Knight Frank Thailand Revealed Fierce Competition of Hua Hin Condominium in Dragon Year
Mr. Frank Khan, Head of Residential, Knight Frank Thailand revealed that the year of dragon will be a fierce competition of Hua Hin Condominium. Though, Hua Hin remains an attractive condominium purchasing as a second-home for Thais. Still, activities in Hua Hin and Cha-am are as bustling as ever, mostly with new development projects by developer firms from Bangkok, which acquired many land plots to develop the condominium projects. Almost all guests would come from Bangkok and only 25 per cent from overseas as well as the expatriates working in Bangkok. With the new Hua Hin Condominium Supply has introduced to the market in 2011, with about 6,889 units of 5 condominium projects.
Mr. Frank said that Knight Frank Thailand Research stated that there were many additional supply added in the Cha-am Area during the second half of 2011, with about 6,405 units due to the availability of land in this area as well as the retail developments have been developed in this area which makes this area will be more convenient in the very near future. Second location where there are many condominium developments is Kao Tao, with about 381 units, followed by the Inland area, with about 106 units.
The condominium supply of Hua Hin as end of 2011 was 13,393 units, of which 60% is located in Cha-am, followed by Kao Takiab, representing about 15%. There is only 7% of total condominium supply which is situated in Hua Hin.
Mr. Frank has concluded that the historical unit take-up during the peak year of Hua Hin Condominium was about 1,000 to 1,200 units per annum. With the new supply of 6,889 units coupled with the condominium inventory of about 1,000 units, thus the units introduced to the market will take about 5 to 6 years to be sold.
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