Condo market oversupplied in Hua Hin

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
Post Reply
User avatar
buksida
Moderator
Moderator
Posts: 22534
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity

Condo market oversupplied in Hua Hin

Post by buksida »

Bangkok's condominium market has maintained stable growth, but Hua Hin's is suffering from oversupply, according to a survey by property agency Knight Frank Chartered (Thailand).

Managing director Phanom Kanjanathiemthao said it was possible the Bangkok property market had been affected by the political turmoil, as both Thais and foreigners have postponed purchasing decisions.

He said buyers should exercise caution when venturing into lower-cost condo investments in the city's outskirts, especially the tail end of Sukhumvit and in Nonthaburi's Bang Yai district. The markets of the two outer business-district zones of Ratchadaphisek and Paholyothin are more stable at this time.

Meanwhile the Hua Hin market, which consists principally of Thai buyers, has seen a surge of supply in the past two years and thus has slowed down.

Some projects offer a large number of units, making the overall market stagnant. Competition may be fiercer, but at the same time, buyers also have more choices.

Both Hua Hin and nearby Cha-am have been affected by developments such as The Energy, which boasts up to 6,000 units - this is the main reason supply has surged way beyond demand. Other developers typically build projects with about 200-300 units only, he said.

Full story: The Nation
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
User avatar
PeteC
Moderator
Moderator
Posts: 29990
Joined: Tue Mar 23, 2004 7:58 am
Location: All Blacks training camp

Re: Condo market oversupplied in Hua Hin

Post by PeteC »

At face value that says there is a good opportunity there for buyers. It says even louder that there is a greater opportunity buying a used/occupied unit(s). As we know, Thais like to buy new, foreigners mostly don't care if in good shape and location. I would expect the mainland Chinese and Russians to show huge interest in the used condo market there if they haven't already. Pete :cheers:
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
Stewdawg
Novice
Novice
Posts: 2
Joined: Sat Feb 01, 2014 10:40 pm

Re: Condo market oversupplied in Hua Hin

Post by Stewdawg »

I am interested in a used condo somewhere South of Hua Hin, the farther the better. Have not found much online. Will visit the area next week. Do you have any suggestions as to a good place to start?
SunandFun
Guru
Guru
Posts: 642
Joined: Tue Sep 06, 2011 12:40 am

Re: Condo market oversupplied in Hua Hin

Post by SunandFun »

Stewdawg wrote:I am interested in a used condo somewhere South of Hua Hin, the farther the better. Have not found much online. Will visit the area next week. Do you have any suggestions as to a good place to start?
Go South.

You will find lots of condos listed with our sponsors to the right.
The market is full with available condos. Unless you are looking further south that Pran Buri, you should have no problem finding used condos. You did not mention where you would consider your starting point south, so hard to make suggestions. Also, what is your budget. Once you make your list of condos in that area, you can visit the condos independently and ask about local sales or enlist the services of a Realtor. The further south you go, the availability shifts to villas.

Of course as most of us will advise you, find an area you like, rent for 6 months to a year and then keep your eyes and ears open. You find out if that is a place you really like, low noise, meets your needs, etc. without the heart ache of buying and then not liking the location, neighbors, etc. Good luck!

:cheers:
I wouldn't have to manage my anger if people could learn to mange their stupidity!
HHCanuck
Professional
Professional
Posts: 288
Joined: Sun Jul 08, 2012 6:45 pm
Contact:

Re: Condo market oversupplied in Hua Hin

Post by HHCanuck »

A problem as I see it from visiting the condos is that the best unit (sea view, mountain view & poolside) are pre purchased by friends of the developer for investments. That leaves many units that nobody wants and essentially empty buildings. There are condos I visited in Hua Hin that are showing their age and still have many rooms unsold.
User avatar
hhfarang
Hero
Hero
Posts: 11060
Joined: Fri Mar 12, 2004 1:27 am
Location: North Carolina

Re: Condo market oversupplied in Hua Hin

Post by hhfarang »

"Survey suggests condo oversupply in Hua Hin area"

http://www.nationmultimedia.com/busines ... 35557.html
My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
MissPink35
Rookie
Rookie
Posts: 11
Joined: Tue Jun 17, 2014 2:16 pm

Re: Condo market oversupplied in Hua Hin

Post by MissPink35 »

maybe you need to make in a good fengshui for better sell
User avatar
JamesWest
Ace
Ace
Posts: 1155
Joined: Mon Jan 27, 2014 2:23 am
Location: Khao Takiap, Hua Hin

Re: Condo market oversupplied in Hua Hin

Post by JamesWest »

it will be interesting to see if they can sell all these condos that are under construction in South Hua Hin. They are all around me. It seems every open space now has construction starting. There are armies of construction workers living in temporary towns next to the building sites.

The buildings that are completed and "sold out" are empty. Not one light on at night. Completely dark. Maybe a few lights on during the weekends.

For Thais having a second home near the beach is cool. I get that. I guess it is up to you if you think your standard of living increases living in a 38 sq. meter box without a much of a view.

Second homes from the first to go during a economic slowdown.

2.95 MB = $92,000 USD at Bella Costa without sea view or any view except your neighbors window or parking lot. They should have repaved the road all the way back to the railroad tracks before they started sales on these units.

The cheapest new unsold unit at the Amari is 4.5 MB and it also the worst location in the building on the ground floor over the garage entrance facing the power transformer.
User avatar
STEVE G
Hero
Hero
Posts: 12824
Joined: Mon Apr 03, 2006 3:50 am
Location: HUA HIN/EUROPE

Re: Condo market oversupplied in Hua Hin

Post by STEVE G »

It's surprising that Thai's are prepared to spend so much on condominiums when you can get a nice house for less and it's not as if they have ownership incentives to buy like foreigners restricted from buying land. I can understand it if you have a sea view but 5 million to look at a power transformer seems crazy.
Matlot
Specialist
Specialist
Posts: 139
Joined: Wed May 07, 2014 9:25 pm

Re: Condo market oversupplied in Hua Hin

Post by Matlot »

Maybe because they can make most of it back by renting to tourists.
Post Reply