Phuket remains the top destination in Thailand for luxury overseas property

While prime, luxury overseas
property might not be seeing as much interest as it did before the ‘credit
crunch’, some areas are beginning to see a pick-up in the number of buyers snapping
up luxury Thai homes.

One such area is the coastal
property market in Phuket, the popular and exclusive Thai island.

Foreign buyers snapping up luxury homes in Phuket

Whilst most of the properties on
Phuket are inland, the coastal properties have higher values and are more
attractive to overseas buyers. 

Patima Jeerapaet, managing
director of real estate specialists Colliers, said: “Most wealthy Thais prefer
having second homes in the resorts close to Bangkok due to the easier access
and therefore the coastal areas of the island tend to be more foreign focused
and therefore prone to the global economic situation.”

Antony Picon, associate director
of research at Colliers, says that the success of some recent developments has
shown that Phuket remains the top destination in Thailand for luxury overseas
property.

He said: “High end buyers are
coming from a wider range of countries, not just Europe, with Hong Kong, Russia
and the Middle East becoming key markets now. Developers are reconsidering
their marketing strategies to suit the changes in buyer profile.

“One development called Kamala
Falls is being marketed as a halal investment, including a women-only swimming
pool, in order to appeal to Muslim buyers.”

Super yachts and direct flights bringing overseas buyers to Thailand

Phuket is also starring to appeal
to the wealthy owners of super yachts. 
Marinas to cope with these multi-million pound vessels are now
attracting visitors in the same way as the Mediterranean and the Caribbean.

In addition, with a growth in the
number of international direct flights to Phuket, more and more tourists are
heading to the island.  Experts
believe that these will ultimately turn into buyers of luxury homes.