Phuket’s villa property market picked up during the final three months of 2014, with solid numbers of sales despite a limited supply of new properties.
According to real estate firm CBRE Thailand in its latest research report covering the sector, there were 84 villas sold during Q4 2014, an increase of 68 units compared with the previous quarter.
The entry level sector continued to be the most active, with Coco Chalong performing the best of its peers with the price range of Coco Chalong villas ranging between THB6.5 million to THB7 million.
The weak Russian economy and collapsing Rouble caused significant drop in Russian buyers, while the Chinese, despite dramatically increasing visitor numbers, have yet to take a real interest in buying Phuket property.
Entry level villas are most dependant on Russian buyers, so the market will start to feel the effect of the falling Rouble in the coming year, according to CBRE in its research.
There was one luxury unit sold in the past quarter which was Andara Signature at a price of more than US$7million seven million (THB230 million), the last unit in the project.
Due to the limited number of new launches over the past few years, there are many projects whose developers have finally been able to sell the last few remaining units.
According to CBRE there was just one luxury villa project launched in Q4 2014 – Banyan Tree Grand Residence with 19 units priced at more than THB110 million.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
