Seaside land prices in Hua Hin soar amid high demand for condos
The high demand for seaside condominium units in Hua Hin town has driven the land price of plots along the beach to as high as 150 million baht per rai (0.6 hectare), an international property consultant said.
Phattarachai Taweewong, research and communications director of Colliers Thailand, said land prices on the Hua Hin seaside in Prachuap Khiri Khan province had reached 150 million baht per rai.
The high land prices had prompted more property developers to develop condominiums in the middle of the town, away from the seaside and the hillsides, Phattarachai said.
He said hillside land prices were about 60,000 baht per square metre and condo buyers were more interested in condos developed there because the unit prices were not too high.
During the past 10 years, 71 condominium projects had been built in Hua Hin, Cha-am in Phetchaburi and Pran Buri in Prachuap Khiri Khan with 29,152 units and total value of 123.7 million baht.
Phattarachai said condominium sales in Hua Hin and Cha-am were booming in 2011 and 2012 with some 7,000 to 8,000 units sold each year.
Of the 71 projects, 31 were developed by listed firms, providing 16,188 units, and the other 40 projects with 12,964 units were developed by private builders.
He said Colliers Thailand had surveyed and found that 84.6 per cent of condo units along the seaside had been sold while 83.8 per cent of the units on the hillside had been sold so far.
He said buyers included Russian and Chinese people as well as Thai investors. He said Colliers Thailand expected real estate developers to continue developing new projects in Hua Hin this year as the demand is still high.