Hua Hin - The district's property market is expected to start bustling again soon now that martial law has been revoked and overall economic sentiment is expected to recover in the second quarter, say property experts.
Bunthoon Damrongrak, head of residential project sales at property consultancy Jones Lang LaSalle (Thailand), said the overall Hua Hin property market had slowed since last May due to the shrinking number of foreign tourists.
"The tourism market will recover now that martial law has been revoked," he said.
"This will also benefit the property market. The peak period for property sales in Hua Hin is usually from April-June, so we hope to see a market recovery this month and next."
Despite the bearish market, some projects in Hua Hin have had strong sales, especially those with beachfront areas.
Buyers looking for a condo unit in Hua Hin have cut their budgets, with units priced at 3 million baht taking over from those at 7 million as the most popular.
The Real Estate Information Center said Hua Hin district had 2,100 condo units remaining for sale from a supply 5,700 in 28 projects at the end of last year.
Wongsakorn Prasitvipat, chief business development officer at SET-listed developer Property Perfect Plc, said the Hua Hin property market had slowed over the past two years due to political problems and the sluggish purchasing power of foreign buyers.
The company last year launched a condo project Bella Costa Hua Hin worth 2.62 billion baht on an 11-rai site near Pran Buri Park.
The condo will comprise four four-storey and two seven-storey buildings with a total of 323 units sized from 45-96 square metres and priced at 3.15 to 9.8 million baht or 90,000 baht per sq m.
The project has had 350 million baht in sales since its launch last May.