Condominium markets in Hua Hin and nearby areas are continuing to grow briskly, with prices per square metre now hitting the same range as Bangkok's Thong Lor, research showed yesterday.
Plus Property, a full-service professional property and facility management agency, said it had conducted an analysis of condominium markets in Hua Hin and nearby areas – Cha-am, Khao Takiab and Khao Tao. The four tourism hot spots boast an average take-up rate of 73 per cent – higher than that of Bangkok – due to interest from second-home buyers looking for a vacation spot close to the capital city.
Managing director Poomipak Julmanichoti said the record for the highest price per square metre belonged to Baan Sabai Sabai, at Bt203,000 per square metre for a total unit price of Bt24 million.
“On average, unit prices in Hua Hin are rising by 10 per cent each year. With prices already around the Bt200,000-per-square-metre mark, beachfront units in Hua Hin arel within the same price range as projects in Thong Lor – Bangkok’s bustling lifestyle hub,” he said.
“These statistics indicate the stratospheric demand for condominium units in Hua Hin, especially with undeveloped land now at a premium. All in all, the condominium markets in and around Hua Hin continue to grow briskly, in line with Thai and foreign visitor-arrival statistics, especially with Europeans and Russians set to arrive en masse during the holiday season. This surge in tourism will lead to an even better market reception in Hua Hin and good growth prospects in 2015 as resale prices continue to rise,” Poomipak said.
Plus Property’s survey revealed 29 seaside projects (east of Phetkasem Road) still on sale, while the balance between supply and demand remains strong, with 10,402 out of 14,187 units already sold. More than 70 per cent of this demand is in Cha-am.
On the supply side, 33 per cent of available units have been completed or are due to complete construction before the end of this year, while 62 per cent are due for completion in 2015 and 5 per cent in 2016. Five new projects were launched this year alone, with a combined total of 1,168 units.
Of the four areas, Cha-am possesses the longest beachfront and thus the highest amount of new supply entering the market. As prices in Cha-am remain comparatively low, the area has recorded the highest take-up rate, at 77 per cent, of the four surveyed zones, with 8,018 out of 10,462 units purchased.
Over the past four or five years, Hua Hin has enjoyed a sharp rise in stature as a tourist attraction. New attractions, such as Vananava Water Jungle and the upcoming Bluport Resort Mall, continue to add to the area’s prominence in the property market.
Well-rounded urban comforts and beautiful beachfronts make projects in Hua Hin pricier than other areas, although the most attractive stretch of beachfront land, which covers the area from Sofitel Hua Hin to Chiva-Som Resort, does not feature any condominium project that is currently available outside of units for resale.
New projects in Hua Hin are generally located close to the airport, which means that the city’s average condominium price has fallen below past highs, to Bt86,000 per square metre.
“An analysis of this data reveals that Cha-am boasts a higher maximum price than Hua Hin, as the latter’s priciest project is not situated in a prime location. Previous research shows, however, that resale prices of beachfront condominium projects in Hua Hin are rising steadily,” Poomipak said.