Phuket Real Estate Still Hot in The Market

The economy recession and political factors has not slowed down real estate business in Phuket, as demand remains steady.

Phuket has long been a favorite tourist destination from people all over the world. The breathtaking views around the island, the wonderful beaches and not to mention, varieties of great food have not only attracted people to come here, but to call it home as well. The island’s real estate has become a thriving business with properties mushrooming all over and the currency exchange rate advantage by overseas buyers has by far, made the intent for ownership even more attractive. Despite the economy slowdown, luxury villas in Phuket has seen a steady demand throughout, with a Bt3.5 billion transaction hit in the second quarter of 2009, as reported by C9 Hotelworks consultants. With increasing demand over the years, it is predicted that these properties won’t be enough to meet the needs of the market and this will in fact drive the increased value of it.

Darren Edmonstone, Outrigger Enterprises Senior Vice-president for Asia, whose company owns two massive luxury properties in Phuket, says that warm-weather resort destinations in Southeast Asia are in fact the most appealing development spots today. Other known developers who have jumped into the bandwagon includes Prism Estates, a Hong Kong based developer. Prism Estates has just completed the site infrastructure for Istana, a luxury villas project which was featured in Robb’s Reports Vacation Home as their ‘Top Ten Thailand Luxury Properties’ in July 2009.