Politics hits Hua Hin housing scene
In view of the current political conflict in Thailand, foreign investors are maintaining a wait-and-see attitude when it comes to buying a vacation home in Hua Hin, said Praphaisith Tankeyura, managing director the Boathouse Hua Hin property development company.
He added that the company's sales dropped from Bt100 million in December 2005 to an average of Bt40 million a month in the first two months of this year because both Thai and foreign buyers - mostly from Hong Kong, Japan, Scandinavia, Singapore and the United States - are delaying their decision to buy a second home in Thailand.
"Home-buyers are concerned about political problems and want to make sure what will happen before making a decision," he said.
However, the company believes buyers will decide to buy again when the political turmoil ends.
Of the project value of Bt4 billion, the company has so far made sales of Bt700 million: 70 per cent from Thai buyers and the remainder from foreign investors, principally from Hong Kong, Japan and Scandinavia.
The company expects construction to be complete at the end of 2008. - Somluck Srimalee, The Nation