Bangkok’s millennials are tending to buy condos of less than 30 square metres for between Bt130,000 and Bt300,000 per sqm, the property-management arm of Sansiri Plc Plus Property reports.
It attributes the choices to millennials’ customary interest in well-utilised space and predicts that residential projects aligned with the generation’s “sharing economy” will soon be in great demand.
The age group favours properties in prime locations, with convenient access to public transit but also affordable.
Bangkok’s Ekkamai, Huai Khwang and Phaya Thai neighbourhoods are currently garnering the most attention from this group of buyers, managing director Anukul Ratpitaksanti said on Monday.
Members of the generation aged 21 to 30 years and working-age individuals between 31 and 40 together constitute the primary group of buyers who choose to live in condominium rooms.
The older group contributes 41 per cent of total purchases. The younger group generates 13 per cent of total purchases, but its expansion has been “remarkable”, Anukul said.
They account for a 25-per-cent growth in the average number of buyers from 2013 and 2017.
“Members of this group classified as millennials were raised amid technological advances. They live dynamically and choose the types of residence that offer convenience in commuting and are situated on prime locations. They also favour a room size that matches their needs – a room that’s easy to maintain but also provides well-utilised space. Furthermore, these buyers favour property projects by major developers who have high credibility.”
Millennials generally give greater importance to the utility of a common area within the building and optimisation of available space within a unit.
“And they pay attention to a common area that answers to many facets of life, such as the co-working space or co-kitchen rooms found at some projects,” Anukul said.