Recovery of Phuket Property Market
According to research compiled by Knight Frank Thailand, the last quarter of 2011 saw a massive turn round in the fortunes of the Phuket property market. Demand for Phuket condos and villas return at the back-end of last year.
Frank Knight’s Associate Director of Research and Valuation Department, Risinee Sarikaputra, noted that there has been an increase in interest from Singaporeans and Russians seeking out Phuket holiday homes. “Singaporeans are looking for holiday homes due to the tighter curbs on local property,” said Ms. Risinee. “However, they are interested in acquiring villas that cost less than half of what one would pay for a similar property in Singapore.”
It seems the market is coming back in fine fashion, and we can confirm this is true from the frontline as we have enjoyed a busy start to 2012. This latest positive news regarding the Phuket property market was projected some time ago, with the demographics beginning to shift from Northern Europe, Australia and America, to the Russia’s of this world and Asian nations.
Money across the world now seems to be leveling out, as we are seeing potential Phuket homebuyers from parts of the world that simply didn’t buy villas and condominiums on Phuket before. This is great news indeed for the Phuket real estate industry.