Changes in the economic environment unconsciously affect our behavior and it is therefore necessary to adapt to these changes especially where residences, which change with the times are concerned.
Phuket is a tourist city well known all over the world. It is also known to be strong economically.
Having looked into the past investment trends of Phuket we found that both Thai and foreign investors choose to invest in Phuket. With its great beaches, world renowned diving sites, historic heritage, spectacular range of spas, health and wellness resorts, yacht marinas, attractions and boutique hotels, Phuket is the second most popular tourist destination in Thailand after Bangkok and it brings a large amount of revenue to Thailand through tourism. In addition, it is also gaining promotion from the Government who want to see Phuket become a main hub for the upcoming ASEAN Economic Community region and for investment that extends beyond tourism. Phuket is also viewed as an economic hub when it comes to trading in the South-East Asian region.
Phuket has a large number both Thai and foreign workers and retirees which continue to grow year on year, and due to this continuous growth the demand for housing is also continuously growing. Statistics from a recent survey by Phuketindex found that in the first half of 2014 there were a total of 6,315 residential units sold, 2,929 units in Amphur Muang, 873 units in Amphur Kathu and 2,513 units in Amphur Thalang. We also found that from 2011-2013 approximately 30,800 residential units were sold, 13,900 houses and villas and 16,900 condominiums. The results of this survey clearly show us that the demand for condominiums is far greater than for that of houses and villas, and this is why Phuket is now seeing that developers now prefer to build condominiums rather than houses and villas.
When we looked further into the condominiums sold from 2011-2013 we found that they were broken down into three main price groups, less than 50,000 baht/sq m- 45 percent, 50,000-100,000 baht/sq m – 45 percent and 100,000+ baht/sq m – 10 percent. Whilst in the first half of 2014 there were approximately 2,416 condominium units sold, once again within the same three price groups, less than 50,000 baht/sq m – 40 percent, 50,000-100,000 baht/sq m – 35 percent and 100,000+ baht/sq m 25 percent, a 15 percent increase on the years 2011 – 2013.
Our survey found that in 2015, a further 2,644 condominium units will be complete and ready for sale.
With regards to preferred location for condominium developments our survey revealed that 45 percent of developments were in Muang District, 50 percent in Kathu District and 5 percent in Thalang.
Although there are a number of local and international developers choosing to develop condominiums in Phuket we found that the largest number of developers choosing Phuket as their preferred location were in fact large Thai developers including Pruksa Real Estate, Sansiri, Supalai, Tri Property and The Bay Cliff.
Full article: http://phuketnews.phuketindex.com/business/phuket-condominiums-the-best-selling-product-206900.html
