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Hot property

May 23, 2011

Housing development in Thailand has remained strong, even as the Baht goes from strength to strength reports Castlewood Group; a Singapore based commercial Real Estate company. A recent survey by ‘The Nation’ revealed that the top 10 listed Thai property developers recorded presales of nearly THB4 billion between 1st January and mid March 2011.

Absolute Nirvana Place

The increases could be attributed to the improved operating environment and also to the economic and political stability.

So Who is Buying?

Alluring buyers from overseas, such as Russians who have recently set up direct flights to Phuket, are investing in these markets which are seeing 40 percent of revenue expected over this year from condominiums to landed properties.

Aeroflot the Russian national carrier now flies to Phuket 3 times a week in high season which is a boost for tourism and property and there are now several local real estate agents in Phuket who specialize in the Russian market, one of the favored places for Russians to invest in is in and around the Laguna Phuket area.

The Beach Samui

Despite the long flights of at least 29 hours from Moscow to Phuket, via Vienna, there is no doubt that Russians remain increasingly interested in the Phuket property market.

Castlewood Group’s Managing Director, Chris Comer, commented, “Property investment in Thailand is a hot commodity. Our luxury 8over8 Hotel will be situated in Phuket, close to the Laguna and Bang Tao Beach, and comprises of 154 suites and 17 stakeholders suites.”

European Tourism Industry in 2010

Meanwhile Thailand’s tourism industry reached a total of 15.48million in 2010 with 27.41% being from Europe, a 6.93% increase from 2009.

The highest average length of stay was 18.60 days, highest average daily spending of US$122.14 per day and highest generation of tourism receipts of US$977.70million.

Russia is determined to be the top source of European tourism market this year.

Absolute Nakalay Resort and Spa

Castlewood Group’s Managing Director, Chris Comer commented, “The Asian and European tourism market has grown rapidly in Thailand. Even the smaller European markets such as Norway and Switzerland have risen by 2.45% and 4.55% respectively. We believe 2011 will see a greater escalation in both the European and Asian sectors.”

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