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Demand for property increasing

March 25, 2011

Demand for homes in Thailand, particularly new build residential properties, remained strong in the first quarter of this year.

A survey conducted by the The Nation showed that the top 10 Thai listed property developers recorded presales of around £800 million worth of new build homes during the first three months of 2011.

Many house builders in Thailand have recorded greater sales during the early part of this year compared to the corresponding period in 2010.

Asian Property Development’s chief executive Anuphong Asavabhokhin said that there had been particularly stronger demand for single detached houses and townhouses.

However, demand for condominiums slowed in the first quarter, reflected by the fact that fewer new condominium projects have so far been launched this year, compared to this time last year.

The island of Phuket is arguably the most popular destination for most Brits seeking to buy property in Thailand.

Research conducted by CB Richard Ellis last year found that homes in Phuket located along the seafront are exceptionally popular.

Phuket’s property market is being supported by a rise in tourism, which in turn is driving demand for homes to rent and buy.

Castlewood Group, a Singapore commercial Real Estate company confirms that tourism trends in Phuket are shifting to the Asian market, as Europeans are finding the economic situation not in their favor.

Direct flights and a shorter travelling distance, Chinese, Indonesians, Koreans and Indians are heading to Phuket to purchase condominiums and apartments to use as investment property as well as staying in the luxury hotels.

Phuket’s main features are the superb beaches, with deep blue oceans and tropical surroundings, as well as its diving and championship golf courses.

Predictions Confirmed for 2011 Tourism

Despite the fewer Europeans arriving to Phuket, international arrivals have risen by 29.61% in January this year. With no sign of the following months to slacken, confirming predictions of 2011 holding three times the number of tourists than 2010.

Private Jet Terminal at Phuket Airport

Rising numbers of air travel in Phuket has stirred communication with Airports of Thailand (AOT) which runs its six main airports and Phuket International Airport (PIA) to build a private jet terminal for Phuket’s high end tourists. The private jet terminal would include luxurious facilities for their clientele including five-star hospitality services, a budget of around THB200 million has been mentioned for the project. Phuket airport, Thailand’s second largest; currently handles around 35 private jets per month and will be hoping to increase that number with the introduction of a dedicated private jet terminal.

The southern resort island of Phuket attracts many affluent travelers, celebrities and is also a base for high-caliber business people due to its close proximity to business centers like Bangkok, Kuala Lumpur and Singapore, this project will allow Phuket airport to increase the capacity for all types of travelers as expansions and improvements in the main terminal are also now underway. Phuket airport will be equipped to handle 11.5 million passengers a year by 2016 when the work is complete.

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