According to new research from Plus Property, the Hua Hin and Cha-Am area continues to thrive and is now seeing a take-up rate of 89 percent. The zone’s attractiveness to Thai and foreign visitors as well as the new government measures to stimulate the property market could see even more buyers look to this area with complete, ready to move in, projects being preferred.
“The rising popularity of completed condominium units has brought down the percentage of available supply in Hua Hin and Cha-Am to just 11 percent. With few developers launching new projects this year, the existing demand gradually bled out of the market,” Poomipak Julmanichoti, managing director of Plus Property Company Limited, said in a press release. “We believe this demand will take one to two years to be completely exhausted. Many projects under our management have reached the 100 percent-sold milestone this year – including Baan Thew Lom, Baan Peang Ploen, and Baan Imm Aim.”
A majority of the 17,381 units available for sale in Hua Hin and Cha-Am are finished units. These account for 73 percent of this total and can be found across 30 different projects. The research from Plus Property also showed that supply and demand numbers have increased by 145 percent and 162 for completed units year-on-year.
“Today, some units are being brought back into the market for resale with a 40 percent price hike up,” Poomipak added. “The latest data from the Live and Invest Overseas website even named Hua Hin as the seventh most attractive city in the world for post-retirement life in 2015, and we expect unit transfers to grow in numbers in the final quarter of the year thanks to the government’s economic stimulants and growing number of tourists.”
Because the majority of residential properties priced below THB3 million are condominium units located outside of Bangkok, and in places like Hua Hin and Cha-Am, these destinations are likely to benefit greatly from the property stimulus measures, the researched stated.
Image: Baan Sabai Sabai Hua Hin
