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Phuket market looks buoyant

September 29, 2010

Phuket’s residential property market should continue to improve in line with the global economic recovery given no new political turmoil, according to new research from Knight Frank Thailand.

The company believes that political stability will reinforce consumer confidence, not only for Phuket but for Thailand as a whole.

Managing director Phanom Kanjanathiemthao said the economies of the countries where many of Phuket’s condominium and villa buyers come from  Singapore, Australia, Germany, Switzerland, England and Russia were on the rise.

“This allows buyers in those countries to feel more confident about buying holiday homes in Phuket,” he said.

The company found the average selling price of a villa in Phuket dropped by 14% to 50.3 million baht (US$1.6 million) in the first quarter this year from 59 million baht ($1.89 million) last year. This was a result of political uncertainty that forced villa owners to reduce their prices to attract buyers. Knight Frank has seen more inquiries from foreigners in the past two months.

He said although the market was slow in the second quarter due to the political situation, not much supply entered the market. Most villas in Phuket are not pre-built, reducing the chances of oversupply.

Phuket condo supply during the first quarter was 4,686 units, up 65 from the end of last year. New projects were small developments while the average selling prices slightly increased to 89,113 baht ($2,849) per square metre from 88,885 baht ($2,841).

“The increase in price doesn’t sound reasonable when compared to the slowdown in the Phuket property market. However we found sporadic condo transactions. The condo market seems to be in better shape than the villa market,” said Mr Phanom.

He believes the strong baht and high interest rates should not have a major effect on the villa and condo markets in Phuket as most villas are sold in US dollars and buyers generally tend to pay in cash.

Absolute Twin Sands Resort & Spa, Phuket

Twin Sands Resort and Spa is located on seven Rai, (11,200m2) of prime ocean view land, in the Tri Trang area of Patong, is aimed at the mid to low end of the Phuket property market with prices ranging from 4.7m Baht to 15.2m Baht.

The location is certainly appealing, just a few kilometres from the bustling nightlife and entertainment centre of Patong, but yet far enough away to be peaceful.  It’s ideal for those who want to party all night and come back to a place where they can relax and unwind.

Positioned between two idyllic beaches, Merlin and Tri Trang, Twin Sands owners can deliberate over which beach they visit, whether to spend the day lounging beside the communal pool or to take the resort shuttle bus into the centre of Patong.

Twin Sands will be built to the same exacting standards as Absolute Nakalay Beach Resort, the developers primary resort located on Nakalay beach on the outskirts of Kamala.  Designs at Absolute are distinctively modern and maximise natural light with large scale windows and good use of outdoor terracing.  Twin Sands Resort and Spa will comprise 46 units in the first phase, with a range of studio (50m2), one bedroom (80m2) and two bedroom apartments (120m2).

Purchasers at Absolute Resorts, buy not only due to the exceptional quality of design, breathtaking ocean views and convenient location but also because of the superb rental programme which is fully managed by the resort and guarantees owners an excellent return on investment.

Owners will also benefit from a good range of facilities which include, a restaurant and bar, pool lounge bar, fitness centre and spa as well as an infinity edged swimming pool and plenty of terraces for sun-bathing.

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