Figures released earlier this week reveal that the property market in Cha Am and Hua Hin is growing more quickly than in other areas of Thailand, with both regions boasting a 73 per cent take up rate of residential property, with an average selling price of up to 80,000 baht per square meter.
To put this into perspective, the Hua Hin/Cha Am area is one of the few areas in Thailand able to surpass Bangkok’s absorption rate for condos.
Data from 2014 shows that whilst the Bangkok condo market had absorption and occupancy rate of 71 percent and 81 percent respectively, the Hua Hin/Cha Am area had an absorption rate of 73 percent, offering a supply of 14,100 condo units against demand 10,400 units.
Hua Hin and Cha Am are not only popular as family friendly tourist destinations and weekend getaways but also with European visitors who make an extended stay in the region predominantly during the winter months.
It is these European tenants who account for most of the rental market in the area, with the top the top three nationalities being Russian (29%), Swedish (11%) and Finnish (10%), who on average rent for between one and three months.
Mr. Poomipak Julmanichoti, Managing Director of Plus Property Company Limited, who released the report said he expects the condominium market in Cha-am and Hua Hin to show healthy growth throughout the first quarter of the year following a string of new development announcements in the previous month – including LPN Development PCL’s new project in Cha-am, which has already reached a high take-up rate of 70%.
Hua Hin is regarded as one of the leading tourist destinations in Thailand and offers visitors a wide range of activities and cultural attractions including water parks, floating markets, pristine beaches, a Royal palace, world class golf courses and host of excellent restaurants serving both Thai and international cuisine.