Phuket House Prices?

[minefield]

With the down turn in the economy around the world there has been a big drop in house prices in general

I know here in New Zealand it's around on average 50 to 100.00 dollars and around the same in the US as I under stand, Thats around 1-2 Mil Baht, What sort of price reductions are you getting in Phuket???

Are they in line with the rest of the world because I read some farangs are trying to resist dropping there prices

[katabeachbum]

With the down turn in the economy around the world there has been a big drop in house prices in general

I know here in New Zealand it's around on average 50 to 100.00 dollars and around the same in the US as I under stand, Thats around 1-2 Mil Baht, What sort of price reductions are you getting in Phuket???

Are they in line with the rest of the world because I read some farangs are trying to resist dropping there prices

Most of the worlds housing market has had a significant drop in value. In some counties properties have been financed in average 80-100% of value.

In Phuket only 4 % of propetyvalue is financed, which makes it a very stable market. Average finance in LOS is 18% finance on property, again making it much more stable than "developed" countries.

Dont expect significant general pricereductions in Phuket. Prices have stopped and may continue stop increasing for a couple of years.

[Wellington]

Most of the worlds housing market has had a significant drop in value. In some counties properties have been financed in average 80-100% of value.

In Phuket only 4 % of propetyvalue is financed, which makes it a very stable market. Average finance in LOS is 18% finance on property, again making it much more stable than "developed" countries.

Dont expect significant general pricereductions in Phuket. Prices have stopped and may continue stop increasing for a couple of years.

Individuals are having to reduce their sale prices whereas big developers seem to be ignoring the trend.

We heard recently of a developer who upped his price from around 8 to around 9 million for a small house; this in the last two months!

[LivinLOS]

Many people (in my experience ones who have bought property) will tell you they are not going down..

I am seeing property after property sitting with increasing price reductions, and simply no buyers.. It hasnt reached capitulation phase yet but homes from 20 mil to 12 (kamala) are becoming more common.

[LivinginKata]

For sure there are some good bargains out there from private owners who really need to sell ASAP. But it's common practice here for owners/developers/speculators to ask 'high' prices and then wait at least a couple of years to catch a buyer. Very weird economics here on Phuket Island as when things get tough, prices go up.

[katabeachbum]

Many people (in my experience ones who have bought property) will tell you they are not going down..

I am seeing property after property sitting with increasing price reductions, and simply no buyers.. It hasnt reached capitulation phase yet but homes from 20 mil to 12 (kamala) are becoming more common.

I always look at location, quality, sqmprice and if its legal. Some kamala properties are still overprised at 12 mill.