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Phuket property market buoyed by local buyers

June 16, 2011

Over 80 per cent of the buyers of Phuket residential are Thais, especially those working in the hotel, banking and health industries. Some of the buyers are foreigners married to Thais, according to a survey by property consultant Knight Frank.

“Thai buyers are price-conscious. They have a limited budget and prefer to buy residential units for non-speculative purpose,” said Knight Frank Phuket director Nattha Kahapana.

There were 91 residential projects, comprising 12,181 units, being marketed as end of April 2011. The majority of residential types being marketed are townhouses, accounting for around 27 per cent of the total supply, followed by single-detached houses and condominiums, representing 26 per cent and 22 per cent, respectively.

There were approximately 8,265 units sold out of 12,181 units, representing 67.9 per cent. The sold rate has picked up from 2009 due to their income growth in 2010 as tourism in Phuket has picked up in 2010, thus there were many tourists arrival to Phuket in 2010 and stayed in the hotels. The major buyers in this segment are working in the hospitality industry. Thus, their revenue has increased so they preferred to buy the residences rather than rent it out.

The popular residential type is townhouse, with approximately 2,509 units, followed by Single-detached house and Semi-detached house, with about 2,374 units and 1,522 units respectively.

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