“LWS” stated that the demand for condos that allow pets is growing rapidly with high purchasing power, especially condos priced at 3-5 million baht in locations near the electric train line in 3 locations: Ratchayothin-Bang Sue, Ratchada-Rama 9, and Phra Khanong-On Nut

Mr. Prapan Saksak Rakchaiwan, Managing Director of LWS Wisdom and Solutions Co., Ltd. (LWS), a real estate research and development company under L.P.N. Development Co., Ltd. (Public Company Limited), revealed the results of a survey on the behavior of buyers of residences, especially condominiums, in January amidst the economic slowdown and the real estate market that From the random survey results with a total of 183 respondents, 58% were female, 35% were male, and 7% were LGBTQ+ aged between 29 and 44, accounting for 58%, with an average income of approximately 25,000 - 75,000 baht per month, and 18% with an income of more than 75,000 baht per month, which is a group with purchasing power. It was found that 75% of the respondents were interested in buying a condominium that allowed pets at a price level of 3 - 5 million baht per unit. The respondents in this group who were interested in buying a condominium that allowed pets were singles, accounting for 67% of the total respondents. While the top 3 most popular locations are: 1. Ratchayothin - Chatuchak - Bang Sue, budget 2 - 4 million baht per room 2. Ratchada - Rama 9 - Petchburi New Road, budget 1 - 3 million baht per room 3. Phra Khanong - On Nut - Bang Chak, budget 1 - 3 million baht per room

Because these locations are close to workplaces and convenient to travel, and the surrounding areas have facilities for pet owners, including animal hospitals, pet grooming shops, pet hotels, and condo cleaning services, the survey reflects the changing behavior of condo buyers. According to the survey results of the College of Management, Mahidol University in 2023 from a sample group of 1,146 people, it was found that 49% of "Gen Y" people aged 24 - 41 years old like to "keep pets" as family members under the concept of "Pawrents" or pet parents. And this group of people is a group with high purchasing power, so the demand for condos that allow pets tends to grow. According to the changing behavior of buyers

“From the behavior of buyers, it is an opportunity for real estate developers, especially condominiums, to develop condominiums that allow pets to meet the needs of buyers, especially buyers in this group who have high purchasing power,” said Mr. Prapan Sak.

And from the survey results, it was found that condominiums that allow pets can be rented out at a price that is 10-15% higher than normal condominiums in the same location and room size to accommodate the increased cost of taking care of condominiums that allow pets. Therefore, it is an opportunity for condominium buyers for investment as well.

“In a situation where the economy is slowing down, purchasing power for real estate has decreased in line with the increasing household debt burden. Currently, real estate developers need to develop projects that are different from their competitors and have a “Wow” feeling to meet market demand. From our survey results, we found that people who buy condominiums that allow pets are people with high purchasing power and have a real need to buy for living, as well as being able to meet the market for investment,” said Mr. Prapan Sak.

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