Price of land a joke now in Hua Hin

[hhfarang]

We were driving around making calls from numbers on signs yesterday looking for our next building site and I knew land had gone up but was shocked at asking prices. Five years ago we lived on Soi 94 and were offered a good building plot by our landlord for 1 million baht. We called the number on a sign a couple of blocks from there yesterday and the owner was asking 20 million baht for a lot that was less than one rai (about the same size as the 1 million baht plot 5 years ago)!

It may be time to relocate to another town or buy a nice beachfront condo at those prices!

[JimmyGreaves]

Yes but are they selling at that price? I know there is still alot of building going on, to me it looks like all the money is now coming from asia and not america/europe

[buksida]

Exactly, I think most are now just being greedy and very little is actually passing hands at those prices, though the trend will still see an increase in prices for the area.

[richard]

Heard that a lot of rich Thais from BK were investing

If the Global warming, Indonesian quake and 2012 believers are right it's a lot of money to pay for a swamp

[Johan]

The land i'm staying is going up everyday, the normal price in the area was 500 000 bahts per rai and now nothing for less than 1 300 000 to 1 500 000 in just a few years.

[cozza]

hhfarang,

Have you given a counter offer?

Offer 3mil...see what they say...cant hurt can it???

You sound like you have done this before, so I'll assume you know what you are doing though.

I have seen my mother in-law take people apart in negotiating price...cant even have a conversation about the weather but knows how to bargain pretty well. From what I have gathered, the trend is to ask for double what they expect to get...& then there is foreigners price...best left the negotiating to the Thais IMO.

[poosmate]

From what I have gathered, the trend is to ask for double what they expect to get...& then theirs foreigners price

This may apply to buying t-shirts on the market but not when it comes to land

[sandman67]

if it is a joke then I aint laughing mate.

Id recc looking down Bang Saphan way. There are less greedy idiots down there.

[TypicallyTropical]

I don't know about land, but I checked out numerous condos while in HH, many of them have been on the market for at least a year according to the web sites of the real estate agents, but still "the sellers are firm on the price" according to the same real estate agents. Apparently, there are many dreaming sellers in HH!

[Bamboo Grove]

"the sellers are firm on the price"

This sounds like the owners are Chinese. Enough money to wait for decades if that needs to be done. They are not short of money.

[TypicallyTropical]

"the sellers are firm on the price"

This sounds like the owners are Chinese. Enough money to wait for decades if that needs to be done. They are not short of money.

Actually, all the resale condos I was shown were owned by white farangs.

[BaaBaa.]

I don't know about land, but I checked out numerous condos while in HH, many of them have been on the market for at least a year according to the web sites of the real estate agents, but still "the sellers are firm on the price" according to the same real estate agents. Apparently, there are many dreaming sellers in HH!

Definitely dreaming, possibly deluded.

[crazy88]

20m+ per rai on soi 94??? Someones on the glue. Thanks for making my morning HHF I nearly wet my pants laughing but you have to love a tryer. 3.5-5m is about right as an SP in that area. Still minty if you ask me but I am not in the market anyway. Prefer the countryside 5 mins from town. Fresh air and green landscape instead of concrete jungle

Crazy 88

[hhfarang]

Somebody must be buying something at some price. I live near the land office and every time I pass there it looks like business is booming from the number of cars in the parking lot.

I agree somewhat with you Crazy88 about the countryside (but still close to town), but I also like the convenience of being in town without being in the tourist area, and my wife is worried about personal security out in the boonies... I know, just a perception as crime is probably higher in the city, but every time we have looked at land just out of town, she says it looks like a lonely and dangerous place to live.

[Super Joe]

Five years ago we lived on Soi 94 and were offered a good building plot by our landlord for 1 million baht. We called the number on a sign a couple of blocks from there yesterday and the owner was asking 20 million

20m sounds way OTT, but there's probably 3no. price ranges of land in 94. Where we live is mid-range I'd say, a mixed Thai/Farang residential area with the roads now done, and they're currently asking around 8m/rai, whereas we paid 1.4m 6 years ago, and then 4.2m 3 years ago for identical plot adjacent to first one!!

You also have cheaper areas with no proper roads yet, Thai shack housing and flood prone, this would be a lot cheaper as crazy88 mentions. Then the high price range would be if you're right on 94, or up near Petchakasem Rd where it could be way over 10m/rai IMO. There you would be about 250m from the beach, new BKK hospital & Market Village.

Land is selling albeit at a snail's pace, but us farang's can forget about that as it's irrelevant to these people, as is how long it will take them to sell. Generally this is family land with NO borrowing payments to make, or the sale is not needed for the next house as we are used to back home. If they value their land at 12m, then that is it's value, period. It may not be the market value/current selling price in the area, or what we think it's worth, but they don't care about small details like that. They've already seen their old neighbours sentenced to life without the possibilty of face, after being convicted of selling their land for the paltry sum of 1m, 2m or 5m Baht, they're not going to make THAT mistake

HHF, I'd look at it from the point of view that all this land value increase malarky has resulted in you now being able to market your property at what, a 300-400% mark-up on it's original cost? 500% if it weren't for the global recession? Price hikes are our worst nightmare when planning to buy property in an area...until 5 minutes after we get the keys!!

It may be time to relocate to another town or buy a nice beachfront condo at those prices!

I wouldn't do that mate, unless you've actually had enough of Hua Hin itself. There's several areas around 5-7kms from town centre that are developing into decent residential areas.

Good example is West up the Pala-U road (the one past the elephant trekking places that is having the new 3 land road laid), where you can get a rai for around 1.5m in a developed soi, ie: hard roads, 3-phase electric, town water mains, street lighting, drainage, no flooding, other farangs, shops, restaurants etc, where you're close to Black Mountain, Somtawin school and the planned new Tescos. And yes, ofcourse I'm only mentioning it cos my wife has land up there

SJ