Luxury residence transactions top THB 125 million in 2021 with buyers seeking second homes and new permanent residences as lifestyle preferences shift for city dwellers
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| Banyan Residences’ customised luxury |
Banyan Hua Hin, the healthy active lifestyle community near Thailand’s gulf coast, has seen a sharp rise in sales of its luxury residences in 2021, as urban domestic buyers seek second homes or new permanent bases driven by fast improving international education, medical proficiencies and infrastructure to add to the existing high-quality lifestyle on offer at the coastal destination.
Tjeert Kwant, Group CEO of Banyan Thailand, has revealed that transaction values at Banyan Hua Hin have exceeded THB 125 million so far in 2021, which is more than 2020 and the second half of 2019 combined. This may seem surprising, considering the unprecedented challenges of recent months, but according to Mr. Kwant, the momentum is being driven by urban buyers who want to reset their lifestyles.
“Over a quarter of buyers said they are going to purchase a second home because of the pandemic and that they will use it as a retreat they can escape to. That especially counts for people who live in metropoles where it’s congested. After a period of confinement, people want space, they want to be close to nature and water, they want to have privacy and live safely, away from external threats like a pandemic. These homes have become a place where they can work, exercise, learn, socialise and relax,” Mr. Kwant stated.
“We hear this from our clients and our agents, who say that about 80% of properties they’ve sold in the last 12 to 14 months are villas that meet these kinds of requirements. We also have 41 two-bedroom rental villas, and since June more than 90% have been occupied, almost all by Bangkokians who want to escape the city,” he continued.
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| Banyan Golf Club is part of the Banyan Hua Hin estate |
These facts are underlined by market data from leading Thai real estate agencies, FazWaz and Lazudi, which found that average property prices in Hua Hin have increased in recent years, as the decline in demand from overseas buyers has been offset by a strong surge in domestic interest, especially for luxury villas.
Brennan Campbell of FazWaz commented: “Looking at our Insights data for Hua Hin, 64% of transactions are now from the domestic market. The pandemic is going to have a lasting impact on what drives Thais to purchase property and there is one thing for certain; the times are changing fast and [Thai residents are] moving out of the city at a pace we have not seen before.”
Costa Savva of Lazudi added: “Villas offer exceptional value for space, privacy and amenities, such as private swimming pools and common area facilities within gated compounds. Comparing average property prices across other main developed regions of Thailand, such as Bangkok, Pattaya, Phuket and Samui, the value-for-money in Hua Hin is another main differentiator.”
The global pandemic has given rise to several factors that have contributed to the heightened demand for homes in Hua Hin. Personal health considerations have caused many Bangkokians to question the long-term impact of living in the capital and the idea of retreating to a natural environment, especially for families with children, is highly appealing. The current situation has also led to a shift in working culture, as many previously office-bound executives discovered how easy it is to work remotely.
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| Banyan Residences luxury customised wellness space |
Positioned between the mountains and the sea, with views of the Gulf of Thailand from its highest point, Banyan Hua Hin offers an abundance of personal space and world-class amenities, including the Banyan Golf Club and BeWell Medical Center. For parents, international schools in the area are competitively priced, with average annual fees less than half of those in Bangkok*. Infrastructure is also improving, with a major new highway and double-track railway set to connect Hua Hin with Bangkok, and even international flights at Hua Hin Airport.
“Even before the pandemic, we were noticing a shift toward guests seeking a healthy active lifestyle. COVID-19 has accelerated this trend, and we are pleased to help families and residents enhance their physical and mental wellbeing. Looking ahead, we are planning to expand our offerings to include more sports, leisure and wellness facilities, as well as new villas adjacent to Banyan Golf Club. We look forward to giving even more Thai residents the chance to change the way they live and work, here in Hua Hin,” Mr. Kwant concluded.
* Data from C9 Hotelworks.
