Demand for smaller, less expensive property in Phuket rose in Q3 2013, according to new research from CBRE.
During the three-month period it reported that 80 percent of total Phuket villa sales were for properties priced lower than THB 15 million. There were no villas sold with priced at more than THB35 million in the quarter. Sales by value dropped 8.5 percent quarter-on-quarter and by 52 percent year-on-year.
The main nationalities of villa buyers in Phuket during Q3 included British, Italian, German and Russian, with these buyers mainly focused on affordable villas with prices of less than THB20 million.
The West Coast of Phuket has long been the most sought-after area for villa developments, according to the research, with 53 percent of total completed villa supply. The central area is the most popular location within the West Coast zone.
Re-sales properties in Phuket also started to exceed new sales, unlike in the Thai capital Bangkok where most buyers prefer new property.
Meanwhile the completed supply of condominiums on the island grew by 3.4 percent year-on-year. There are now more than 2,800 resort units in the pipeline which are expected to be completed by the end of 2015.
CBRE noted that Phuket condominium buyers now prefer smaller condominium and apartment units and saleswere best in mid-range projects priced between THB90,000 and THB109,999 per sqm.
Phuket property has long be a popular purchase for overseas nationals, especially those from Europe although Asian buyers have been more prevalent in recent years.
Andrew Batt,
International Group Editor of PropertyGuru Group, wrote this story. To
contact him about this or other stories email andrew@propertyguru.com.sg
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