Issue 14 | Feature brought to you by Phuket Tropical Properties
Phuket’s property market has witnessed significant changes in the last few years. According to property consultant James Kirby at Phuket Tropical Properties (PTP), these changes are a response to internal and external influences. Like any market that attracts global attention these factors include changes in currency rates or even the international sanctions that were imposed on Russia. Nevertheless, when one investor is out another one quickly takes their place.
Phuket is Thailand’s leading holiday destination that experiences a high level of property transactions. Therefore it is understandable why there is a concerted effort to look after the country’s prized beaches and keep the tourists rolling in. Since the military took power of Thailand in May 2014 there has been a strong emphasis on ‘cleaning up’, so to speak, some areas of the country.
Phuket has been subject to this clean up more than other areas. Actions have targeted sectors including the taxi industry, jet ski hire operators and illegal encroachment on beaches and adjacent public land, anything from sun loungers and beach umbrellas to bars, beach clubs and restaurants. This has enhanced the appearance of some of Phuket’s beaches, exposing the natural beauty, whilst redistributing the amenities.
Surin is an example of a popular beach location that has changed dramatically since most of the facilities along the beachfront were removed in January of this year. Kirby anticipates that the void created by this action will be filled by adjacent Bang Tao and there are strong indications that this is already happening.
There are a number of high quality, attractive condominium developments under way, particularly at the southern end of Bang Tao close to Surin. One example of this is The Panora Phuket, which has the backing of a successful and highly reputable developer and hotel/resort operator. There are other high quality developments that have been completed, are in progress or are planned for this area. This in turn will attract a new influx of high end restaurants and recreational facilities to the area supported by tourists with more money to spend.
Kamala is another beach location that is seeing strong growth, and it is no coincidence that the offices of PTP are located on the main street here. A new condominium development that stands out for its quality, value and superb location right on the beach is the MontAzure Twin Palm Residences. Construction commenced just a month or two ago.
Aside from the much loved beach locations, there has also been an increase in villa developments in various parts of the island. These tend to incorporate manicured tropical gardens and private pools, often found tucked away amongst rubber and pineapple plantations not far from the coast. In fact it is difficult to be far from the coast on Phuket. An area that is in high demand for its high quality private pool villas lies just inland from the resort complex of Laguna. These villas offer the convenience of proximity to some of Phuket’s best beaches and the five-star facilities of Laguna.
Kirby is enthusiastic in his appraisal of the current situation. There is so much to love about Phuket as a destination, as a tourist, an investor or a resident. Many foreigners choose to live in Phuket part time whilst others opt to retire here in the sun. Offering so much by way of lifestyle, Kirby knows that Phuket’s property market will always be resilient. The island’s infrastructure is continuously improving. Ongoing since the decision in the 1970s to forsake tin mining in favour of tourism, improvements continue to this day with the construction of new roads and underpasses. More significant is the new terminal building at Phuket International Airport due to open in months. With the potential to almost double the airport’s capacity from 6.5 to 12.5 million passengers per year, even though the airport has been operating well beyond its design capacity for years.
The positive attitude projected by Kirby when he talks about the future prospects for Phuket is overwhelming. It is evident that he love his job and is enthusiastic about finding the right property for his clients to put a smile on their faces. He is also positive when it comes to the quality and range of properties that he is able to offer. PTP has close to 1,500 listings and just a small sample can be viewed online here.
Having been established over 12 years ago, PTP boasts a prominent office in Kamala. Kirby explains that, “The emphasis of PTP’s approach is to meet the expectations of clients. The relationship with a potential buyer begins with asking relevant questions about the buyer’s needs and preferences and then listening carefully to the answers”. Kirby then works hard to source and present a range of properties that match those requirements. It is important not to be driven by any preconceived idea of what the buyer might or might not want. Kirby adds, “That very often a client will change his/her priorities as he/she views properties and develops a different perspective. It is important to embrace those changing priorities and modify the property portfolio accordingly”.