Phuket has a property and boating proposition
The property and boating industries on Phuket have experienced dramatic changes over the last decade and both show striking similarities. Although they’ve had their fair share of ups and downs, a series of milestone events have spurred growth and attracted similar customer demographics.
The first major shot in the arm for the island’s – if not the nation’s – marine industry was the 2003 launch of the Phuket International Boat Show, which followed a change in the government’s tax structure on importing boats. Little more than a year later Phuket was hit by the Indian Ocean tsunami. A devastating natural event that, many would agree, preceded the start of Phuket’s property gold rush.
Indeed, the early years of this property boom was characterised by the development of luxury villas and iconic enclaves such as Millionaire’s Mile were established to cater to the rapidly growing demand from a new demographic that primarily hailed from Singapore and Hong Kong.
Andrew Dowden, managing director of Andaman Marine Consultants, organiser of the Phuket International Boat Show, was initially surprised by the high level of interest he also received from the property industry.
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“The island’s property industry demographic at the time was Hong Kong and Singapore, similar to that of the Boat Show. The synergy was obvious,” he says. “While many developers were travelling and exhibiting overseas in those core markets, villa owners and high-net-worth-individuals were visiting Phuket in record numbers, which was ideal for the Boat Show. The island’s premier developers realised this and started to take advantage of the Show and exhibit.”
While the buyer demographics have evolved over time, mainly in line with tourism trends, Phuket’s real estate proposition remains unchanged. One words sums it up: lifestyle.
Phuket’s luxury property market is primarily made up of people who buy for investment. Although it’s usually an investment for return – rental or capital gains on re-sale, for example – an overriding factor in the purchase decision for many is the unrivalled lifestyle the island offers. With an estimated 60 percent of the world’s population on Phuket’s doorstep, its appeal as a second-home destination is obvious. Buyers can frequently fly in, use their property, and fly back out.
And that’s where the property and boating synergy becomes even clearer.
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The island has some of the best sailing grounds of anywhere in the world. Complemented by world-class marine infrastructure and onshore support, Phuket boating is unrivalled and is today considered the marine playground of Asia. It’s the place where affluent Asian residents come to play, sail and enjoy the comforts of their holiday homes.
“Regattas such as the Phuket King’s Cup helped put Phuket on the map for Hong Kong and Singapore expatriates many years ago, and upon arriving they all appreciate the beauty of the island and its sailing grounds,” says Dowden. “This, combined with the luxury property offerings, makes Phuket the number one second-home destination in Asia.”
He adds that developments such as Kata Rocks, The Village Coconut Island, Twin Palms, La Raffine and West Sands, are just some of the established projects that have marketed at the Boat Show over the years.
“We have recently seen more developers from Bangkok and overseas, showing an interest in exhibiting and reaching our international visitor demographic, which is incredible.”
Property Report was a media partner for the Phuket International Boat Show on 7-10 January 2016
Source : property-report.com
Read more…How Phuket’s luxury real estate and marine scene are closely intertwined
