Experts predict Phuket's housing market is headed for positive territory

[rooster59]

Experts predict Phuket's housing market is headed for positive territory

Kritsada Mueanhawong

PHUKET: After a long lull in the province’s real estate market, experts believe at least 5 billion baht will be invested into the market between the last fiscal quarter of this year and the first quarter of next year.

The Phuket Real Estate Association (PREA) president, Thanusak Pungdet, made the announcement yesterday, after reportedly meeting with developers and reviewing market forecasts.

“2016 real estate investment is quite slow, in the demand for both housing and condominiums,” Mr Thanusak said. “There have not been many new projects being built over the past months.”

Mr Thanusak said the PREA believes the absence of new building projects in Phuket is due to a glut in chronically unsold units left over from previous years. More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research.

Full story: http://www.phuketgazette.net/phuket-news/Experts-predict-Phukets-housing-market-headed-positive/64192?desktopversion#ad-image-0

-- Phuket Gazette 2016-07-09

[LivinginKata]

Really .... positive territory ... more hype and spin from the real estate agents.

Maybe they should read about recent events on condo rentals ...

[NamKangMan]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

[yussiesamui]

Are these people (the picture) the experts???

[Srikcir]

Requiring work permits for foreign condo owners who sublet their units for short periods might prolong that lull.

[LivinginKata]

Are these people (the picture) the experts???

The 4 in colourful shirts are local government officials ....

[shirtless]

These guys are very optimistic , with the new rules i doubt the market will pick up .

[impulse]

I'd ask what these guys have been smoking. But then, I've never heard a real estate agent anywhere in the world say it's not a great time to buy.

(Mis)Quoting Uma Thurman from Pulp Fiction- It's not in their nature.

Edited July 9, 2016 by impulse

[BigBadGeordie]

I am sure there will be a massive increase in the "buy to let" market in the coming months.

Or perhaps not.

[bearpolar]

The housing market is actually really healthy right now and its getting better

but only for the 1-2.5mb range

[trogers]

My forecast - there will be a scramble of foreigners buying into condos.

Time for more of the country's economic capital be used to raise more concrete buildings.

[steelepulse]

Unless all developers are really not that bright, why would you undertake a project in this climate (political and economic) with the market as it is? I think these guys have been hitting the sauce a bit.

[Goldieinkathu]

More interest rate cuts to come? More loans, more debt , that's the only thing that will grow this market.

This island is a mess as it is with all the buildings that are unoccupied .

Can't own, can't rent , need work permits, who needs this sort of headache?

These people haven't got a clue

[useronthenet]

Living on cloud-cockooland of course !

[elgordo38]

Really .... positive territory ... more hype and spin from the real estate agents.

Maybe they should read about recent events on condo rentals ...

There are so many "experts" in the world today the ones I truly like are "financial experts" all over the TV press everywhere shouting buy buy buy. Sometimes I think your better off to go in the opposite direction from what they tell you. The real estate market is not like the universe where it goes on seemingly forever. These guys should read the headlines regarding the world in general. I think the golden goose is just about done laying

[Destiny1990]

There are mostly sellers in Phuket.

They should reform and modernise property laws first.

[Destiny1990]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

Well they made 2 tunnels on bypass road ???

[NamKangMan]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

Well they made 2 tunnels on bypass road ???

Perhaps they will be able to test their new submarines in them every time it rains.

Edited July 10, 2016 by NamKangMan

[xylophone]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

These people are just talking up the market because it is self-serving (they get a rake off somewhere along the line).

I wonder if the 2000 condo units which were unsold include the almost 1000 units which were to be constructed at The Park in Nanai Road, or those part completed ones at ACE, or the unfinished units at The Green Places in Phuket town, near Bangkok Phuket hospital...........??

Don't know where they get these numbers from, but there would be just as many properties which are up for sale and are not moving, some for many years, but of course they don't want to include these in the mix.

Quote: "What positive things have been implemented on Phuket to attract buyers????

Well, let's see..........to ease traffic congestion they are building costly and "poorly constructed/prone to flooding" underpasses. Then there is the potential to lose your deposit/money on any building purchased "off plan" (as mentioned above); they have ensured an increase in the putrid smells from the drains through lack of infrastructure and planning (for those people who like putrid smells of course); and the persistent flooding follows this, especially where drains have been laid, dug up, re-laid, and so on; and of course there is the taxi and tuk tuk mafia to ensure that prices are kept to a minimum (yeah right); jet ski scams, and of course the friendly uncorrupt nature of the local BIB.

These guys really cannot see what they have done/what is happening to this island which seems to suggest that they have their eyes firmly set on the baht sign, which they hope to be looming large in the future by publishing rubbish like this.

[xylophone]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

These people are just talking up the market because it is self-serving (they get a rake off somewhere along the line).

I wonder if the 2000 condo units which were unsold include the almost 1000 units which were to be constructed at The Park in Nanai Road, or those part completed ones at ACE, or the unfinished units at The Green Places in Phuket town, near Bangkok Phuket hospital...........??

Don't know where they get these numbers from, but there would be just as many properties which are up for sale and are not moving, some for many years, but of course they don't want to include these in the mix.

Quote: "What positive things have been implemented on Phuket to attract buyers????

Well, let's see..........to ease traffic congestion they are building costly and "poorly constructed/prone to flooding" underpasses. Then there is the potential to lose your deposit/money on any building purchased "off plan" (as mentioned above); they have ensured an increase in the putrid smells from the drains through lack of infrastructure and planning (for those people who like putrid smells of course); and the persistent flooding follows this, especially where drains have been laid, dug up, re-laid, and so on; and of course there is the taxi and tuk tuk mafia to ensure that prices are kept to a minimum (yeah right); jet ski scams, and of course the friendly uncorrupt nature of the local BIB.

These guys really cannot see what they have done/what is happening to this island which seems to suggest that they have their eyes firmly set on the baht sign, which they hope to be looming large in the future by publishing rubbish like this.

Addendum; or they could be just plain stupid!

[TheMacMan]

Please Mr Experts - How will the recent news that it is illegal for foreign property owners to rent out their privately owned and paid for villas and condos factor in to "positive territory"?

I am so glad you have told me this, I was worried that making it illegal to rent out your own property would have damaged the desire for anyone to invest in Phuket/Thailand.... now I know things will be alright in the coming months.

I was also worried that the recent speed boat "accidents" harming tourists, along with the new highly invasive farang personal details form now required was going to put off tourists and potential investors, and I am very glad to hear that Phuket will be more positive and attractive to investors very soon.

As long as all farang comply with any and all requests, supply all personal details whenever asked for and abide by all laws they will be happy and can legally buy a house on land they can never own or have any security with, and can be kicked out at any time regardless without knowing the real reason..... as long as they dont rent their own property, have all the correct visas then Phuket will be a haven of positive happiness.

Things can only get better

[impulse]

Perhaps they know about some upcoming big deals?

Maybe they're negotiating to make a bulk sale of 2,000 condos to Chinese investors so they have a place to drop off the human cargo in the Chinese owned buses we read about last week?

Could be just one more volley in a perpetual war between the Real Estate moguls who want to build and sell condos, and the Hotel moguls who want their rooms full.

It could be fascinating to see it play out. Or, maybe it's just real estate people doing what they do- talking up the market...

Edited July 10, 2016 by impulse

[12DrinkMore]

The housing market is actually really healthy right now and its getting better

but only for the 1-2.5mb range

Please disclose all vested interest in said market.

[Borzandy]

Are these people (the picture) the experts???

Yes, they are Thai experts, really.

[Ulic]

Interesting to see they have the TAT boys doing the forward sales forecast for the Phuket Real Estate Board.

[Deez]

I think the president of the Phuket Real Estate Association might be in line for a promotion to TAT

[Thomas Hannah]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

The answer is nothing.Thai,s think we are more stupid than them.They think we will think that there will now be a great investment to be had.In pattaya area, there are more than 14,000 places to rent.that are empty now.Ive heard it by farangs with big idea,s.How much there condo,s are worth.4 million then when they sell 2.5 million.less actualy than they paid for it.Even now,im still hearing the same bullshit.This is what i have always said to them.Something is only worth what someone is prepared to pay.That is its value.

[ozyjon]

experts believe at least 5 billion baht will be invested

into the market between the last fiscal quarter of

this year and the first quarter of next year.

Is it opposite day,, do everything opposite to what they say,

someone out there has a lot of property to sell,

the suckers will believe all they say and read...

Look up in the sky, is it a bird, is it a plane

no, it's a flying pig.

[gandalf12]

You are all reading it wrong. If these experts (drips under pressure) say it will expand then you should believe them. Buy now before it is too late. (Ummm it is too late) Sorry about that.

On second thoughts give it 20 to 30 years and it may well be ready to go into positive territory

Edited July 10, 2016 by gandalf12

[NamKangMan]

"More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association's research." - so why would these unsold properties suddenly start selling in the last fiscal quarter of this year and first quarter of next year????

What positive things have been implemented on Phuket to attract buyers????

The answer is nothing.Thai,s think we are more stupid than them.They think we will think that there will now be a great investment to be had.In pattaya area, there are more than 14,000 places to rent.that are empty now.Ive heard it by farangs with big idea,s.How much there condo,s are worth.4 million then when they sell 2.5 million.less actualy than they paid for it.Even now,im still hearing the same bullshit.This is what i have always said to them.Something is only worth what someone is prepared to pay.That is its value.

"Something is only worth what someone is prepared to pay.That is its value." - correct, that's called "market value" and if no one is buying, what is the value of what you have got to sell????