Launches of new condominiums soared in Hua Hin and Cha-am last year, driven by strong demand from both Thai and foreign buyers.Anukul Ratpitaksanti, deputy managing director of the consultancy Plus Property, said the growth followed stable sentiment in previous years.
New condo units totalled 14,145, of which 58% or 8,200 were sold.The highest growth in supply and demand was in Cha-am, where supply rose 11 times from the level in 2011.Most units in Cha-am were priced at 60,000 to 79,999 baht a square metre, with a take-up rate of 57% in this price range.In the Khao Takiab area, units were offered at 40,000 to 59,999 baht per sq m on average. About 60% of units in this range were sold.
“Consumers were interested in condos in Hua Hin and Cha-am offered by large and medium-sized developers in the mid- and low-priced segment,” Mr Anukul said.”Last year, units were offered at a discount or at stable prices due to high competition.”Plus Property expects the market in the popular beach destinations will continue growing, with an increase of 5-10% in selling prices.It expects more interest this year in condo units priced lower than 80,000 baht per sq m in Cha-am, Khao Takiab and Khao Tao.
Suitable prices in Cha-am should be 50,000 to 70,000 baht per sq m, while 40,000 to 70,000 baht per sq m will be asked in Khao Takiab and Khao Tao.Beachfront units priced at more than 100,000 baht per sq m should also be in demand.Surachet Kongcheep, the senior manager of property consultant Colliers International Thailand, said the market in Hua Hin and Cha-am will continue to grow due to the area’s proximity to Bangkok.Condo units and single houses priced lower than 4 million baht are in demand, while Cha-am is appealing to buyers because it is cheaper than in Hua Hin.