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January 2015
“Plus” to Boost Condo Market in Cha-Am, Hua Hin, Khao Tao & Khao Takiab The company pointed out growing demand of the property.
The highest rate is 155,000 Baht per a square metre.
Averagely, all condos in Khao Tao are sold within 2 years after the completion.
According to a reporter from the Prachachat Thurakit newspaper, Plus Property has recently analyzed the property market, especially buying and selling condominiums in Cha-Am, Hua Hin, Khao Tao and Khao Takiab, and found a new growing demand that continuously encourages people to buy the property here as a second home or a place for holiday getaway. The average selling rate is 73% higher than the selling of condos in Bangkok.
In terms of Hua Hin, its tourism has been booming for a couple of years thanks to many new tourist attractions. Some of them have recently been opened publicly while the others, such as Wana Nawa Water Park and Blue Port Shopping Complex, will be available very soon. Nevertheless, no condos are offered in the areas of Hua Hin beach from Sofitel Hotel to Chiva Som. This is because it is difficult to find any available space to launch a project, although some condo buying and selling is occasionally indicated only in the reselling marketing.
Mr. Bhumisak suggested that, to enhance the competitiveness of the area, there should not be too many condo projects launched per year so that the supply could serve the demand.
The board manager of Plus Property Mr. Bhumisak Chulamaneechot said that the overall picture of condo market in ChaAm, Hua Hin, Khao Tao and Khao Takiab saw opening of new condos which had started since 2013. A survey indicated that a total of 29 condo projects were ongoing in the beachfront area (on the left side of Phetchakasem Road). 14,187 units of them are supplied by the project owners whereas 10,402 are under the customers’ demand, resulting in the average selling rate of 73% in total. This rate is surprisingly, yet impressively, higher than the one of Bangkok.
Over 70% of the customers’ demand is for condos in Cha-Am. Of all the supplied condo projects, which are roughly categorized into the already completed and the soon-to-be completed, 33% was and will be finished this year, 62% will be completed in 2015, and 5% in 2016. For the newly supplied condo projects of this year in particular, there are 5 which boast a total of 1,168 condo units. Mr. Bhumisak explained that an area-based analysis had found that, since Cha-Am had the longest beaches in the 4 areas, it enjoyed the most supply of condos for the property market. Plus, many condos in Cha-Am are not pricey. Of all the 10,462 unit supplied, 8,018 were already in demand. This is 77% of the supply rate. 1,629 units or 16% of them were already completed; 8,413 units or 80% are to be completed next year; 420 units or 4% will be available in 2016. The average selling rate of beachfront condos is 110,000 Baht per a square metre.
The present condo selling projects are located at the entrance to Hua Hin, a bit further from the airport. The average selling rate is now at 86,000 Baht. 1,290 units are supplied and 887 are demanded – 69% in total. There is only one selling of a beachfront condo in Hua Hin which costs 130,000 Baht per a square metre. All the rest of condos on sale are completed or soon-to-be completed within this year. Regarding condos in Khao Takiab, the area adjacent to Hua Hin, there is
Most of the projects are beachfront condos with an average selling rate of 86,000 Baht. The highest rate is 152,000 Baht. There are 1,619 supplied units and 959 under demand, all of which are equal to 59% in total. In this year, 60% of all condo units are completed while 20% will be finished next year and the other 20% will be available in 2016. “If we compare condos in Cha-Am and Hua Hin, we’ll find that the ones in Cha-Am are more expensive because the condos currently on sale in Hua Hin are not in any prime location. However, a survey on the resale market of beachfront condos in Hua Hin indicates that the price increases every
year. The highest selling and buying rates belong to the Ban Khaimuk project that costs a total of 72,000,000 Baht or 195,000 Baht per a square metre whereas the Ban Sabai Sabai project has the highest selling rate per a square meter of 203,000 Baht per a square meter from a penthouse that costs a total of 24,000,000 Baht. The prices of both projects belong to a room adjacent to the beach. If we compare the prices with the ones for the similar rooms of other projects, we can see that the selling and buying rates are 10% higher each year,” said Mr. Bhumisak. Nevertheless, a room adjacent to the beach of Hua Hin, with the price of 200,000 Baht per a square metre, cost as much as a room in Thong Lor, one of the bustling business and nightlife areas in Bangkok. This also implies the increasing trend of reselling condo rooms, particularly the beachfront ones which are continuously booming.
only one beachfront condo on sale, too. The overall supply is 816 units in total while the overall demand is 538 units, equal to 66%. The minimum selling rate is 65,000 Baht per a square meter and the average selling rate is at 85,000 Baht per a square metre. The reselling condo market has penthouses with sea view, each of which costs around 100,000 Baht per a square metre. Every of the project was finished or is soon to be finished within this year. Although a bit further from Cha-Am, Hua Hin and Khao Takiab, Khao Tao boasts serene atmosphere and is ideal for family visitors who need private holiday. During the past 5 years, there have not been many new projects of condos on sale. Only 2 or 3 projects happened in each of the years, but all of them were sold successfully despite taking quite more time than those in Hua Hin.
PROPERTY TODAY, January 2014