Proud Real Estate Plc has identified three major trends that are reshaping the real estate market in Thailand: multigenerational living, semi-retirement lifestyle, and the hybridization of hospitality-residential properties. These trends are being driven by demographic shifts, including the increasing elderly population in Thailand and the rising popularity of second-home tourism. Proud Real Estate is adapting to these changes with innovative projects like VEHHA Hua Hin and ROMM Convent, which combine luxury living with elements of hospitality and fitness.
The Director of Proud Real Estate Plc, Proudputh Liptapanlop, emphasizes the significant impact of demographic changes on the real estate sector. Thailand is experiencing slow population growth and an increasing proportion of elderly citizens, with the population over 60 years old doubling from 10% in 2005 to 20% in 2023. According to a UNFPA report, Thailand is currently classified as an aging society and is projected to become a „super-aging society“ by 2029, with 20% of the population being over 65 years old. These demographic changes, coupled with economic challenges like the ‚middle-income trap,‘ have weakened the purchasing power of key market segments such as millennials and Gen Z. As a result, the property development sector faces new challenges in adapting to this evolving market conditions.
Despite these obstacles, the real estate sector remains a crucial driver of Thailand’s economy, contributing approximately 10% to the GDP. Proudputh remains optimistic, seeing these challenges as opportunities for innovation and adaptation. She envisions these mega-trends as a turning point that could lead to a revitalized market, positioning the sector for a resurgence that leverages crises into transformative prospects.
Multigenerational Living
Proud Real Estate has identified a significant shift in home-buying dynamics, with multigenerational households emerging as a major trend. This new pattern sees cross-generational family members acting as joint decision-makers in property purchases, with older generations retaining substantial purchasing influence. According to UNFPA data, 34% of households in Thailand are currently multigenerational, a figure expected to increase as the elderly population continues to grow. This trend aligns with broader Asian patterns, where 43% of households have intergenerational living arrangements. The influence of close family ties extends beyond housing decisions, impacting choices in travel and recreational activities as well, a phenomenon supported by Booking.com market insights. The shift towards multigenerational living is reshaping the real estate landscape, prompting developers to reconsider traditional housing models and adapt to evolving family structures.
„Semi-Retirement Lifestyle“
Thailand’s elderly population is reshaping retirement patterns and labor market dynamics. A 2024 Fidelity Investments study revealed that 66% of Gen Z and millennials prefer phased retirement, with 57% planning part-time work during retirement. This trend is driving a „semi-retirement lifestyle,“ where individuals reduce working hours while maintaining income to pursue personal interests. Globally, semi-retirement is gaining popularity, driven by financial needs, a desire to remain active, and personal interests. This shift highlights the increasing demand for residential properties that can accommodate work and leisure, as well as integrated medical care facilities.
Hybridization of Hospitality-Residential Properties
While the prospects for housing demand may be sluggish, land prices, especially in Bangkok’s central business districts (CBD), will continue to soar. With pricing determinants like these, international demand will play a major role in supporting the real estate market in the medium term.
Thanks to the influx of international demand seen in Bangkok and Phuket, property usage and tenure have shifted from primary residences for full-time residents to secondary homes for semi-holiday stays. As a result, mixed-use developments will continue to dominate Thailand’s real estate development, offering products and services that cater to all customer groups beyond residential purposes. Branded residences lead alongside retail and office spaces like urban developments and markets in Dubai.
Integrating Hospitality Heritage into Real Estate
Proud Real Estate has redefined luxury living with its latest projects, VEHHA Hua Hin and ROMM Convent, by integrating hospitality elements into residential offerings based on the latest trends.
VEHHA Hua Hin provides a hotel-like stay experience, with limitless sea views from every unit, thanks to corridor layouts that have only one seat. Residents can enjoy a-la-carte room service and various exclusive hotel services from Holiday Inn at special rates. Additionally, residents also receive free access to Vana Nava Water Park for three years, enhancing the resort-like atmosphere.
ROMM Convent, located in the heart of Bangkok, is a luxury wellness residence designed to offer a „home-like feeling“ with spacious living areas integrated with holistic health and fitness facilities. These facilities include a fit lab café, sensory garden, fitness lounge, and library. Unique features like meditation pods in the rooftop relaxation area offer tranquility to its residents. Additionally, ROMM Convent partners with one of the most prestigious hospital networks in Asia, BDMS, providing direct medical care at the doorstep through the BNH multi-specialty hospital. Residents benefit from a VVIP program and receive a 20% discount on services, addressing the increased demand for health and fitness in the post-COVID-19 era.
About Proud Real Estate Plc
Established in 2019, Proud Real Estate Plc is the visionary property development division of the esteemed Proud Group in Thailand. With a heritage spanning over six decades in construction, hospitality, and retail, the company leverages deep industry expertise from iconic ventures like The InterContinental Hua Hin Resort, BluPort Hua Hin Resort Mall, and Vana Nava Water Park. Proud Real Estate is dedicated to revolutionizing the real estate landscape by combining luxury hospitality with residential living, encapsulated in its ethos of ‚More Than Just Living.‘
Proud Real Estate’s pioneering approach is evident in its flagship project, InterContinental Residences Hua Hin, launched in 2019. This development is a manifestation of the company’s commitment to offering residences that not only provide a home but also an enriched lifestyle with hotel-like services and ownership experience. Building on this success, subsequent projects like VEHHA Hua Hin and ROMM Convent in Bangkok continue to push boundaries, offering unrivaled fitness facilities, stylish designs, and sustainable housing options that honor local culture and the environment for its residents.
As Proud Real Estate advances, the company remains focused on creating bespoke living spaces that cater to the discerning tastes of modern homeowners and investors. Each project is a testament to the company’s dedication to quality, innovation, and creating residential environments that offer more than just a place to live—they offer a way to truly live well.