Plus Property, the full-service professional property and facility management agency, has revealed that the property market in Cha-am and Hua Hin is outpacing the growth seen in other regions. The two hotspots boast a take-up rate of 73%, a reflection of the strong demand for residential property in the area, and an average selling price of THB 70,000-80,000 per square meter.
Mr. Poomipak Julmanichoti, Managing Director of Plus Property Company Limited, expects the condominium market in Cha-am and Hua Hin to show healthy growth throughout the first quarter of the year following a string of new development announcements in the previous month – including LPN Development PCL’s new project in Cha-am, which has already reached a high take-up rate of 70%. Plus Property, meanwhile, set a new record with THB 600 million in sales of completed Cha-am/Hua Hin condominium units from Sansiri PCL in the two-day “Joy of Hua Hin in Bangkok” event, which was recently held at Siam Paragon to unexpectedly enthusiastic reception.
“These sales figures indicate especially high demand growth in the Cha-am and Hua Hin condominium market compared to other regions – even as major cities across the country continue to face an oversupply situation,” said Mr. Poomipak. “This leads us to a couple of key questions: Will the provincial condominium market enter a bubble state? When is the right timing for consumers to buy or invest in condominiums in this situation?”
Data from late 2014 shows that the Bangkok condominium market had an absorption rate of 71% and an occupancy rate of 81%, both of which signify consistently high demand for both residential and investment purposes. However, Cha-am/Hua Hin area is one of the few zones that are able to beat Bangkok’s absorption rate with a 73% ratio from the sale of 29 seaside (left side of Phetkasem Road) projects, offering a total supply of 14,100 units against demand of 10,400 units. This makes it evident that the city still has residential property demand to be fulfilled. With a peaceful atmosphere, easy access, and some of the best beaches and seaside scenery along the Gulf of Thailand, Hua Hin is a highly desirable location for families looking for a good vacation spot or weekend getaway as well as investors looking to lease out units, especially during peak rental activity periods in the winter. European tenants dominate the leasing market with the top three customer nationalities being Russian (29%), Swedish (11%), and Finnish (10%), while the average rental period falls between one and three months.
Today, Hua Hin is considered one of Thailand’s top-five tourist destinations; thanks to the development of three water parks and three floating markets, sheep farms, cultural attractions such as Ploenwan, large shopping malls, golf courses, and sports complexes. These attractions have proven to be very popular among visitors and highly suitable for family activities. The Cabinet is currently considering a proposal to construct a high-speed railway connection between Bangkok and Hua Hin – a project which would deliver the city and its property market a massive boost.
“We expect the property market in Cha-am and Hua Hin to soar even higher for residents and investors alike in the summer school break – especially in April and May, thanks to the abundance of long holidays that include Chakri Day, Songkran festival, Labor Day, and Coronation Day. This summer is a golden period for anyone looking to purchase or invest in finished condominium units as they will have the time to visit the project and check out the actual units, which also minimizes the risk inherent in purchasing under-construction projects. The market here offers an average price of THB 70,000-80,000 per square meter. The recent 0.25% drop in policy interest rate will help simplify housing loan applications and reduce the financial burden placed on the borrower,” concluded Mr. Poomipak.
Mr. Poomipak Julmanichoti, Managing Director of Plus Property Company Limited, expects the condominium market in Cha-am and Hua Hin to show healthy growth throughout the first quarter of the year following a string of new development announcements in the previous month – including LPN Development PCL’s new project in Cha-am, which has already reached a high take-up rate of 70%. Plus Property, meanwhile, set a new record with THB 600 million in sales of completed Cha-am/Hua Hin condominium units from Sansiri PCL in the two-day “Joy of Hua Hin in Bangkok” event, which was recently held at Siam Paragon to unexpectedly enthusiastic reception.
“These sales figures indicate especially high demand growth in the Cha-am and Hua Hin condominium market compared to other regions – even as major cities across the country continue to face an oversupply situation,” said Mr. Poomipak. “This leads us to a couple of key questions: Will the provincial condominium market enter a bubble state? When is the right timing for consumers to buy or invest in condominiums in this situation?”
Data from late 2014 shows that the Bangkok condominium market had an absorption rate of 71% and an occupancy rate of 81%, both of which signify consistently high demand for both residential and investment purposes. However, Cha-am/Hua Hin area is one of the few zones that are able to beat Bangkok’s absorption rate with a 73% ratio from the sale of 29 seaside (left side of Phetkasem Road) projects, offering a total supply of 14,100 units against demand of 10,400 units. This makes it evident that the city still has residential property demand to be fulfilled. With a peaceful atmosphere, easy access, and some of the best beaches and seaside scenery along the Gulf of Thailand, Hua Hin is a highly desirable location for families looking for a good vacation spot or weekend getaway as well as investors looking to lease out units, especially during peak rental activity periods in the winter. European tenants dominate the leasing market with the top three customer nationalities being Russian (29%), Swedish (11%), and Finnish (10%), while the average rental period falls between one and three months.
Today, Hua Hin is considered one of Thailand’s top-five tourist destinations; thanks to the development of three water parks and three floating markets, sheep farms, cultural attractions such as Ploenwan, large shopping malls, golf courses, and sports complexes. These attractions have proven to be very popular among visitors and highly suitable for family activities. The Cabinet is currently considering a proposal to construct a high-speed railway connection between Bangkok and Hua Hin – a project which would deliver the city and its property market a massive boost.
“We expect the property market in Cha-am and Hua Hin to soar even higher for residents and investors alike in the summer school break – especially in April and May, thanks to the abundance of long holidays that include Chakri Day, Songkran festival, Labor Day, and Coronation Day. This summer is a golden period for anyone looking to purchase or invest in finished condominium units as they will have the time to visit the project and check out the actual units, which also minimizes the risk inherent in purchasing under-construction projects. The market here offers an average price of THB 70,000-80,000 per square meter. The recent 0.25% drop in policy interest rate will help simplify housing loan applications and reduce the financial burden placed on the borrower,” concluded Mr. Poomipak.
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