Hua Hin Condo Development Continues, Despite Oversupply

According to a survey by Collier International (Thailand), the condominium inventory in the general Hua Hin area will be roughly 16,000 units next year. Some 8,800 units are expected to be completed this year, with nearly 5,000 units in the Cha-am area and about 1,880 in the Hua Hin coastal area. The remainder are split equally between Hua Hin’s inland locales and the neighbouring province of Pranburi.

Property Perfect will officially launch its first six-storey project, the Bella Costa Hua Hin-Koh Tao, worth THB 1.6 billion, in the third quarter. Unit prices start at THB 2.95 million; at present, the firm has sold 10 percent of the project’s value.

Quality Houses, meanwhile, plans to launch the Q-Seaside Hua Hin condominium, with units starting at THB 5.29 million each, during the second half of the year. Also, LPN Development has occupied land plots in the Hua Hin area, with plans for future development.

At the end of 2013, the average take-up rate for new condos in the Cha-am, Hua Hin and Pranburi areas was about 73 percent, around 5 percent higher than in the previous six months. The Hua Hin inland area enjoyed the highest take-up rate of around 85 percent. At present, most buyers in this market are Thai, especially in condominium and housing development projects. There are also some foreign retirees who own or rent condominiums or houses in the general area.