A new report has found that while
property prices in one of Thailandââ¬â¢s most popular tourist destinations are
rising, they have yet to reach their pre ââ¬Ëcredit crunchââ¬â¢ levels.
The research from property
company Colliers Thailand found that the high end coastal market in Phuket is
yet to return to the values seen in 2007.
High end property values yet to reach 2007 levels
Whilst property prices in the
Thailand resort have been increasing over the last couple of years, the report
found that it has yet to reach its pre-financial crisis peak. Antony Picon, Associate Director of
Research at Colliers said: ââ¬ÅIn many ways the glass at present can be perceived
as half full or half empty depending on whether you are comparing with the
period around 2006-7 or the situation in 2009.
ââ¬ÅHigh 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.ââ¬Â
Low cost flights and yachting the main reasons for demand for property
in Phuket
The continued demand for property
in Phuket has been attributed to the increasing number of low cost
international flights to the destination.
Colliers believe that this increase in tourist numbers to Phuket will
ultimately result in an increase of property buyers.
Mr Picon added: ââ¬ÅThe residential
market in Phuket for foreigners has yet to return to the pre-Lehman days but it
is well positioned when buyers from the traditional markets in Europe and the
United States return to compliment to growth of the emerging markets.ââ¬Â
Phuket is also enjoying a growth
in demand as a cruising destination to rival the Mediterranean or
Caribbean. Patima Jeerapaet,
managing director of Colliers Thailand, said: ââ¬ÅWealthy Asians are now a strong
buying force for super yachts and Phuketââ¬â¢s status as a renowned yachting
destination through its marinas and exotic outlying islands could be enhanced
through further development and boost the high end property market still
further.ââ¬Â
