Recovery potential in hua hin, cha-am

The Hua Hin and Cha-am property markets have significant recovery potential in the current quarter through to the beginning of next year thanks to strong demand from domestic buyers, property agency Plus Property’s assistant managing director Somsakul Limsuttaphan said.

Domestic demand for residences in Hua Hin and Cha-am has recovered strongly, she said, and signs were good for next year. As a result, Plus Property has decided to open a second branch in Hua Hin this year. It expects sales to grow 10 per cent this year and by 15 per cent next year.

Somsakul, who is also responsible for managing the resale markets in Phuket and Pattaya, said foreign buyers – the main customer target in Phuket and Pattaya – continue to drop in numbers following the global recession. As a result, demand for residential projects in Phuket and Pattaya is still poor compared with Hua Hin and Cha-am, where the focus is on domestic demand.

Currently, Plus Property has a resale property portfolio in Hua Hin and Cha-Am worth a total of Bt6 billion. The company records sales averaging Bt200 million to Bt300 million a year in these areas, generating income of between Bt10 million and Bt12 million a year.

Somsakul said the second office would focus on foreign buyers, who will be the new customer target for residences in Hua Hin and Cha-am. At present, 70 per cent of residential buyers in Hua Hin and Cha-am are domestic.

Sea-view condominiums are popular in Hua Hin and Cha-am, especially the two-bedroom type, because of the market focus on family groups.

She said the resale price for condominium projects in Hua Hin averaged between Bt100,000 and Bt120,000 per square metre. In Koh Tao and Pran Buri district of Prachuap Khiri Khan, prices average between Bt75,000 and Bt85,000 per square metre. In Cha-am, prices are between Bt65,000 and Bt70,000 per square metre.

The resale market in Hua Hin has recorded higher prices than other locations in Phetchaburi and Prachuap Khiri Khan provinces because of a shortage of new condominium projects.

SOURCE: The Nation

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