Phuket’s super-prime residential market has taken off this year with prices of projects launched in this segment rising an astonishing 120 percent over similar ultra high-end properties launched between 2007 and 2011, Knight Frank Thailand research shows.
New super-prime projects in Phuket launched in 2015 are selling from anywhere between THB 270 million to over THB539 million a unit, Risinee Sarikaputra, Knight Frank Thailand’s director of research and consultancy told The Phuket News. She added that the resale price of the island’s super-prime properties this year has jumped up USD20 million per unit.
The rebirth of new super prime projects in Phuket is quite impressive without even taking the price hike into consideration. There were no such properties launched over the course of the past three years, according to research from Knight Frank Thailand. The price for super prime projects available for sale in 2014 that had been launched between 20017 and 2011 sold for an average price of THB175 million per unit.
“The majority of super prime project buyers in Phuket are expatriates based in Asia, particularly in Hong Kong, Singapore and Shanghai,” Risinee stated. “For the most part, these buyers have lived and worked in the region for a number of years and tend to know Phuket well by having spent holidays on the island.”
In her interview with The Phuket News she added, “The emerging buyers are Australians, French and Canadians, as well as Asian travellers. Buyers acquire super prime properties as their second home, holiday place or retirement residence. They are most often owners of a property elsewhere, and in many instances, they own two or more properties throughout the region and world.”
Phuket’s location is a key factor for sales and the areas reemergence as a tourist destination has played a key role in the super-prime market revival. Prospective buyers pay a lot of attention to a multitude of factors like the site and scenic views as well the availability of amenities like swimming pools and clubhouse areas.
“Luxury property in Phuket encompasses the villa with a selling price of over THB100 million a unit; these are mostly oceanfront villas managed by international branded hotels,” Risinee explained. “The villas under this category mostly offer over four-bedrooms, with spacious living, dining and entertainment spaces. They also provide world-class leisure facilities, with a private gym, spa room and private pool.”
Image: Point Yamu at Phuket
