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Phuket demographics shift
Thailand Property Report
June 2008
According to a new report released by a leading real
estate services firm, the profile of buyers investing in
Phuket is changing rapidly.
Jones Lang LaSalle reports that whilst buyers from the UK,
US and the Scandinavian nations continue to generate the
majority of demand, demographics have been expanding
thanks to increased interest from Russians, Middle
Easterners and Asians.
Dan Tantisunthorn, the firm´s head of research in
Thailand, said: “Unlike the urban centre of Bangkok where
Thais represent a substantial portion of demand in most
condominium projects, the resort market of Phuket attracts
primarily foreign buyers, who avail condominium units on
both freehold and leasehold terms.”
He continued, “While traditionally the bulk of these
foreigners would be British, American or Scandinavian
nationals, affluent individuals from China, Russia, India,
Korea and the Middle Eastern countries are representing a
growing source of demand. This trend is reflective of the
growth in the number of tourists from these markets.”
The report also found that the high-end and luxury
condominium market in Phuket reported strong sales over
the high tourism season in 2008. “Outlook for the Phuket
high-end and luxury condominium market remains promising.
The growing reputation of Phuket as one of the world’s top
resort destinations will continue to attract buyers from
around the world looking for a holiday or retirement home
overseas.
“Moreover, the new government has expressed its strong
will to attract more overseas capital flows into Thailand.
The cancellation of the 30 per cent reserve on foreign
capital investments is a positive sign. In addition, the
Thai Finance Minister, Dr Surapong Suebwonglee, was
recently quoted as saying the Thai government was
considering to extend land leasehold periods. This is good
news for the Phuket market. Should the initiative
materialise, we can expect the market to be more robust,”
Dan concluded.
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