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Follow on Google News | Russians’ Increasing Demand for Phuket PropertyThe increase in demand for real estate property in Phuket is driven by burgeoning investment opportunities report Castlewood Group. But how long will this appeal last?
By: Mervyn Johnson Market research by Erawana Co., a Phuket-based developer, had shown that Phuket’s property sales for the first half of this year had increased by 25% as compared to the previous year. Sales are expected to reach 5.4 billion baht by the end of 2011 as compared to 4 billion baht in 2010. Despite the fact that the number of real estate projects has seen a gradual decline, property markets in Phuket have not yet experienced a steep decline. This is despite the global recession. After a five-year period that saw a constant increase in property prices in Phuket, there is evidence of the market price acceleration slowly reducing. This has been evidenced by a number of projects getting put on hold and a small number of real estate projects on the launching pad. For eager investors looking to get a piece of the resort island, this has been a welcome move making it easier for investors to negotiate the property selling price. The promise of making better real estate investments drives expatriates working in Singapore and Hong Kong, to purchase Phuket’s real estate property. What makes Phuket an even more attractive investment destination for Russian expatriates working in the Southeast Asian countries, is that the Thai resort island is not suffering from the after-effects of a global downturn compared to other global destinations such as Spain. Analysts, credit this to unique strengths that differentiate Phuket from other global resort destinations. According to investment analyst, not even the global economic downturn has been enough to dampen the economic viability of Phuket property markets. The Nation, a leading English newspaper in Thailand, recently pointed out that purchasing property in Phuket was a much better investment option compared to purchasing similar property in other resort destinations such as the Caribbean; as it offers the same value for a lower price. Part of the reason why Russian expatriates working in parts of Singapore and Hong Kong have shown such a great interest in Phuket’s real estate property, is because the Thailand Island offers great value as a resort destination compared to other Southeast Asian markets. It remains a choice of preference due to its mature developments, infrastructure, long white Sandy beaches and golf courses. The long-term potential for projects on the island is therefore very promising. It cannot be denied that Phuket is Asia's key resort destination. For investors looking to make investments in a burgeoning Phuket Property market, one thing that is for certain is that now is the time to buy. “Property buyers are attracted to the Asian property market with the Asian economy remaining strong,” commented Jarrat Beaumont, Group Sales Director of Castlewood Group, a commercial real estate developer based in Singapore. “With rising property prices in Asian countries such as Hong Kong and Singapore, property buyers are now turning to Phuket,” he added. The 8over8 hotel, a project by http://www.castlewoodgroup.com, will be situated in Phuket, near the beautiful Bang Tao Beach and Laguna Resort. It is scheduled for completion by the first quarter of 2013. # # # Castlewood Group are offering fantastic Investment opportunities from as little as $52,140 with annual returns of 5-30%. For more information, please contact Castlewood Group at 6303 0888 or visit our website http://www.castlewoodgroup.com End
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