Second-hand unit sales record rise

Second-hand unit sales record rise

Second-hand property sales are tallying higher growth than the overall housing market, says property brokerage ERA Holding Thailand.

The company expects to record 10% growth with 10 billion baht this year, supported by overseas buyers, particularly Scandinavians who want to own a property in Hua Hin and Pran Buri to spend six months escaping the long winter back home.

"They are interested in buying units in these two destinations," said chief executive Voradet Sivatachanon.

"We are gathering both resale condos and houses to offer them after discussions with ERA Europe early this year."

ERA Thailand had 50 resort homes ranging from 10 million baht and some luxury condo units in the beachfront area of Hua Hin among its 10,000 listings.

Mr Voradet said the company will also tap buyers in Singapore and Hong Kong through ERA networks as both have high potential to buy condo units in Bangkok.

"In Singapore, many long-term leasehold housing properties will see their contracts expire," he said.

"These tenants will receive the bulk of money to seek new units to rent. Some of them may allocate a budget to buy a condo in Bangkok."

ERA Thailand also uncovered a phenomenon in Hong Kong last year, where it introduced off-plan condo projects to buyers.

However, with the political unrest, many potential buyers there asked for resale units.

"Buyers in Hong Kong usually prefer new off-plan units. But last year, the demand for second-hand condos grew as they want to have a place to move in immediately if there's any unexpected incidents in Hong Kong."

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