Hua Hin condo sales remained steady in 2021 although new launches in the region have stopped for the most part. Knight Frank Thailand found that only two developments hit the market last year with limited activity expected in 2022. Demand in the region is currently being driven by demand from Bangkokians.
“Some 90 percent of condo buyers in the area are Thais living in Bangkok and another five percent are Thais from other areas. The remaining (buyers) are expats, mostly retirees and mainly from Scandinavia, the Netherlands and France. Most foreigners living in Hua Hin prefer to buy a house or a villa because they are more private and suitable for long-term occupancy,” Khun Sunchai Kooakachai, Director and Head of Research and Advisory at Knight Frank Thailand, was quoted as saying by the Bangkok Post.
According to the consultancy, 20,571 units have been sold out of a total supply of 28,055 in the Cha-am, Hua Hin and Khao Tao areas. The sales rate in 2021 was similar to that of 2020. It was noted that transactions in the greater Hua Hin area were much stronger than in Cha-am where 40 percent of all condos remain unsold.
Related: Demand for Hua Hin/Cha-am property increased during the COVID-19 pandemic
Looking at what the future holds for the region, Hua Hin condo launches may be limited during the next few years due to a lack of land near the sea. Alternatives are available, although the desirability of these does vary.
“At present, there is almost no land next to the sea available for development in Hua Hin. Some seafront sites are available in Cha-am but it is less popular than Hua Hin, which offers more convenience and amenities,” Khun Sunchai stated. “Ample space remains for development in the hilly areas inland from Hua Hin, which should be of interest to investors because parts are still within Hua Hin city limits and are popular with foreigners.”