Thai Property News

The Nation reports that although the property market in Bangkok and its surrounding area has shown signs of dropping 10-20 per cent this year, property developments at the country’s tourist destinations are recording strong growth of up to 10 per cent.

A recent survey conducted by Ocean Property shows the property market in Hua Hin and Cha-am has grown 10 per cent this year, following investments totaling Bt22 billion since July 2006. Of the total, Bt10 billion has been invested in detached housing, Bt10 billion in hotels and resorts and Bt2 billion in condominiums.

Ocean Property itself has spent Bt1 billion to build the Asara Villa and Suites luxury resort in Hua Hin. Over the past year, four detached-housing projects comprising 375 premium beachfront units have been launched in the area, and condominium projects launched in the same period offer 740 units, with prices starting at Bt80,000 per square meter. Of the detached houses, 6 per cent are selling for Bt3 million to Bt4.9 million, 28 per cent for Bt5 million to Bt9.9 million, 51 per cent for Bt10 million to Bt24.9 million and 15 per cent for Bt25 million to Bt49.9 million.

Ocean Property is planning to launch a Bt600-million detached-housing project called Ocean Villa Hua Hin in the second half of the year, close to its new Asara Villa and Suites. It will have only 18 units, ranging in price from Bt25 million to Bt120 million. “The project will focus on a unique market, and we’ve already booked seven units,” says president Nusara Banyatpiyaphod.

The demand for property in Hua Hin is probably driven by the area’s growing popularity as a tourist destination. The area’s resorts have received 2.3 million visitors in the past year. About 80 per cent of them were domestic visitors and the rest foreigners. “We believe Hua Hin is now the best tourist destination close to Bangkok,” Nusara says. (Source: The Nation)