The demand for Hua Hin property in 2012 is much more specific and quite differentiated between local and foreign buyers, or between products and price levels. The major trend is strongly going up because of the rising demand, but potential buyers have now higher expectations and much more alternatives to choose from.
In general, both thai and foreign buyers prefer quality properties and they are willing to pay a premium if the property is matching their expectations. Thai buyers still tend to be focused on condos located in the city center, while foreign buyers take advantage from a better value for money to acquire pool villas.
At present, best selling properties are new houses in quality developments close to town in the price segment of 6 to 12 million thb. On the opposite side, an extremely slight demand is observed for second hand houses from less quality project in a lowest price bracket of 2 to 3 million thb.
This year’s total property sales have increased a 10%. Condo sales have grown an 11%, villas a 10% and land another 8%.
City center has still the highest demand of all Hua Hin areas, usually regarding beachfront condos, but the offer of quality units is quite limited. Prices in city center have risen between 14% and 15%, and sales have augmented another 4% to 6%.
South of Hua Hin
In the south of Hua Hin, Kao Takiap has the highest supply of new Condos, with several new projects in Town. Prices are stable because of the high number of offers, but the products are just in the low to mid quality segment. Prices in the south of Hua Hin are 1% up and sales have increased 10 to 12%.
North of Hua Hin
The demand for the north of Hua Hin is quite moderate, mostly depending on the low infrastructure and the airport, since several new projects claiming to be in Hua Hin already belong to Cha Am. Prices in the north of Hua Hin have gone down 2 to 3% and sales have diminished a 1%.
West of Hua Hin
West of Hua Hin is becoming the new Area for Villa Projects. The combination of quality projects, and a save and quite neighborhood close to city center obviously ticks the right boxes for villa buyers who are mostly foreigners. Prices have risen 10 to 12% and sales another 12 to 15%.
Too high asking prices for most average condo units are slowing down the otherwise very strong condo segment of Hua Hin. The biggest future potential for new developments is building quality condo projects in the western part of town, preferably on higher ground overlooking the city center and the sea.
Quality pool villas in Hua Hin are very good value for money at the moment and a great investment. They benefit from a strong rental market and fast rising land prices. The biggest demand is for Asian style villas between 6 to 12 million Thb, on bigger plots and nicely landscaped projects.
For investors, land is the most interesting option. Undervalued areas in Hua Hin have an extraordinary growth potential of 100 to 120% during the following 12 months.
Thailand 32%, Europe 28%, Rest of Asia 17%, America 4.8%, Australia 3.2%, Russia 1.7%, Arabic countries 1.1%, Other 12.2%
71% of all buyers already own Properties, 68% are over the age of 50,
52% play Golf regularly, 51% are buying to live in the property.
The Hua Hin Property Market is established and very healthy. The uncommonly high percentage of Thai buyers gives it a solid foundation. The growing demand worldwide – now also from countries such as Australia, USA, China, India and Germany-, will give Hua Hin enough potential to feed the upcoming new development projects. However, intelligent city planning and a focus on high quality developments will be needed shortly to handle this ongoing boom.