Khao Takiab one of the most sought-after locations in Thailand for condo buyers: Report

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If you own a condo in Khao Takiab, this news will make for pleasant reading.

Khao Takiab in Hua Hin has emerged as one of the most sought-after locations for condominium buyers in Thailand, according to a recent report by real estate firm Knight Frank. This popular seaside area has climbed the ranks, becoming a prime choice for both domestic and international buyers.

Knight Knox’s latest findings highlight four key locations for riverside and seaside condominiums in Thailand: Charoen Krung in Bangkok, Hua Hin, Pattaya, and Phuket. Among these, Khao Takiab in Hua Hin, stands out as a top destination.

Mr. Natta Kahapana, Executive Director of Knight Frank Thailand, noted that the riverside condominium market continues to grow despite challenges in balancing supply and demand. He emphasized that discerning buyers increasingly recognize the value of these properties as both residences and investments. The most popular location is Charoen Krung – Narathiwat – Rama III in Bangkok, followed by Wong Amat in Pattaya. Khao Takiab in Hua Hin ranks third, while Bang Tao Laguna and Nai Thon in Phuket take the fourth spot, becoming attractive areas for investors.

In Hua Hin, seaside condominium prices have seen a steady increase, with average prices ranging from 71,610 to 189,702 baht per square meter. This pricing bracket makes it a competitive option compared to other high-demand areas. In contrast, prices in Phuket have soared to between 109,545 and 278,821 baht per square meter, primarily driven by foreign buyers’ interest.

The average selling price of second-hand houses and condos in prime seaside locations in Phuket exhibited the highest price growth rate at 11.2% in 2023, marking a 13.7% increase from the previous year. During the same period, riverside condos along the Chao Phraya River in Bangkok increased by 4.5%, up approximately 30.8% from 2022. Seaside condos in Pattaya rose by 3%, up about 19.5% from 2022, and seaside condos in Hua Hin increased by 2.8%, up 12.3% from 2022.

The supply growth rate for these properties was 8.8% in 2023, largely due to the limited availability of riverside and seaside land. The Chao Phraya River in Bangkok remains the area with the most riverside condo developments, attributed to its proximity to the economic center and the enhancement of living standards.

By the end of 2023, the number of condos along the Chao Phraya River accounted for 2.3% of the total, a 0.1% increase from 2022. Seaside condos in Pattaya showed the next highest growth rate after Bangkok, with new supply remaining constant at 1.1%. The development of seaside projects in Pattaya has seen growth since 1986 but began to slow down in 2019.

Hua Hin has seen seaside condo development since 2005, becoming a popular choice for vacation homes and investments. As of 2022, the growth rate was 0.8% of all condos. In contrast, Phuket’s seaside condos are fewer because the area predominantly favors hotel development.

The average sales rate for riverside and seaside condos in Thailand was 84% by the end of 2023, a slight increase indicating strong market demand. There are approximately 80 riverside and seaside condo projects, with 46 of these already sold out. This points to a robust market with varying distribution of condo sales.

When comparing the number of projects in each area, the highest number of sold-out projects were riverside condos in Bangkok. Hua Hin, however, had the most unsold seaside condo projects. Despite this, Hua Hin and Phuket seaside condos both had only 10% of their units left unsold, indicating fewer unsold units compared to other areas.