The Phuket Property market is going through the last recession much better than expected with a slow down in new developments but most of the real estate units having already been sold there is still some discounted property on the market.
With local politics raising its head and the global recession some developers see the end to the market while others see opportunity. “The market is not slow in Phuket; it is dead. It is absolutely dead,” Larry Cunningham, the chief executive of Phuket One Real Estate, said after the latest disturbances to the New York Times.
With the current political upheaval costing Thailand in the region of 100 billion baht, or $2.8 billion the Thai Prime Minister last week lifted the state of emergency in Bangkok. What is however seen on television does however not paint the reality on the streets. Businesses are still operating as normal however the perception based on why people see on television has put foreign buyers on hold.
Tourism might have taken a knock, and then again so did it two years ago when the military took over. Not long after the take over, it was again business as usual and this time there is no doubt in the writers mind that everything will be back to normal soon enough. This however does provide the opportunity to buy real estate in Phuket at a discounted rate which will not last long when the market goes back up. Buying when the market is down has always proved to be the best time to buy.
With less units on the market and even less new developments coming online, the property market in Phuket would be interesting to view a year from now. “Developers who are partway in are slowing down,” said Charlotte Filleul, the general manager of resort property for the Phuket office of CB Richard Ellis. “A lot of those that were on the drawing board are never going to get off the drawing board.” With a tight market in the making, one wonders how tight the prices ranges will be.
The choice is yours. You can either buy while the market is down or buy property units at a discounted rate alternatively wait until the clouds move over and the prices are high. Make the intelligent choice!
Hua Hin is one of the best places in Thailand to purchase property. The town does not only have Thailand’s oldest golf course but also boasts one the the Royal Families palaces. The town is quiet, clean and has many developments which keeps its large retired expat community content. Most expats who retire in Thailand buy a villa or house in Hua Hin as it is a very peaceful town.
Hua Hin is located less then 3 hours drive from Bangkok and is an old fishing villiage. Hua Hin offers those buying property in Thailand a more relaxed pace of life from other beach resorts, although it doesn’t lack for facilities and nightlife, it’s also the location of the King´s summer residence. House prices start from £30,000, currently a 200m2 townhouse with 3 beds and 2 baths and a sea view from the top floor is on the market for £33,000. Modern apartments with shared facilities such as swimming pools and gyms start from £38,000 and an apartment with a sea view can be had from £58,000.
It has long been the favourite retirement location for expats who wish to escape the rat race of Bangkok or party atmosphere of Pattaya. With a growing expat community Hua Hin property retains its value well.
Siam Legal with its head office in Bangkok has property lawyers not only in Bangkok but also in Pattaya, Chonburi near the Pattaya bus station. We also have branch offices in Phuket, Samui, Chiang Mai and Hua Hin. We are the most cost effective law firm in Thailand and all our property transfer fees are set unlike most other law firms in Thailand. Contact us today for a free first consultation. See our main website!