The condominium market in Bang Saen in Chon Buri is healthy, with strong demand from students, university staff and investors buying for rent, says property consultant Colliers International Thailand.
Senior research manager Surachet Kongcheep said Bang Saen, only a 90-minute drive from Bangkok, is home to Burapha University and its 30,000 students.
The large number of students is a major driver of the residential and retail market in the area.
Most condos launched in recent years focused on students who invested in apartments before selling or leasing them out after graduation.
The Lands Department reported the completed and registered condo supply was 4,380 units.
Colliers separates the Bang Saen area into three zones _ Angsila, northern Bang Saen and southern Bang Saen.
''The more interesting areas are northern Bang Saen and southern Bang Saen, as there are many condominium projects under development,'' Mr Surachet said.
The first condo project in the north started in 1994, and the numbers increased annually until last year.
Mr Surachet said all condo developers are local, but some listed developers are planning to launch new projects in the area.
Average prices last month had increased from May 2012 by about 7% and may increase again.
Due to the limited amount of land available in Angsila, only about 240 units are under construction and scheduled to be completed within the next two years.
More than 600 units are expected to be completed this year in northern Bang Saen, while more than 440 will become available in southern Bang Saen.
They have become the most fashionable areas for condo development due to the high number of plots of land available at reasonable prices and increasing demand.
The average take-up rate in Angsila is about 64%, while about 87% of units were launched from last year to May.
More than 2,670 units were launched last year in northern Bang Saen, with increasing demand and many supporting facilities being the main drivers.
The average take-up rates in northern and southern Bang Saen are about 74% and 72%, respectively.
Selling prices range from 750,000 baht to more than 8 million per unit or 29,000 to 115,000 baht per square metre.
The average price of all condo units in the area is about 45,600 per sq m, an increase of 7% from last year.
The average selling price in southern Bang Saen is higher than in other locations by 12-45%, because it is located closer to the university, where students and employees are the main target group.
Land prices in the area are higher, directly affecting condo prices.
The average price in northern Bang Saen has increased by more than 15% from last year, as many condo projects launched in the past year or two are almost finished.