PHUKET REAL ESTATE UPDATE
The Government Housing Bank’s Real Estate Information Center (REIC) recently confirmed that demand for residential projects in Phuket has seen a slight drop due to the global economic downturn.According to a survey they recently performed, residential projects ready for sale in Phuket now numbered 139, or 12,334 units REIC Director General Samma Kitsin said at a recent seminar.
Eighty-eight of these projects are detached-house projects with a combined total of 8,561 units. Of these, 5,508 units are already sold.
In addition there are 51 condominium projects. These have a combined total of 3,773 units of which 2,054 have been already sold.
Foreigners are the main buyers of residential property in Phuket and many of them have delayed their decision to buy because of the unfavorable currency exchange rates at the moment. Interest of foreigners in purchasing a property in Phuket, however, remains very high.
About 51% of foreign buyers on the island are investors who are looking to generate a rental income or sell the property on once it has increased in value. 34% buy to use the property as a holiday residence while the remaining 15% is buying to use the property as a long term stay.
Property priced between 10 and 40 million Baht are most popular with buyers looking for a holiday home or investment.
