After a powerful earthquake of 7.7 on the Richter scale in Myanmar on March 28, Thailand's Bangkok capital also shook violently, causing damage to hundreds of buildings despite being more than 1,000 km from the center. This is considered the strongest earthquake in the area in many generations, causing people to panic and start looking for safer housing.
Speaking to AFP, Phatsakon Kaewkla, 23, returned to his 22nd floor apartment and discovered large cracks in the wall. Although the building owner reassured that the engineer had checked and confirmed that the building was still safe, he still chose to stay elsewhere for 2 days because he felt uneasy. "I was a bit scared. My mother also told me to move," he shared.
According to real estate expert Owen Zhu, the earthquake created a wave of concern among residents and customers in Bangkok. In the past week, the number of people asking about low-rise real estate has increased significantly, as many people realized that living in high-rise buildings can have a higher potential risk when an earthquake occurs.
Zhu said that earthquake safety standards in Thailand were not particularly strict in the past and were rarely mentioned by customers. However, the complete collapse of a 30-storey building in the city has caused more panic. Currently, authorities are investigating whether or not poor quality construction materials are being used in this project.
Controversy between landlords and tenants has also increased. Many tenants felt unsafe and asked to return the deposit to move, while the landlord still thought the apartment was affordable. "There is a gap in assessment and feeling between the two sides," said Mr. Zhu.
Because most apartments in Bangkok are rented out under long-term contracts with a 2-month deposit, moving is not simple. Short-term apartments are limited and only hotels can rent for less than 30 days.
In that context, many people are looking to buy low-rise houses or apartments that were not affected much in the recent earthquake. Mr. Zhu believes that real estate prices will increase in the long term as safer housing demand promotes the application of more expensive anti-shake measures, while raising industry-wide standards.
