This month, two Leading Real Estate Companies of the World® (LeadingRE) members discuss what’s trending throughout Southeast Asia, beginning with the vibrant lifestyle.
Richmont’s Luxury Real Estate
Bangkok, Thailand
Tim Skevington
Managing Director
Tell us about your company.
Richmont’s is the largest independent real estate agency in Bangkok, and one of only two agencies managing new development sales in the city center. Our focus is on both local and international sales through affiliate and partner agents in Thailand and overseas. We were established in 2014 and now serve Bangkok, Phuket, Koh Samui, Hua Hin and Pattaya.
How would you describe your current housing market?
Prices are steady, with attractive clearance discounts available. We have a large supply of ready-to-move-in inventory.
What types of properties do you sell, and which are most popular?
We primarily sell city center condominiums. Buyers are looking for locations near public transportation and shopping centers, in buildings with swimming pools, gyms, workspaces and lounge areas. We’re seeing a trend toward larger units as families look for more space to avoid commuting from suburban areas. There has also been an increase in demand for luxury finishes and building services, including concierge services.
What are your biggest challenges/opportunities for growth?
Mortgage lending rates and approvals are a challenge, as well as poor economic growth
during government transition. Also, tourist numbers have not fully rebounded since the end of the COVID-19 pandemic, especially from mainland China. We see opportunities for growth in branded residences, Bangkok riverside locations and larger condominiums as rental investments.
Are you seeing much foreign investment? What advice do you have for buyers outside your area?
Foreign buyers make up a significant proportion of purchasers, especially in branded residences. These buyers are mainly from China, Hong Kong, Singapore, Taiwan, Western Europe and the U.S. Buyers should look for discounts of unsold inventory in recently completed buildings.
What do you love most about living in your area?
Bangkok is the World’s Most Visited City, according to Mastercard’s Global Destinations Cities Index. What’s not to like? No other city has the exotic vibrancy, wonderful people, culture, variety, contrasts, shopping, eating experiences, luxuries and more—and is so affordable.
How does being part of Leading Real Estate Companies of the World® support your business?
Shared identity and values with other members and events provide social opportunities to bond outside of a business environment.
Roof 21 CO., LTD.
Pattaya, Thailand
Kemika Fedorov
Director
https://www.roof21.co.th
Tell us about your company.
Roof 21 CO., LTD. is a progressive property consultant and sales company based in Pattaya, Thailand. We combine the advantages of a boutique company with the experience and streamlined processes of a global player. Although it is not required in Thailand, Roof 21 is also one of the few agencies that is fully certified by the local Thai Real Estate Broker Association, Thai Real Estate Sales and Marketing Association and also by the National Association of REALTORS® as CIPS.
What types of properties are in demand?
The properties experiencing the highest demand are condominiums and pool villas. Among these, the most sought-after option tends to be a one-bedroom condominium, spanning approximately 30 – 40 square meters. These condos are situated within new five-star projects that offer a comprehensive range of amenities including pools, gyms, saunas, lobbies, children’s playgrounds and concierge services.
Furthermore, their proximity to the beach adds to their appeal. Such a condominium is typically priced around 4 – 5 million Thai Baht, which is equivalent to approximately $112,000 USD.
What are some of the most important trends in your market?
One of the most substantial increases in real estate costs is forecasted to occur in South Asia. Presently, numerous global developers are embarking on new projects in Pattaya. The demand for branded real estate in this region is exceptionally strong.
Are you seeing much foreign investment?
Roughly 90% of our clientele originates from Europe and the U.S. We’ve observed a growing trend where investors are directing their attention toward Southeast Asia. This shift can largely be attributed to the economic and political conditions prevailing in the EU and the U.S. Additionally, the optimistic forecasts for Thailand’s real estate market further fuel this interest. There is a noticeable transition away from Chinese and Russian investors in the market.
What advice do you have for foreign buyers interested in buying in your area?
We recommend that our clients and investors visit Thailand and personally explore the projects we have on offer. Often, they find themselves pleasantly astonished by the significant level of development in Thailand as well as the exceptional quality and luxury of the projects and residences. The second most crucial piece of advice is to engage a proficient property lawyer and a certified agency, ensuring seamless guidance throughout the process.
What do you love most about living in your area?
Residing in Thailand proves to be highly convenient for foreigners due to the country’s warm and accommodating nature. The Thai people exemplify remarkable kindness and a consistent willingness to offer assistance. Thailand has earned the moniker “the land of smiles,” a truly fitting description of the nation.
How does being part of Leading Real Estate Companies of the World® support your business?
LeadingRE serves as a significant gateway for us to establish global partnerships. It facilitates a more straightforward approach to potential partners within the organization, eliminating the necessity for lengthy explanations about our intentions. The team displays an open-minded and welcoming attitude toward new partners.
For more information, visit https://www.leadingre.com/.
