Phuket's shifting property landscape
Several key factors, including a broadening of the traditional demand and the introduction of top-notch developers, are coming together to signal a market upswing on the resort island
- Published: 2 Dec 2012 at 00.00
- Newspaper section: Spectrum
Phuket's resort residential sales market has moved in phases since the 1990s but has experienced a slowdown since the 2008 global crisis, given the market's dependence on foreign demand. The market now appears ripe for another positive phase of development, which is being characterised by changes in the key players, the product and also buyer profiles.
DEVELOPERS AND KEY PLAYERS
Smaller foreign developers dominated the market before 2008. These developers were generally less well funded and relied on buyers' deposits for construction. Since the global crisis, these developers have found it difficult to survive in a competitive market with weaker buying demand; consequently many projects were suspended or put on hold.
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