Asian Foreigners Drive Phuket Residential Property Market
Demand for Phuket residential property market and projects in Phuket is growing strongly among both locals and foreigners, especially for homes priced between Bt2 million and Bt5 million. While demand for luxury residences in Phuket took a hit last year and early this year because of the European debt
crisis, demand among locals and foreigners from Asia markets including Singapore, Hong Kong, India and Malaysia continues to grow, challenging Bangkok property firms to expand their investment in the province.
Uthai Uthaisangsuk, Sansiri senior vice president for business development and condominium development, said the supply of residential units in Phuket was 7,320, up 8% overall last year. The condominium market has experienced the highest growth, followed by detached houses and then townhouses. The new supply is mostly in the downtown area and the east of the island, where demand is strongest.
There is also demand for property in the western and southern ends of Phuket. However, the strongest demand is for units priced at Bt2 million and Bt5 million.
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