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Knight Frank predicts Phuket surge

February 7, 2012

The Phuket residential market is surging as wealthy Asians and a growing Asian travel market flock to the resort island, says real estate consulting firm Knight Frank Thailand.

Nattha Kahapana, director of Knight Frank Phuket, believes Phuket is gaining popularity with South Koreans, Chinese, Singaporeans and Indians.

“We will see several Indian arrivals this month, as Valentine’s Day will bring lots of weddings, with about 200 Indian couples expected to join in the ceremonies,” he said.

Knight Frank Thailand Research projects residential demand will come from wealthy Asians visiting Phuket looking for condominiums and villas.

The Airport Authority of Thailand reported Phuket airport welcomed 4.2 million passengers during the Year of the Rabbit. This was a 20% increase from 2010, which registered 3.5 million passengers.

Last month, 187 villa units were launched from three projects, bringing the total available to 1,972 units. There were only 13 villas in the luxury segment located on Millionaire’s Mile, also known as Kamala, while the rest were in the mid-range segment that is affordable to most Asians.

More luxury villa projects are expected in Phuket this year. Laguna will launch The Odyssey, a mixed-used retail, villa and condominium project, with another 134 villa units situated at Ao Por on the eastern coast.

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