Special - Current Real Estate Market In Phuket

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Special - current real estate market in Phuket

Mini-video: http://www.thaisnews.com/vdo/0717105310v.asf

PHUKET: -- Real estate is one business that many people want to get into because of the profits but at the same time it can also easily turn investors bankrupt overnight, if factors happen beyond its control.

The medium to high end real estate sector in Phuket is mostly based on the international market or buyers rather than locals, with retirement homes becoming increasingly popular. According to information from the Phuket Real Estate Club, the situation for the real estate market in Phuket straight after the tsunami was precarious but by the end of year 2006 it had shown how to fully recover & perhaps quicker than tourism. This business is now one that directly relates to the growth and stability of the province’s economy.

As a barometer of the current situation, the Property Investment Exhibition (or PIE) 2007 held at Central Festival Phuket during 12-16 January seemed to motivate more economic flow and provided opportunities for the government departments, like the Phuket Provincial Land Office, to make itself understood by the foreign investors or so called ‘nominees’, who have been under pressure from new rules or restrictions.

This year there were 58 property booths exhibited, with 53 condo units or houses in total sold or reserved for which sales or down payments amounted to 307.18 million baht. For this year, the best sales came to Irawadee’s project which sold out 40 units while in the middle market the best sales were seen among K Property, Nara Place, Sun Palm, Heritage, Grand Estate and Top Land, in the high end market for Anupas company.

But the high demand and cost of land in popular areas of Phuket for the real estate projects in 2007 was pointed out by Phumisak Hongsyok, the Chairman of the Phuket Real Estate Club:

He also gave some feedback about the foreign investment in Phuket as it now seems many foreigners are also slowing down their investments as they are waiting for clearer guidelines from the government, but he anticipates that the new regulations will be beneficial in the long term.

The real estate market may get stuck for a short while but will surely rebound back to real normal when the foreign business & nominee regulations are clearer.

--thaisnews.com 2007-01-18