The residential property market has seen a lot of fluctuation in the last year. There was a slow start. After the election, the market improved but in the last quarter of the year, severe flooding caused interest in purchasing property to wane.

The residential property market has seen a lot of fluctuation in the last year. There was a slow start. After the election, the market improved but in the last quarter of the year, severe flooding caused interest in purchasing property to wane.

In 2012

It is predicted that in 2012, the growth in the residential market will centre on condominiums as the market recovers from the floods. Buyers will have stricter standards when it comes to location and how buildings are designed to survive natural calamities such as flood. Some people were actually forced to live in condominiums during the flood which immersed them in the conveniences and advantages of living in a condo. The year 2012 will see the rise of demand for smaller units at the lower or mid-price range. For the higher end of the market, you can expect to see an increase in interest on the efficiency of the layout and design of the building to withstand natural disasters.

Completely Furnished Units

More people will be buying condominiums as a primary residence rather than as an investment. This will increase the demand for completely furnished, well-designed units.

Services for Residents

Customers are going to look beyond traditional services. Demands for premium services such as valet parking and others will grow. More companies are also going to start offering these services which will make the rates more competitive. Customers will have more options and developers might be forced to pull their prices down just widen their market.

Architectural Design

The floods of 2011 should make an impact on future designs. For example, electrical rooms should be above water level and underground parking should be avoided if possible. Flood barriers should be incorporated in the design. Condos in Bangkok are more affordable than condos in major cities in other countries. The gap might be closer in 2012, with condos appreciating in price in business areas. The most important factor that influence the customer's decision on what condo to purchase is whether the location was affected or not affected by the 2011 flood. The areas that remained untouched will most likely yield a higher price and higher demand.