Connect with us

Property

Hua Hin property market stabilises

Thaiger

Published

 on 

image
image

The condominium market in Hua Hin is returning to a “balanced state” thanks to a slow down in the launch of local developments in the coastal town. This follows the opening of many developments in 2011 and 2012, causing demand to fall behind the supply.

Knight Frank Thailand’s director of research Risinee Sarikaputra says that in the middle of 2019, the supply of condominiums in Hua Hin totalled 26,886 units.

An average of 1,120 new condominium units were put on sale annually between 2016 and 2018, as operators began to delay the launch of new projects in the Hua Hin area because of the oversupply.

In 2011 and 2012, new condos were being launched at a rate of 6,000 units per year, resulting in reduced sales rates of 45% in 2011 and 56% the following year. That same period also saw operators engage in price wars by devising various promotions to boost sales. Many operators had to delay the launch of their projects and some projects were cancelled altogether.

Around 22,000 condominiums have been sold in the Hua Hin area out of a supply of 26,886 units, a sales rate of 83%. The lowest sales rate was in 2011. The sales rate increased to 71% in 2015 and 78% in 2017.

The area with the most supply remaining includes Cha-am, with about 3,376 units available for sale while the areas with the least amount of available supply are Hua Hin and Khao Takiab, with only 254 and 295 units remaining, respectively. The sales rates in Khao Takiab and Hua Hin are 92 and 89%, respectively.

Risinee said that the main buyers in Hua Hin are still Thai people looking for a holiday home for their weekend breaks, and they may rent the units out when they are not there. Foreign customers who buy condominiums in Hua Hin only account for 10% of all buyers; this buyer group consists of foreigners from Scandinavian countries, China, Hong Kong and Singapore.

Faz Waz CEO Brennan Campbell says they welcome stability returning to the Hua Hin property scene.

“The coast certainly blossomed over the past decade and the early enthusiasm from developers produced an over-supply. Now we’re seeing developers launching better projects and the market having more realistic expectations. It’s a much better market now for developers and buyers.”

In terms of the price of condominiums in Hua Hin, the average selling price of a condo with sea views is currently 131,494 baht per square metre. This increased 2% from the end of 2018.

The price of a sea view condo falls within the range of 107,000-176,000 baht per sqm. Lower-priced units are usually those that have only partial sea views or are not directly facing the sea.

The average selling price in Hua Hin tends to be higher than other areas. For units that do not have sea views, the prices range from 60,000-90,000 baht per sqm. In the first half of 2019, the average selling price of units without sea views was 73,685 baht per sqm, reflecting an increase of 2% from the end of 2018.

SOURCE: The Nation | Knight Frank Thailand

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Follow Thaiger by email:

Coronavirus (Covid-19)10 hours ago

Wednesday Covid Update: 4,886 new cases; provincial totals

Thailand10 hours ago

Thailand News Today | Substandard masks, PM to decide on Omicron, lingerie worker demands | Dec 1

Southeast Asia11 hours ago

Vietnam to welcome fully vaccinated tourists from Thailand this month

Sponsored19 hours ago

Hungry Hub Bangkok Rooftop Festival 2021

advertiseadvertise
Southeast Asia11 hours ago

Myanmar junta likely to be temporarily barred from the UN, along with Taliban

Coronavirus (Covid-19)11 hours ago

Hospital warns not all PCR tests properly detect Omicron variant

Thailand12 hours ago

Thailand’s exclusion from US Summit for Democracy could impact foreign investment

image
Join the conversation on the Thaiger Talk forums today!
Tourism12 hours ago

TAT predicts 500,000 travellers before 2022, 133,000 arrived so far

Thailand12 hours ago

Kanchanaburi park ranger reportedly stabbed co-worker, shot himself

Crime13 hours ago

Former Deputy PM Suthep indicted over construction contracts

Transport14 hours ago

New variant casts shadow over Thailand Motor Expo, concerns outbreak could affect the industry

Thailand14 hours ago

Thai porn industry, Forget about Pattaya nightlife, Hualampong station | Thaiger Bites | Ep.72

Transport16 hours ago

Cabinet sets aside over 5 billion baht to improve Bangkok’s public transportation

Drugs16 hours ago

Men arrested at Bangkok airport for allegedly smuggling drugs valued at 95 million baht

Thailand16 hours ago

Victoria’s Secret Thailand supplier faces labour abuse by laid off workers

Coronavirus World18 hours ago

Health officials say Omicron probably in the Netherlands prior to South Africa reports

Thailand3 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand9 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism9 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket9 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism9 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand9 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism9 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand10 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand11 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand11 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand11 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand11 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand11 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand11 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand11 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending