Top holiday home locations in Thailand

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Top holiday home locations in Thailand 
Bangkok Post: 18 Sep 2009
www.BangkokPost.com

PROPERTY: Top holiday home locations

Phetchaburi and Prachuap Khiri Khan provinces are the most popular locations for holiday homes in Thailand where 133 projects totalling 57.38 billion baht have been developed, a recent independent survey shows.

The Agency for Real Estate Affairs (AREA) mid-year survey shows 9,804 units have been constructed from Cha-am, in Phetchaburi province, down to Pran Buri, in Prachuap Khiri Khan. Of that figure, 56%, or 5,514 units, have been sold. The average price per unit was 5.82 million baht.

The previous survey of the area, conducted in April last year, showed 99 projects with 7,848 units worth a total 44.24 billion baht had been built.

The new figures reflected a 25% rise in the total number of units, while the overall value rose by 30% over the 14-month period, said Sopon Pornchokchai, the AREA president.

AREA found that new developments in Cha-am and Hua Hin last year totalled 18 projects, with 1,512 units worth 8.245 billion baht - an average price of 5.347 million baht a unit.

The strip from Cha-am to Pran Buri was popular because small and medium-sized developers could enter the market. Other tourist destinations such as Phuket, Koh Samui and Pattaya carried too high an investment cost for smaller operators.

The agency this year found 123 projects in Phuket at average price of 21 million baht a unit, 63 projects in Pattaya at an average 8.7 million baht, and 46 projects on Koh Samui with an average price of 18 million baht.

Meanwhile, the agency found nine projects in the Phetchaburi and Prachuap Khiri Khan area with 413 units totalling 1.95 billion baht had become inactive over the period with either sales offices closed or construction halted.

"The holiday home market in Hua Hin is still in better shape than on Koh Samui. The situation in Phuket is quite similar to Hua Hin but units are priced much higher. However, Pattaya is the location with the best property market sentiment compared with to other tourist destinations," he said.