Foreigners snap up Phuket condos
Phuket's condominium market, which caters mainly to foreigners, has much room to grow, as it reported sales of Bt6 billion last year, or 38 per cent of Thailand's total market.
Steve Brajak, general manager of Raimon Land's Phuket operation, said 644 condominium units were completed on the island-province last year, adding that an additional 1,314 apartments would follow soon. Sales amounting to 70 per cent of new units have meant a real-estate revival in Phuket. Brajak believes the popularity of condominiums in a market consisting largely of duplexes and detached houses is partly due to the convenient acquisition process and uncertainty over foreign-ownership laws. Sopon Pornchokchai, managing director of the Agency for Real Estate Affairs, said foreign property investments outpaced those by Thai investors by Bt38 billion last year. Locals bought about Bt32 billion worth of properties, compared with Bt70 billion invested by foreigners. The trend looks set to continue, as more super-premium developers, hand-in-hand with global hotel chains, invest in Phuket. Tom Travers, managing partner of Indigo Real Estate, said world-class hotels and resorts like Banyan Tree and Shangri-La had now diversified into branded residences. Brajak said Banyan Tree built 22 pool villas located within the Laguna Resort complex. These units were sold for between US$2.25 million and $3.25 million (between Bt78.26 million and Bt113 million) each.
Ki Nan Tsui The Nation Phuket
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