thailand property recovery seen in phuket
News Posted On: 08 November 2010
After a rough couple of years the recovery is now thought to be underway in the Phuket property market, signalling relief for the other Thai islands like Koh Samui and Koh Phangan.
Between the early and mid noughties property prices in Phuket were among the fastest growing in the world, as the island of luxury villas and resorts became one of the priciest places in the world to buy property.
Koh Samui was the next target. Property prices in Phuket and Koh Samui grew 200% between 2006 and 2008 (100% per year). With Koh Samui now also affordable for only those with £100k to spend, Koh Phangan became the next target.
When the financial crisis hit many believed that these islands would be unaffected. Because they offered only upmarket properties, and because most of the demand was coming from Asians, with Asia meant to be unaffected, there were grounds to suggest these islands would weather the storm.
Unfortunately these beliefs turned to dust when the US crisis went global on a scale few would have dared predict, and even the wealthiest clung tightly to the pounds, euros and dollars in their pockets and wallets. Of course, to the kind of people buying property in Phuket, fear turned out to be a far bigger problem than the actual effect they felt, and now, with that fear having subsided they are back out there buying.
Chris Gordon, developer of a new luxury resort village on Phuket has sold all but five of the 44 phase 1 villas at a price of between 20-45 million baht, and such reports have become the norm.
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