Phuket property looking up

November 09, 2012 - Phuket

According to Phuket property firm Tropical Homes Real Estates, 2011 saw a significant increase in enquiries with respect to both sales and rentals on the Andaman isle.

"Many of our enquiries were in the mid- to high-end prime west coast condo market, traditionally our bread and butter," said David Wade, the company's managing director, "and it was reassuring to see mostly second home buyers returning."

Tropical Homes made three sales at The Heights Kata and one at Kata Rocks in recent weeks, which Wade says indicates the current strength of this market.

"Perceived value is still to some extent driving the market and most of these sales were negotiated by buyers looking for a good buy if not a bargain," he said.

"We are noticing however that "bargains" are becoming harder to find and several owners have recently actually increased the asking price of their properties."

Recent sales have been to Canadians, British and Russian buyers, but Wade says most of the sales in 2011 were to ex-pats based in Singapore.

"There is certainly an increase in the number of Russian buyers," he added, "but I think it is exaggerated in the media.

There has also been a great deal of interest in prime waterfront land from wealthy Thais and Singaporean ex-pats and we were fortunate to secure a couple of high-end seafront land plot sales last year."

Based on the high number of enquiries and the fact that many clients have already booked to view properties on Phuket in the coming months, agents are confident 2012 will see further growth, but with global economic doubt still a major factor, guaranteed sales remain illusive.

"We have witnessed a big improvement in rental demand for villas this high season," said Wade, "particularly in the luxury sector for sea view villas in prime locations. We expect this trend to continue into next high season."

Source: Property Report

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