Phuket remains the top destination in Thailand for luxury overseas property
Thursday 11th of August 2011
While prime, luxury overseas property might not be seeing as much interest as it did before the ‘credit crunch’, some areas are beginning to see a pick-up in the number of buyers snapping up luxury Thai homes.
One such area is the coastal property market in Phuket, the popular and exclusive Thai island.
Foreign buyers snapping up luxury homes in Phuket
Whilst most of the properties on Phuket are inland, the coastal properties have higher values and are more attractive to overseas buyers.
Patima Jeerapaet, managing director of real estate specialists Colliers, said: “Most wealthy Thais prefer having second homes in the resorts close to Bangkok due to the easier access and therefore the coastal areas of the island tend to be more foreign focused and therefore prone to the global economic situation.”
Antony Picon, associate director of research at Colliers, says that the success of some recent developments has shown that Phuket remains the top destination in Thailand for luxury overseas property.
He said: “High end buyers are coming from a wider range of countries, not just Europe, with Hong Kong, Russia and the Middle East becoming key markets now. Developers are reconsidering their marketing strategies to suit the changes in buyer profile.
“One development called Kamala Falls is being marketed as a halal investment, including a women-only swimming pool, in order to appeal to Muslim buyers.”
Super yachts and direct flights bringing overseas buyers to Thailand
Phuket is also starring to appeal to the wealthy owners of super yachts. Marinas to cope with these multi-million pound vessels are now attracting visitors in the same way as the Mediterranean and the Caribbean.
In addition, with a growth in the number of international direct flights to Phuket, more and more tourists are heading to the island. Experts believe that these will ultimately turn into buyers of luxury homes.
