Over 4,000 Vacant Units in Greater Hua Hin Property Market
According to the Bangkok based research firm Agency for Real Estate Affairs there are 133 projects with 4,290 completed units for sale in the greater Hua Hin area. Within the catchment area of Phetchaburi and Prachuap Khiri Khan Provinces, with the greatest concentration in Hua Hin, Cha-am and Pranburi. Looking at only Hua Hin and Cha-Am 18 new projects with 1,512 units and average prices of just over THB 5 million.
Major of demand in these areas remain with Thai domestic buyers and leveraging is available as the vast major sell on a freehold basis. As a comparative the estimated Phuket condominium and apartment market is estimated to have a total market size in excess over 5,000 units.
While many Phuket developers and agents are crying out that market is saturated with mid level product for the moment clearly proportionate amount of completed yet unsold inventory here is just a fraction of that in Greater Hua Hin. Things in that market look to be cooling off as reportedly over 400 units have been placed on hold during the development process.