Despite flood concerns, the resale home market this year has returned to normal, with Greater Bangkok the largest market as usual.
"Sales in flooded zones such as Nonthaburi have recovered, though buyers have delayed buying decisions for one or two months," said Voradet Sivatachanon, president and chief executive of the property brokerage ERA Franchise (Thailand).
Last year, ERA recorded sales of 5 billion baht, 30% of which were in the provinces and 70% in Greater Bangkok.
Ordinarily, the provinces represent 10% of the company's sales.
Sales in Greater Bangkok last year were slight throughout the fourth quarter as flooding hit many areas.
During the first nine months of this year, ERA posted nearly 6 billion baht in sales. Its full-year target is 8 billion baht.
"More people in Ayutthaya last year bought second-hand homes in Saraburi and Lop Buri for fear of future floods," he said.
"Most of the company's sales in the provinces last year were in Ayutthaya, which was the hardest-hit by the floods, as buyers looked for a second home in less-flooded nearby provinces."
The value of Thailand's second-hand home market is estimated at over 100 billion baht a year.
Demand increases every year, given that resale homes are at least 10-20% cheaper than new homes in the same location.
To prepare for Asean integration, Mr Voradet said ERA will add office space for rent early next year. The firm will also improve the English-language and property management know-how of its agents.
ERA, one of the world's largest property franchises, yesterday signed a deal forming an alliance with DDproperty.com, one of Thailand's biggest property portals.
ERA will get a new online channel, while DDproperty.com will increase its property listings from the current 150,000 to about 200,000.
ERA now has 30,000 listings that expire every six months, with 2,000 active every month. Some 36% are for townhouses, followed by single homes (32%) and condominiums.
About the author
- Writer: Kanana Katharangsiporn
Position: Business Reporter