Condos are proving to be the stars of the Thai property market, with tourism helping to drive demand. Development company Beach Projects claims that the country enjoyed an estimated 22 million tourists in 2012 and will target 24.5 million this year, causing residential condos to surge in popularity. Phuket is particularly performing well and is considered to be one of the favourite destinations in South East Asia.
In 2012 alone, Phuket airport recorded 9.5 million arrivals and departures, an increase of 13 per cent on 2011. This puts the island ahead of rivals Pattaya, Koh Samui and Chang Mai. However, whereas in previous years the sector tried to appeal to the mass market, it seems that wealth is becoming the focus, with condo resorts attracting those in search of Thai real estate. Many developers are looking to take advantage of this, including Beach Projects, which has recently relocated its headquarters to the country and is building luxury investment grade beach properties in Phuket.
Roy Hanif, partner in Beach Projects, explains: “Tourists quickly convert to property investors as they fall in love with the year-round 30 degree sunshine and legendary scenery. Also living costs are a third of those in Europe and HSBC ranks Thailand number two in its Expat Explorer Survey, especially praising its quality of life.” This is resulting in a new wave of overseas demand, which is competing with the middle class population of Phuket. “Whilst capital appreciation is currently minimal on land and villas, according to the Bank of Thailand condos have increased on average in value by ten per cent over the past five years, so the investment potential is massive,” Mr Hanif continued.
Mid-range property is also increasing in popularity, after experiencing four years of repression. Nigel Cornick, former chief executive officer of Raimon Land and current boss of Pattaya-based development company Kingdom Property, told the Phuket News that Thailand is now seen as less risky and foreign buyers are reacting to this. Japan and Russia are just two countries were investors are showing more and more interest in the Asian market.Article by +Danny Bance on behalf of Propertyshowrooms.com
ที่มา : propertyshowrooms.com
อ่านเพิ่มเติมได้ที่…Condo demand high in Thailand
Condo demand high in Thailand
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