As another high season wraps up, it is becoming noticeably quieter in Hua Hin. This transition offers a moment to reflect on the end of 2023 and the start to 2024 in terms of the local market and anticipate what lies ahead.
On a positive note, exchange rates have bolstered buyer confidence and with this it has also deflected the fact that prices have increased on many of the quality developments.
It had to happen at some point, with Hua Hin in the process of becoming a city, and with that its popularity has grown expediently.
This growth, coupled with infrastructural enhancements, not only enriches the area’s accessibility but also benefits the resale market, which has faced challenges competing with developers capable of maintaining the same price as they did 5+ years ago.
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But now, even the better developers have been forced to increase prices due to labor and materials becoming more expensive.
So why are new builds still selling so much better than the older properties?
The appeal of new builds over older properties is evident. Modern material choices and designs provide the “wow factor” that many buyers seek, overshadowing the potential of older homes.
This trend is somewhat disheartening, as renovating can transform an outdated property into a desirable home with significant cost savings. Yet, the immediate gratification of a move-in-ready home often outweighs the perceived hassle of renovation for many.
From my experience, there can be real joy in revitalizing an older home. The market, however, leans towards newer, ready-to-enjoy homes, even if it means paying a premium.
For example, a new buyer would rather pay 10 million Baht for a perfect home than buy the same style older home for 7 million Baht and spend 1 million Baht to renovate.
Andy Dyett, the Hua Hin Property Expert
Small investments in an older property, such as updated lighting, energy-efficient air conditioning, solar panels, and a fresh coat of paint, can significantly enhance its value and appeal, often with a modest outlay.
These types of renovations could be completed in a matter of weeks, costing no more than 300-500,000 Baht, which can easily add 1 million Baht in terms of the new buyer’s expectations.
The presence of the new Hua Hin Property 2009 Co; Ltd office in Khao Takiab has allowed us to engage with newcomers who are consistently amazed by the region’s beauty and lifestyle affordability compared to the West.
It’s easy for long-term residents, like myself, who have lived here for 20 years, to forget how beautiful our area is and how affordable the cost of living can be compared to the West.
We almost become blinkered to the fact that we have seen so many changes and we focus too much on the old sleepy fishing village without appreciating the incredible options we now have available to us.
Great golf, pristine beaches, and a diverse food scene are just a few of the attractions that make this area not just a wonderful place to visit but an even better place to live.
This also serves as a reminder to explore and appreciate the broader region, and discover other towns along the coast, which have so much to discover.
For those considering selling, the quieter season like now, is an opportune time to reevaluate and potentially upgrade your home to stand out in the market.
Refresh advertising with some changes to your product and be more prepared for when the new buyers return, eager to find their dream home in Hua Hin.
Thank you for reading once more.
Yours sincerely,
Andy Dyett
The Hua Hin Property Expert
📧 andy@huahinpropertyagent.com
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📞 0867779064
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