Hua Hin’s property market is booming again this year because the beachfront city will change itself from a holiday getaway to an ideal place for post-retirement. As it is fully-equipped with many facilities, the city will enjoy over 70% selling rate of new property. According to the board manager of C B Richard Ellis (Thailand) Co. Ltd. Ms. Aliwassa Pattanathabut, the property market outside Bangkok in 2015 was not very busy, and many companies had to suspend some new projects while trying to sell all the existing ones as much as possible.
However, this situation will not remain as such for a long time, especially the property market in Hua Hin where there are not as many new areas for developing new housing projects as in the past and strict regulations are applied for new property. “2016 is a good year for Hua Hin’s property market because a new shopping complex by The Mall Group will be completed and at the end of this year and other very big projects like Mahasamutr will be finished. Both are new products that will attract visitors.
The Mahasamutr project in particular is designed for the upper class. In addition, Hua Hin enjoys high demand as it is located by the sea and boasts many facilities. New and innovative condo projects should be carried out soon, making new perspectives for the city’s property market. This won’t make Hua Hin just a beachfront city anymore, but it will become a place where retired people want to live,” said Ms. Aliwassa. The Deputy Director of Research Department, Colliers International Thailand Co. Ltd. Mr. Surachet Kongcheep stated that, although condominiums in many cities of Thailand did not boom in past months due to economic sluggishness, those in Hua Hin were sold out continuously, and customers still have many choices to select.
The condo market in Hua Hin will keep growing this year thanks to public projects like high-speed trains, effective urban planning, the motorway project and extended. Despite new development and modernisation, nonetheless, Hua Hin still maintains its vintage charm. Some project owners are slowing down their sale of new property products to boost customers. New condos are being constructed far from the beach or out of the eastern side Phetchakasem Road, such as in Khao Tao, Khao Takiab and Pranburi or in the west of Phetchakasem Road. Those projects are sold with low prices.
Houses built by local property owners are also interesting choices for Bangkokians who look for a holiday getaway. The research conducted at the end of 2015 by Colliers has found that 77% of the total 5,962 condos was already sold with the average price of 76,600 Baht per square metre. “Hua Hin is a beachfront city near Bangkok which is more ideal for family than Pattaya. Recently, many community malls, water parks and other tourist attractions have been mushrooming, apart from a new shopping complex that is nearly finished. Since 2011 when Bangkok faced the flooding problem, many people have opted for Hua Hin as a place to stay, either temporarily or in the long term,” said Mr. Surachet.