Older Thais fly the family nest for condos in city

Older Thais fly the family nest for condos in city

Nareerat Wiriyapong

Friday, April 13, 2007

At the age of 61, economist Somjai Phagaphasvivat is still active with his work, which often has him traveling across Bangkok, slogging it out in the city's notorious traffic.
That's why he decided to buck the Thai tradition of living with his adult children, and instead has bought himself a downtown condo as a second home that is convenient to public transportation.

"I bought this condo because of its convenience and because of the amenities like a fitness center," said the university lecturer. "Living in a large community like a condo complex and the security it provides, that makes me feel safe."

Somjai is among a small but growing number of older Thais who are living independently of their families, according to researchers who say the trend has opened up an attractive new market for property developers.

Traditionally in Thailand, adult children are expected to live in the family home to care for their parents until they die. But many older Thais - who are living longer and in better health than past generations - are choosing to leave the home where they raised their own children and are buying smaller condos near public transport.

Often, like Somjai, they are keeping their family home in the suburbs while spending most of their time in the condo downtown.

A study by Thammasat University found that traffic and high fuel costs are driving the change, especially among retiring executives and other wealthy retirees.

"Condos are not only for young professionals, but also company executives in their 40s or 50s whose children have already grown up. They want to have a more independent life and not spend much time on transportation," said Witawat Rungruangphon, the researcher who did the study.

"There is also an emerging trend for people aged 60 and up to 70 staying alone in condos with good facilities and convenient to transportation."

Living downtown could be appealing for many retirees who want to maintain an active social life. "They can have social activities with their friends" in the city, he said.

Property firms like LPN Development, which is active in the mid-range condominium market, say they are closely monitoring the trend as the population ages.

Thammasat's Witawat said demand is still brisk for condos near Bangkok's light rail network, although middle-income professionals in their early 30s are still the main buyers. The most popular units are priced at 2 million baht (HK$478,000) to 5 million baht, Witawat said.

Demand for condos in general has soared since Bangkok opened its first SkyTrain lines seven years ago. The capital now has three train lines, with five more in the works. Analysts expect condo sales to grow by 10 percent this year, twice as fast as the overall property market.

AGENCE FRANCE-PRESSE