Luxury residence transactions surge as strong domestic interest offset the decline in overseas buyers
As the pandemic induces Thai residents to escape Bangkok’s bustling life and seek healthy active lifestyles, luxury residences in Hua Hin experience a surge in sales.
Tjeert Kwant, group CEO of Banyan Thailand, said that transaction values at Banyan Hua Hin, the healthy active lifestyle community, have surpassed THB125 million (USD3.7 million) so far this year.
This sharp rise in sales is being driven by Thai nationals and local expats who want a change of pace to their lifestyles.
“Over a quarter of buyers said they are going to purchase a second home because of the pandemic [and] that they will use it as a retreat they can escape to. That especially counts for people who live in metropoles where it’s congested. After a period of confinement, people want space, they want to be close to nature and water, they want to have privacy and live safely, away from external threats like a pandemic. These homes have become a place where they can work, exercise, learn, socialise and relax,” Mr. Kwant stated.
According to data by Lazudi, the average property prices in Hua Hin have recently increased, as demand from domestic buyers, particularly for luxury villas, compensates for the downturn of overseas investors.
Costa Savva of Lazudi said, “Villas offer exceptional value for space, privacy, and amenities, such as private swimming pools and common area facilities within gated compounds. Comparing average property prices across other main developed regions of Thailand, such as Bangkok, Pattaya, Phuket, and Samui, the value-for-money in Hua Hin is another main differentiator.”
C9 Hotelworks, the tourism and hospitality industry analysts, revealed that hotel room supply continues to rise in Hua Hin.
Bill Barnett, managing director at C9 Hotelworks and jury chairperson of the PropertyGuru Asia Property Awards (Greater Niseko), said: “Unlike other Thai leisure destinations that are heavily reliant on international visitors, Hua Hin is strongly leveraged by the domestic market. Pre-COVID, 74 percent of visitors originated domestically. The destination’s legacy is a getaway for Greater Bangkok. Typically, average occupancy is 90 percent and above during the weekends and public holidays. We expect to see even more Thai residents wanting to escape the city in the post-pandemic era.”
Moreover, the key factors that contribute to the increased demand for second homes in Hua Hin include personal health considerations and remote working arrangements.
“Even before the pandemic, we were noticing a definite shift toward guests seeking a healthy active lifestyle. COVID-19 has accelerated this trend, and we are very proud to enable so many families and residents to enhance their physical, mental, and emotional wellbeing. Looking ahead, we are planning to expand our offerings to include more sports, leisure, and wellness facilities, as well as brand-new villas adjacent to Banyan Golf Club. We look forward to giving even more Thai residents the chance to change the way they live and work, here in Hua Hin,” Mr. Kwant concluded.
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