It’s not just Bangkok’s property market that is experiencing a slowdown, resort destinations such as Cha-am and Hua Hin have been slowing down as well with the entire nation bunkering down for a rough fourth quarter. However, prospects are promising with the planned Bangkok-Hua Hin high-speed train and Pattaya-Pran Buri ferry likely to boost demand moving forward.
Surachet Kongcheep, associate director for property consultant Colliers International Thailand’s research department, explained to the Bangkok Post that the new infrastructure projects the government is planning to develop should increase attract demand for property in places like Hua Hin.
“Bangkok property market is now quiet,” Surachet was quoted as saying. “The property market in tourist destinations are even quieter, as it is not actual demand for residences, but for a second home,” he added
Developers in Cha-am, Hua Hin and Pran Buri focused mainly on selling ready-to-transfer units rather than launching new projects during the first four months of 2016 when the government’s property tax incentives were in effect.
“Early in the year, all developers had postponed the launches of new projects from the first half to the fourth quarter,” Surachet told the newspaper. “Now they have postponed again to next year as the market sentiment is not favorable and economy remains sluggish.”
Only 390 residential units launched in Cha-am, Hua Hin and Pran Buri during the first half of this year, continuing the downward trend. Colliers research shows new residential launches in Cha-am, Hua Hin and Pran Buri have dropped constantly over the last few years. In 2015, there were an estimated 2,000 units launched, a 50 percent drop from 4,000 units launched the previous year.
Despite the lack of launches, there are a number of residential units launched over the past few years in Hua Hin and Cha-am that are still available on the market. This means buyers will still be able to find a desirable unit.
