According to a recent report by Colliers International Thailand, Hua Hin’s property market continues to grow despite struggles in many other cities around Thailand due to the poor economic climate. The greater Cha Am, Hua Hin and Pranburi areas have seen a high level of Thai buyers who are looking for a second home near the ocean.
The demand from Thai buyers for properties selling for around THB3 to 5 million still continues to grow, both for houses and condominiums. The reported added that buyers are more interested in condominium projects close to the coastal areas but not necessarily beachfront projects as well as detached houses.
There are some foreigners are buyers in this area as well, but only a small number of them with most looking for small detached houses in the Hua Hin Inland area. There are also a number of expats staying in beachfront condominium projects that were completed more than 10 years ago, due to the lower prices. Most foreigners that are staying in the Cha Am, Hua Hin and Pranburi areas are already retired and decided to live in Thailand because of the lower cost of living, the convenience, the safety and the nearby international hospitals.
There are several completed and planned large-scale projects in Cha Am, Hua Hin and Pranburi that are drumming up more interesting in the area. The recently opened Vana Nava water park and the planned Central Shopping mall are just a few such projects that will make the area more desirable. There are also several infrastructure projects being planned by the government. The Bangkok – Hua Hin high-speed train and the new ferry pier for a planned Pattaya – Pranburi route should improve accessibility to the region.
Take-up rate is not an issue among developers with projects in the area, but transfer rate is a concern. The reported said there are more than 8,000 condominium units that are scheduled to be completed and transferred in the second half of 2015.