THE ROYAL COAST AS A POST-PANDEMIC ‘HOME AWAY FROM HOME’
What will happen in the wake of the pandemic when people begin to look again at investing in luxury residential properties? As the fight against Covid-19 continues, changes in buyers’ behaviour over the past 12 months have already begun to reshape the luxury real estate market with new trends emerging in the luxury residential market, as the pandemic has prompted changes in lifestyle.
Encouraged by the need for social distancing and the rise of remote working, an increasing number of people living and working in major cities now split their time between home and ‘away’ – a long stay in a holiday destination or a second home.
The trend towards purchasing second homes reflects this shift. According to Knight Frank’s Global Buyer Survey – undertaken in June 2020 across 44 countries – over 26 per cent of respondents said they were more likely to buy a second home as a result of the pandemic.
The pandemic has also underscored the importance of nature and space, wellness and well-being, and quality time spent with family.
Within the luxury segment in Asia, we are seeing a trend towards multi-generational real estate purchases – with pooled investment being made in residences that can be used by grandparents, parents and children, as well as preference for landed and single-family homes – where outdoor space abounds, privacy is a given and living spaces can be customised to fit the needs of a large or growing family.
With border restrictions confining the majority of travellers to domestic destinations, many have taken the opportunity to discover lesser-known, off-the-beaten-path destinations. We are also seeing a move away from “big box” travel and towards a “boutique” holiday experience, with an increasing number of travellers seeking a more personalised experience during their stay.
Within this context, opportunities for the Royal Coast Region to become the preferred destination abound. As travel from Bangkok becomes less arduous, a second home in the region becomes an obvious choice for a ‘home away from home’. Apart from the ease of access, a family-oriented destination with natural attractions but with all the infrastructure to provide every lifestyle choice is on offer.
What is now required is a marketing plan for both Thailand and the wider world that sets the scene and reveals the real advantages that the Royal Coast offers.