With a large number of condominium units available in Hua Hin and Cha-am, property consultant Colliers International Thailand suggests buyers take their time to compare before choosing a suitable one.
Surachet Kongcheep, associate director of research, said there were 6,180 condo units still available in the market at the end of last year from a total of more than 23,000 units at nearly 80 projects.
The highest number was in Cha-am from some large projects launched in the past two years. In Hua Hin’s coastal area, most projects were of a smaller scale due to limited land plots.
In 2013, 2,740 condo units were launched in Hua Hin and Cha-am. About 1,300 were in Hua Hin’s coastal area.
The number of newly launched units decreased from the previous year as there were many units still available in the market.
The political problems in Bangkok in the fourth quarter were a major concern for all developers. Most postponed project launches until this year or until the political situation calms down.
About 8,800 units are expected to be completed this year, with nearly 5,000 in the Cha-am area and 1,880 in Hua Hin’s coastal areas. The rest are inland from Hua Hin and in Pran Buri district.
Last year, a record 1,390 condo units were completed in Hua Hin, Cha-am and Pran Buri, which was 46% higher than in 2012.
“Many listed developers focus more on the condo market outside Bangkok, with Cha-am and Hua Hin among the target locations,” Mr Surachet said.
The average take-up rate at the end of 2013 was 73%, around 5% higher than in the previous six months.
This was largely due to the high take-up rate at some condo projects launched last year, especially those developed by listed developers.
Selling prices of newly launched condos were an average of 69,000 baht per square metre, similar to the level in 2012.
From 2012-13, many new condo projects were launched in Hua Hin's inland areas.
Most focused on mid-range buyers with presale prices lower than 2 million baht a unit and an average price of lower than 4 million baht.
As areas along the coast were almost fully occupied, land prices were extremely high compared with the western side of Phetkasem Road.
New beachfront condo projects in Cha-am and Hua Hin were launched with more units than in the past.
Hua Hin is one of the most fashionable locations for Thais who want to escape the hustle and bustle of Bangkok, especially at the weekend.
The resort and surrounding areas such as Cha-am and Pran Buri are regarded as good places for a second home.
Many foreigners, particularly Scandinavians, have chosen to live in the area.