Phuket, Layan Beach
It seems that those better times could have arrived with the property industry reporting a large increase in the number of enquiries and viewings over the last few weeks. The market has proved extremely stable in the last year - as we predicted prices have not decreased but have leveled out. A number of developers have been prepared to offer deals in exchange for quick completion to provide them with much needed cash flow and others, who are fortunate to be fully funded, have continued to progress with their construction.
We have seen the completion of Andara Residences in Kamala, Mandala Condominiums in Bangtao (who have built before going to market), Pearl of Naithon in Naithon and The Bay Cliff in Patong. Other developments such as Bangtao Tropical Residence, Oxygen Condominiums and Anchan villas are well under construction and due to complete within the next few months.
The confidence in the market has lead to price increases from a number of developers with Andara, Kamala Falls and West Sands all increasing prices by up to 10% over the last few weeks as they near completion and a complete sell-out of their remaining units.
New launches have been limited with only The Privilege at The Bay Cliff and The Eva Beach launching before the end of the year. The delay in new launches has left a distinct gap in the market for upscale properties - with only Andara currently offering apartment residences linked to a high quality resort development - as a consequence sales have been swift with only six units remaining as of today. Andara hope to launch a phase IV of their development within the next few months and we are also waiting for an announcement from Malaiwana regarding their residence apartments.
There is plenty of choice available in the mid to lower market ranges and excellent deals can be made with discounts of up to 20% on some properties along with free furniture packages and rental programs. Developers are also willing to negotiate on payment terms - allowing new investors the opportunity to spread payments over one to five years.
We feel extremely positive and optimistic for the months ahead and believe that now is an excellent time to be entering a recovering market, deals are still on the table and prices are keen - has there ever been a better time to secure yourself an investment property in Phuket?
(c) Copyright Phuket Ocean Villas Co. Ltd 2010
Author: Rebecca Smith, Sales Director, Phuket Ocean Villas Co. Ltd
http://www.phuketoceanvillas.com
email: info@phuketoceanvillas.com
Tel 0066 (0)76527565
