Bangkokians buy up Hua Hin condos

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buksida
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Bangkokians buy up Hua Hin condos

Post by buksida »

The number of condominiums on the property market in Hua Hin rose by almost a quarter in the first half of the year, fuelled by an increase in the number of Bangkokians purchasing homes in the area, it has been claimed.

According to a report by Knight Frank property consultancy, there were 22,619 units on the market in the area during the first half of this year, of which around 11,395 units were sold.

The purchase rate for new condominiums stood at 49% in 2012, rising to 52% in the first half of this year, leaving around 10,639 condominium units still on the market.

Demand was from Thai medium-income earners, primarily from Bangkok, who opted to buy compact inland units, from 30 to 35 square metres, at prices less than 2 million baht per unit.

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Re: Bangkokians buy up Hua Hin condos

Post by Ripcord »

I am just waiting until China's housing bubble bursts. We thought 2008 was bad
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Re: Bangkokians buy up Hua Hin condos

Post by T.I.G.R. »

just don't try to sell anything that's not new, more than 3 million baht, or bigger than 120 sq meters.

There have been three or four units in our beach side condo for sale for years....250 sq meters right on the beach 4 bath, 3 en-suite, three bedrooms + maid's room.....

Same on the housing market, lots of inventory but not too many buying.
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Re: Bangkokians buy up Hua Hin condos

Post by SunandFun »

T.I.G.R. wrote:just don't try to sell anything that's not new, more than 3 million baht, or bigger than 120 sq meters.

There have been three or four units in our beach side condo for sale for years....250 sq meters right on the beach 4 bath, 3 en-suite, three bedrooms + maid's room.....

Same on the housing market, lots of inventory but not too many buying.
At what price are they trying to sell these 250 sq.mtr. units? If they are beach front, and they are selling for 20 million Baht, I can understand why they do not sell. Just curious. Thx.
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Re: Bangkokians buy up Hua Hin condos

Post by hhfarang »

T.I.G.R. wrote:
just don't try to sell anything that's not new, more than 3 million baht, or bigger than 120 sq meters.

There have been three or four units in our beach side condo for sale for years....250 sq meters right on the beach 4 bath, 3 en-suite, three bedrooms + maid's room.....

Same on the housing market, lots of inventory but not too many buying.


That's the hard lesson I learned and what most people interested in owning property here need to understand. In other places used housing in good condition and locations sells fast and for a high price. I've seen seventy-five year old 2 bedroom 1 bath bungalows in California sell for $700,000 (over 22 million baht) and that was in San Jose 45 minutes from the ocean in small lot crowded neighborhood. I sold a thrity-six year old 125 sq mt zero lot line home in a small suburb town outside San Jose for $515,000. You don't see that sort of thing here unless it is a beachfront lot where the house will be torn down and replaced with a new one.

Here, as long as there is anything new on the market, nearly all Thais will buy it rather than something that has been lived in. Thais do not want anything used and most people buying here are Thai or at least have one Thai in the couple that makes or influences the buying decision.

In my humble opinion anyone buying property here for investment or expecting it to be a good and somewhat liquid investment are making a big mistake unless they are buying land only. Land has been a good investment over the last 10 years, but not necessarily what was built on it.

When I broke down the price I got for my home, calculated using the current cost of empty land in the area which had appreciated greatly in nine years, I ended up selling my house for approximately the same amount that it cost me to build it in 2004, while the profit that I made could be attributed entirely to the difference in the price of land then and now.
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Re: Bangkokians buy up Hua Hin condos

Post by T.I.G.R. »

Prices for the units I mentioned range from 15-18 million, less than new 120 sqm condos with no storage places, no garage, no closets, no kitchen etc. It seems less than reasonable but that's how it is here. Most of the units in our condo have been refurbished after a few of us farangs moved in and updated our units.

All h.h. says is true, it's just too bad is all. One would think the cost per square meter being lower than the newer smaller units might make a difference but it doesn't. A good lesson for newer immigrants....one we didn't get, but I'm not sure I would have done anything different anyway. Us Americans like big houses, big cars etc. So be it.
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Re: Bangkokians buy up Hua Hin condos

Post by StevePIraq »

I have just come back from a business trip to Shanghai and Shenzhen, China, and while we all know that China is a booming economy I had no idea of the costs.

The boss of the company I visited in Shanghai took me to look at a new condo he had just bought, 2 bedroom, one living/dining area, one bathroom total 108M2 including 4m2 balcony, nothing flash or fancy, a nice area but not the best, and he boasted about how cheap he got it, a cool 8.3m Yuan which is 44m Baht (1m Euro). The only individual houses he knew of started at 3M USD
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Re: Bangkokians buy up Hua Hin condos

Post by timdg »

indeed, HH seems to have an over supply

condos and houses being resold very often by people who bought a dream(weekend condo at the beach, house in Thailand for winter) but after a while found out that they visit it too rarely.

my advice: if you want to buy: buy second hand at a very low price. There is a lot for sale, make ridiculous offers and buy from a desperate owner who really needs the cash.

do not buy new projects, the marketing costs included make a resell with profit in 5 years impossible.

buy location, real beach front or golf course are still relatively rare.

on the other hand, in the long term, prices in Thailand will go up and the market for (more affordable) second hand will become more vibrant.

[Mod edit: link removed, site is commercial]
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Re: Bangkokians buy up Hua Hin condos

Post by bernadetB »

Every now and again, some people will notice an article on some website somewhere about a “rent or buy” showdown. Usually, it’s a crock of manure, as much of the media appears to have been bought off by the financial industry, but occasionally, someone gets it rights.
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Re: Bangkokians buy up Hua Hin condos

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timdg wrote:indeed, HH seems to have an over supply

condos and houses being resold very often by people who bought a dream(weekend condo at the beach, house in Thailand for winter) but after a while found out that they visit it too rarely.

my advice: if you want to buy: buy second hand at a very low price. There is a lot for sale, make ridiculous offers and buy from a desperate owner who really needs the cash.

do not buy new projects, the marketing costs included make a resell with profit in 5 years impossible.

buy location, real beach front or golf course are still relatively rare.

on the other hand, in the long term, prices in Thailand will go up and the market for (more affordable) second hand will become more vibrant.
I think your advice is very logic and smart. I like to take your advice. Gould you give me some guiding on How to find the second hand house? Thank You!
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Re: Bangkokians buy up Hua Hin condos

Post by timdg »

well, there are at least 10 real estate agents in Hua Hin which have each hundreds of properties in their portofolio. Go to see them, ask offers according to your specs and make ridiculous offers. If you need more info on buying real estate in Thailand,

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It's a buyers' market in Hua Hin

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http://www.bangkokpost.com/business/new ... in-hua-hin
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Re: Bangkokians buy up Hua Hin condos

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Growth in condo demand continues in Hua Hin area
DEMAND for condominiums in Hua Hin, Cha-am and Pran Buri will continue to grow this year, largely driven by Thais buying |vacation homes, according to research by Colliers International Thailand.

"Hua Hin is one of the most fashionable locations for Thais who need to escape from the hustle and bustle of Bangkok, so Hua Hin and surrounding areas, like Cha-am and Pran Buri, are the best places for a second home," said Surachet Kongcheep, associate director of the firm's research department.

"Many Thais have bought weekend houses or condominium units in the area, and the number will continue to grow in 2014 and beyond. Because of the large supply still available, buyers may take more time to compare before choosing a suitable residential unit."

A survey by Colliers shows that nearly 2,740 condominium units were launched in the area last |year, with about 1,300 units in |the Hua Hin coast area.

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Re: Bangkokians buy up Hua Hin condos

Post by dundrillin »

Yes agree with that.Also the costs of buying and selling property in Europe are substantial nowadays. Plus the hassle factor.
Its the same with the stock market best to take a position and fasten up for long term. There are exceptions to the rule of course.
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Re: Bangkokians buy up Hua Hin condos

Post by hhfarang »

The U.S. Dow Jones Industrial Average (major American stock market) went over 17000 today for the first time ever... but I think that mainly only helps those who are already rich.
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