With Thailand’s expected economic recovery and improved vaccination rate in 2022, Hua Hin and Cha-am’s residential markets are predicted to rebound next year following inactivity since H1 2020, reported Bangkok Post.
Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), mentioned that key factors that would contribute to recovery in the western coastal provinces are economic recovery and a vaccination rate of over 60 percent.
New residential supply scheduled to launch in Prachuap Khiri Khan and Phetchaburi in 2022 will total 2,261 units worth THB10.6 billion (USD314 million). This is an increase from 1,902 units worth THB8.7 billion in 2021.
The 2022 supply will evenly match the pre-pandemic stocks, including 2,521 units in 2019 and 2,775 units in 2018. A sharp decline of 989 units was experienced last year.
Prachuap Khiri Khan is where all the condo supply is located in Hua Hin. New condo supply launched during H2 2021 would total 1,325 units, with 1,940 units in H1 2022, and 1,893 units in H2 2022.
On the other hand, Phetchaburi is where most of the condo supply in Cha-am is situated. New condo supply launched in the first half of this year totalled 1,213 units, after no new launches since the second half of 2018.
According to REIC, new residential supply launched in Prachuap Khiri Khan and Phetchaburi increased by 49 percent year-on-year to 886 units in H1 2021.
The increase was partly due to a lower-than-normal base in the same period last year.
Low-rise houses marked the largest increase with a 51 percent jump, while condos rose 47 percent. However, the sales value of the new supply decreased by 51 percent.
Moreover, unsold residential supply in these two provinces would total 5,188 units worth THB22.9 billion as of the end of 2021, compared with 5,183 units worth THB23.8 billion in H1 2021.