Hua Hin area: Condo purchase slowdown continues - just 280 units sold in six months

[webfact]

Picture: Bangkok Business News

 

Knight Frank reported that only 280 condos had been sold in the entire area of Hua Hin - Cha-Am - Khao Tao in the first six months of this year.

 

This compared to pre-pandemic levels of 1,600 units a year, said Nattha Khahapana as reported by Bangkok Business News. 

 

The slowdown is expected to continue throughout this year as investors remain cautious due to the third wave of the pandemic and the slow vaccine rollout in Thailand. 

 

Purchases this year were only 85% of levels last year indicating a continued slowdown in the sectory. 

 

Projects that were already built were offering promotions to try and ensure cashflow and new projects were on hold. 

 

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[Whale]

Pretty obvious really considering the entry restrictions for foreign buyers. The foreign sector of the market has been all but wiped out.

[Scrotobike]

Quite difficult stats to follow - I expect there is always a lag in the purchases as these are large capital items taking time to complete. The banks must be sweating a little bit......

[keith101]

Averaging just over 10 sales a week during this Pandemic isn't to bad .

You have to forget about what was and live in the now at least sales are happening .

[ThailandRyan]

I keep getting daily e-mails telling me that the units are going fast and if I want one i need to hurry.  They keep citing the railroad expansion, the Airport and the surrounding area is building up quickly.  I laugh every time I see those e-mails.  Living here you have a true view of what's happening, and then I would surmise those e-mails are designed for the foreign investors outside of the country or maybe those that are naïve.  

[JimHuaHin]

A few days ago it was reported that foreign buyers are flooding into Thailand to buy property, and Hua Hin was one of the "hot" markets.

[spidermike007]

Knight Frank reported that only 280 condos had been sold in the entire area of Hua Hin - Cha-Am - Khao Tao in the first six months of this year. This compared to pre-pandemic levels of 1,600 units a year, said Nattha Khahapana as reported by Bangkok Business News. Purchases this year were only 85% of levels last year indicating a continued slowdown in the sectory. 

 

I am not a mathematician. But, according to those numbers, if you were to project out those current figures of 280 condos over the remainder of 2021, that would represent about 448 units for the year. Relative to 1,600 units a year. I think the correct figure would represent a 72% slowdown, or 28% of the former levels. Very clever of them to attempt deception by using 2020 figures, though I somehow think even those were fudged. 

 

Condo sales are not picking up anytime soon. Only the administration sponsored charts are showing the economy faring well. In reality? Ask nearly any Thai.

[ukrules]

16 minutes ago, spidermike007 said:

Very clever of them to attempt deception by using 2020 figures, though I somehow think even those were fudged.

Yes, comparing to 2019 levels would be a more realistic approach.

 

[hotchilli]

5 hours ago, webfact said:

Purchases this year were only 85% of levels last year indicating a continued slowdown in the sectory. 

 

Projects that were already built were offering promotions to try and ensure cashflow and new projects were on hold.

I bet some developers are getting the ring flutter right now.

[natway09]

Bit surprised that they sold that many

[ThailandRyan]

3 minutes ago, natway09 said:

Bit surprised that they sold that many

Maybe they were bought in 2019 but the final payments went into this year making it paid in full in 2021, magic numbers....