Hua Hin’s property market is shown signs of recovery with new project launches and increased sales on existing projects.
As reported in the Bangkok Post, the market slowed down due to global economic recession in late 2008. Although demands from Thai buyers seeking holiday homes remained active, foreign demand seemed to disappear.
Duangjai Kraus, executive chairman of property consultant Engel & Völkers Thailand, said that foreign buyers have come back but in smaller numbers than pre-2008. She said: “They are interested in purchasing a unit in this resort destination but are reducing their budget due to the economy and the strengthening baht.”
Engel & Völkers Thailand currently acts as a sole agent for The Sanctuary Hua Hin condominium project in the Khao Takiab area, where 40 per cent of its 102 units have been sold since the launch in mid-November. Prices range from THB60,000-80,000 (US$1,999-2,666) psm or THB2-10 million (US$66,645-333,222) per unit.
In addition, the company has launched Hua Hin Ville on a 10-rai site in the town centre. The project comprises 90 residential units priced at THB6-9 million (US$199,987-299,996).
It has also taken over the sale of 48 units at the Malibu Kao Tao Hua Hin project, priced at THB76,000-93,000 (US$2,533-3,100) psm or THB7-30 million (US$233,299-999,338) per unit.
According to Duangjai, Engel & Völkers plans early next year to join a partner in the United States and introduce residential units in Florida, California and New York to Thai buyers. These are the three favourite locations in the US for Thais.
She said: “If one US dollar is 28 to 29 baht, it will be a good chance to tap this market.”
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