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 ThailandKeep in contact with The Thaiger by following our Facebook page.
“Don’t extend opening hours to 4am” – Tourist zones
“Think again about extending pub opening hours to 4am in tourist areas”.
That’s the advice from Dr Mohamed Fahmy Tale, an advocate for alcohol control, directed to Thailand’s tourism minister, Phiphat Ratchakitprakarn.
Manager Online says that he wants the government to focus more on safety rather than encouraging more drinking.
The Tourism and Sports Minister, Phiphat Ratchakitprakarn, had proposed an extension of official opening hours in tourism locations like Pattaya, Phuket, Chiang Mai and Koh Samui. He claimed that the tourism economy would be stimulated by as much as 25%, without providing any evidence to back his remarks.
(In reality many of the more popular venues are already open well past the 2am curfew with the ‘co-operation’ of local police and officials.)
But Dr Mohamed Fahmy Tale, who proposes measures to tackle Thailand’s alcohol problems, disagrees.
In an opinion piece in Manager Dr Mohamed says that he was “shaking his head” when he read the proposals. He claims the proposal would “set Thailand tourism back and put it in the klong” (canal).
He said that tourists don’t decide where to visit based on alcohol availability. He said that Thailand already has the moniker of the “Tourist Sex Capital“ and there are far better ways to move forward and counter this perception rather than extending opening hours.
He said that Thailand has more than enough culture and environmental wonders like sea and mountains to take tourism in a new and more favourable direction and that the government should promote that.
He said that his surveys showed that safety is a tourist’s number one priority and the government should focus on improving that too.
He urged a rethink saying that the minister’s claims about closing times in Italy were broad brush remarks. Italy has a great deal of difference from one city to the next, he said and could not be compared to Thailand.
SOURCE: Manager OnlineKeep in contact with The Thaiger by following our Facebook page.
Market trader in Hua Hin kills security man for yelling at his dog
An 18 year old market trader has stabbed a security man to death for swearing at his dog.
After a night of drinking with friends, “A”, returned to his market stall to sleep and was confronted by the security guard, who asked him to identify himself. It was then that the market trader’s loyal companion, Phak Bung, emerged and began barking at the guard.
This annoyed the guard, who began swearing at the dog. A’s reaction was to grab a knife from his stall and proceed to stab the guard in the neck and lower body until he fell to the ground.
The market trader then went to bed but was arrested shortly after.
The following day, other traders and members of the public looked on as police brought him back to the market in Khao Noi, Hua Hin, for a re-enactment of his crime.
The market trader admits the murder of security guard Kittisak “Luang” Phongsai, 39 years old. He remains in police custody, awaiting trial.Facebook page.
British man arrested in Hua Hin for overstaying his visa
PHOTO: Naew Na
A 22 year old British man is in police custody in Hua Hin for having overstayed his visa.
An official under the command of the chief of Prajuab Khiri Khan immigration handed the man over to the police, as it is understood that he has overstayed his visa by 143 days.Facebook page.
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