Because the land use restrictions coming soon in this area, concern over the new Nakhon Ratchasima land-use plan has developers racing to launch projects in the Khao Yai mountain resort area, with 4,650 units recorded in 2012-13, according to Colliers International Thailand.
The research house said recently that if the final master plan were the same as the draft, it would limit building area and building appliances, which would directly hit the Khao Yai property market.
Prices of existing residential projects are expected to rise if there are building restrictions in the area. Although the Department of Public Works and Town and Country Planning has accepted requests from those affected to revise this provision, developers and landowners are still monitoring the situation closely, senior manager Surachet Kongcheep said.
Cha-am, Hua Hin, Pattaya, Phuket and Bang Saen are places for people looking to spend time by the beach, while Khao Yai offers a hilly, green atmosphere with fresh air. For 15-20 years, Khao Yai has been one of the most popular holiday and weekend retreat destinations. Famous and successful businesspeople, celebrities and politicians have purchased land in the area around Khao Yai National Park. Older Thais and retirees enjoy the area because of its cooler weather for much of the year compared with Bangkok.
In the past few years, many residential projects were launched in Khao Yai, some of which belonged to well-known developers. More than 550 residential units were launched and completed last year and about 100 units were launched in the first three months of this year.
Khao Yai has become the location for luxury houses and villas but many condominium projects were also introduced during the past few years. Nearly 700 units at five condo projects were launched last year in the area along Thanarat Road, which was the highest number on record.
The area along Phan Suek-Kud Khla Road also broke a record last year, with more than 470 units launched, mostly in two condo projects from Sansiri. While only about 80 units were launched in the area along the road to Wang Nam Kheow district last year, the number skyrocketed to nearly 390 units in the first three months in this year.
The average take-up rate of condos in Khao Yai was 73 per cent. The area along Thanarat Road had the highest rate at 77 per cent - higher than the 76 per cent along Khao Yai-Wang Nam Kheow Road and nearly 60 per cent along Phan Suek-Kud Khla Road.
The average selling price in the area along Khao Yai-Wang Nam Kheow Road was the highest at nearly Bt80,000 per square metre, and Bt68,900 along Phan Suek-Kud Khla Road, the lowest in the Khao Yai area. It was Bt74,000 on both sides of Thanarat Road.
"The average price for houses and villas in the area on both sides of Khao Yai-Wang Nam Kheow Road was the highest in the Khao Yai area at around Bt16 million, as most of the house and villa projects in this area are located near golf courses and luxury resorts where buyers get privileges at the facilities," Surachet said.