Most property markets in Thailand are led by foreigners buying property, however Hua Hin has traditionally been a Thai buyers market. Prices of luxury developments in Hua Hin however have seen a steady increase in property prices over the last 5 years. One of the better projects currently here in Hua Hin is the Major Development’s Marrakesh Hua Hin, a Moroccan-themed low-rise development, averaged more than 130,000 baht per sq m. The project is located on a prime beachfront site right at the center of Hua Hin beach.
The government has also stepped in to stimulate the property market especially the sea side resort areas. It is believed that ownership structures that would encourage foreign ownership will be critical to further developments in markets where foreigners buy particularly for Samui and Phuket, where demand is mainly foreign. Some aspects which might be looked at include an extended lease term for land (from the current 30 years). This will further encourage villa markets in key destinations, while resort condominium markets would benefit from raising the foreign ownership quota above 49%. Should there be no improvement in tenure; investment opportunities may be lost to our regional competitors such as Malaysia, Vietnam and Indonesia. These countries offer a more convenient ownership structure and longer lease terms of 70 years (Vietnam) and 99 years (Malaysia).
Before purchasing any property in Thailand, always seek the advice of an attorney. The attorney will do the due diligence for you.