Phuket property market:
Look out beeeeelowwwww
Except that it never happens no matter how many truths such as this are published. There are too many new mugs arriving every week who believe the 10-15% returns on investment. And unlike elsewhere in the world Thailand does not care where the money comes from, no proof of origin required. Excellent for money laundering.
There are thousnds of new villas under construction on the west coast costing 10 million baht to build and asking 40 million baht. According to agents they are selling, people are living in them.
The bubble may take a while to burst.