Latest report reveals current trends and demands for Hua Hin real estate market

A new report by the Government Housing Bank and the Real Estate Information Center (REIC) has revealed the current trends and demands of the real estate market in Prachuap Khiri Khan and Phetchaburi.

The report revealed some interesting trends, namely that Hua Hin is deemed as a desirable location among buyers, with the report noting a surge in purchases of homes and condos.

Elsewhere, robust sales were also reported in the Khao Takiab area, the REIC said, with 167 units totaling 1.4 billion baht sold.

In contrast, North Cha-am has a significant inventory remaining, where approximately 1,500 units, worth 6.7 billion baht, remain unsold.

Wichai Wiratkaphan, an inspector at the Government Housing Bank and acting director of REIC, revealed that a survey conducted in the second half of 2023 of residential projects in the western parts of these two provinces showed about 5,865 units on the market, valued at 31,456 million baht.

This inventory includes 2,689 condominium units worth 13,989 million baht and 3,176 housing estate units valued at 17,467 million baht. The market saw the introduction of new projects, adding 859 units valued at 6,668 million baht, with 819 units already sold, totaling 4,735 million baht, leaving 5,046 units available, valued at 26,722 million baht.

A comparison between the two provinces shows Prachuap Khiri Khan leading in market size across all categories.

The breakdown of available residences for sale shows Prachuap Khiri Khan with 3,007 units valued at 18,780 million baht, while Phetchaburi has 2,858 units on the market, valued at 12,676 million baht.

Prachuap Khiri Khan has introduced new housing estate projects comprising 404 units valued at 2,686 million baht, and condominium projects with 248 units valued at 2,409 million baht.

Additionally, Prachuap Khiri Khan province recorded 493 new sales, totaling 3,109 million baht, achieving an overall market absorption rate of 2.7% per month. In comparison, Phetchaburi saw 326 units sold, valued at 1,626 million baht, with a market absorption rate of 1.9% per month.

The total supply in the region for the latter half of 2023 included 5,865 residential units for sale, valued at 31,456 million baht, marking a 13.3% decrease in unit numbers and a 0.4% increase in value year-over-year.

New projects contributed 859 units valued at 6,668 million baht to the market, showing a 29.6% increase in units and a significant 307.5% increase in value year-over-year.

By the end of the second half of 2023, 5,046 residential units remained for sale, valued at 26,722 million baht, representing a 7.6% decrease in unit numbers and a 3.6% increase in value compared to the previous year.

The top five locations with the most unsold units are North Cha-am, Khao Takiab, South Cha-am, Khao Hin Lek Fai, and Thap Tai, with the 3-5 million baht price range holding the majority of the unsold inventory.

Overall, the demand in the region saw 819 new residential sales in the second half of 2023, a 37.2% decrease, valued at 4,735 million baht, a 14.3% decrease. This includes 528 housing estate units and 291 condominium units.

The top five locations with the highest sales were Khao Takiab, North Cha-am, Khao Hin Lek Fai, South Cha-am, and Thap Tai.

The top 5 locations with the highest sales figures are:

1. Khao Takiab, with 167 units sold for a total of 1,437 million baht.
2. North Cha-am, with 136 units sold, totaling 828 million baht.
3. Khao Hin Lek Fai, with 127 units sold for a combined value of 715 million baht.
4. South Cha-am, with 105 units sold, adding up to 438 million baht.
5. Thap Tai, with 102 units sold, valued at 585 million baht.

The top 5 locations with the largest inventory remaining are:

1. North Cha-am, with 1,501 units remaining, valued at 6,780 million baht.
2. Khao Takiab, with 765 units left for sale, totaling 6,200 million baht.
3. South Cha-am, with 671 units available, valued at 3,035 million baht.
4. Khao Hin Lek Fai, with 652 units on the market, totaling 3,478 million baht.
5. Thap Tai, with 454 units remaining, valued at 3,364 million baht.