By Andrew Batt:
Wealth property buyers and investors from the Middle East have been turning their attentions to Phuket, according to the Director of Knight Frank’s office on the island.
Nattha Kahapana noted growing numbers of citizens from the Middle East coming to Thailand to escape the blistering heat in their own countries. Some of these travellers have been shopping for property and snapping up luxury family-sized pool villas, he said.
Many developers who put their developments on hold during the global financial crisis have begun to revive their projects to cater to the increased demand from overseas property buyers. South African investors have also “flocked” to Phuket to invest in residential projects, according to Nattha.
One project that has been attracting the attentions of wealth overseas investors is Xana Beach Club, a recently opened development which is owned and operated by the Angsana Resort.
Institutional investors have also been snapping up Phuket property. A subsidiary of Singapore firm LC Development recently acquired the former Evason Hotel and Bon Island Resort, while Malaysia’s TA Global Bhd became the new owner of Movenpick Karon Beach.
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