra Media and Consulting, said a smart security system was the most important factor for consumers categorised as Gen X, Y and Z when purchasing a home, while the most important factor for Baby Boomers was a good neigbourhood.
“Good after-sales service came second among all generations, except Gen Z, who thought the second most important factor was a project’s surroundings,” she said. “Price came third for Gen X and fourth for both Gen Z and Y.”
For Baby Boomers, price came seventh as they prioritise other factors, such as a security system, after-sales service, a project’s surroundings, materials and functions inside the property.
Terra carried out an online survey between Sept 20 and Nov 10, 2022, which included 2,100 respondents aged 18 years old or above who intended to buy a residential unit within three years and had personal income of more than 9,000 baht per month.
Of the 1,000 samples selected, 84% planned to buy a house and 36% were second-time buyers.
More than 44% wanted to buy a single detached house and 29% wanted a condo. Some 31% had a budget of 3-5 million baht to buy a unit.
“Well-being features are a new trend among homebuyers. They need projects that promote well-being rather than comparing prices or locations like they did in the past,” she said.
The top five well-being features were a cutting-edge security system, utilities management in the project, more green areas, energy-saving features, and smart home and an electric vehicle charger.
Key findings included consumers in Gen Y, aged between 27-40 years old, who were the largest group of potential homebuyers with 88% wanting to buy a unit. Some 38% would buy it as a second-home and 29% as a first home.
Most of Gen Y wanted a single detached house priced between 3-7 million baht per unit and considered key factors such as a cutting-edge security system, universal design for all genders and ages as well as a 24-hour common area.
The majority (87%) of Gen Z consumers, aged 18-26 years old, planned to buy a residential unit with 72% planning to buy one as a first home and 17% as a second home.
They looked for either a condo or single detached house priced between 2-5 million baht a unit.
The survey also found consumers wanting to buy a low-rise house looked for a unit with full functions such as a smart home for security, air quality management innovations, elderly-friendly design, an EV charger and double volume.
Those wanting to buy a condo looked for a unit with functions promoting privacy such as a door or screen to separate the sleeping area, a large window, a closed kitchen and a bedroom large enough to accommodate a six-foot bed.
For low-rise houses priced between 3-7 million baht a unit, the most popular locations were Rangsit-Lam Luk Ka, Bang Yai-Bang Bua Thong and Bang Phli.
Locations for condos in the same price range were Chatuchak-Prachachuen, On Nut-Bang Na and Phaya Thai-Aree.