Online Property Transactions Becoming Popular In Thailand

The first question among people who have decided to move to Bangkok is where to live. There are many appealing neighbourhoods in Bangkok but many suggest a Single House in Sukhumvit because it is served by the Skytrain. There are only a few tourist attractions but there are an abundant number of restaurants, cafes, bars and clubs.

Online shopping has come a long way ever since eBay was launched 20 years ago. Almost everything can now be purchased online including real estate. Thais are already active in trading goods and services through social media platforms. However, one start-up launched an online platform that connects sellers and buyers of real estate. Both parties can negotiate directly without worrying about the fees and commissions of an agent.

Last January 15, ZmyHome announced that it has successfully raised $400,000 from a KK Fund, a venture capital fund based in Singapore for the improvement of their website.  ZmyHomewas launched in 2016 but it boasts of 300,000 unique monthly visitors. According to company founder and CEO, NatthaponAsswisessiwakul, their website has seen more than 10,000 properties sold.

Young Thais are particularly active in online property deals. In a survey made on 25 economies, it was found out the Thai respondents were more active with informal online transactions. Dealing with strangers is not issue with Thais. It is not surprising to learn that Thais sell stuff online through exchange sites that allow buyers to communicate with sellers through messaging services.

Property transactions online can be risky particularly when dealing with strangers. However, it allows people to buy property more quickly at lower costs because it eliminates the agent’s fees. Many market analysts find the consumer-to-consumer platforms are gradually becoming the major conduit for Thailand’s real estate market but the middleman is eliminated in the process.

Two of the most appealing neighbourhoods for expats in Bangkok are Sukhumvit and Silom. There is a vibrant social scene for expats that is why there is high demand for Single House in Sukhumvit, the more popular of the two zones. Adding to the popularity of Sukhumvit is large shopping malls where you can literally buy anything.