Developers who are focused on the Phuket property market will likely be focusing their efforts on projects worth more than fifty million baht in 2014 due to the increased demand from foreign and national investors, so reports The Nation in a recent study they conducted. The study also shows that many investors and developers located in both Phuket and Bangkok have already begun new developments for both residential and commercial use in the area.
The strategy behind the investment is to transform Phuket into a highly sought after luxury destination for travellers and expatriates from all over the globe. One company, Central Retail Corp is attempting to close up the holes in the business segment with luxury hotels, high-end shopping malls and business towers, says Tos Chirathivat, the company’s chief executive.
Additionally, CB Richard Ellis conducted a recent study that demonstrates the growing need for residential properties on the island is coming from investors from Thailand and all over the world, many of whom are looking to purchase a holiday property. The largest group of foreigners come mainly from Europe, specifically from Scandinavia, as well as investors from Singapore.
From now until 2015, about four thousand new residential properties including condos and low-rises will be completed on Phuket. The popular condos will be priced between one and half million baht and five million baht, while townhouse prices typically fall between three million baht and five million baht, and detached houses and villas are typically priced around five million baht. Condo units priced between one million baht and two million baht are particularly high in demand. It is expected that property developers will extend their projects that are worth over fifty million baht in Phuket through 2014, as there is a high demand from Thai and foreign investors, so says The Nation in the aforementioned study.
