Phuket Property News: Weekly Highlights for August 7-11, 2023

Phuket's Real Estate Boom: New Luxury Developments Target Local and Foreign Buyers

Seeing a lot of new houses and condo projects being built in Phuket, Thailand. They're for local people and folks from other countries too. Major real estate developers such as Sansiri Supalai, CPN Residence, Laguna Properties, Origin Property, Cissa Group, and Botanica Luxury Phuket are leading the charge. All of the developers are starting new projects in Phuket, like homes, condos, hotels, shopping centers, and medical centers. The prices for these properties start from 3-70 million baht. You can find these new projects all over Phuket, including near the beach and in the city. Despite concerns about the long-term economy and a competitive housing market in Bangkok, the trend of expanding to provinces like Phuket is growing. These new places aren't just for Thai people; they're trying to get buyers from other countries like China and Russia too. They have different features and prices, and some even promise to give some money back over a few years. This makes them good for people looking for a holiday home or a long-term property to invest their money.

Further Details: https://www.thansettakij.com/real-estate/572609

Yona Beach Club Opens in Phuket: A Maritime Oasis with Panoramic Views Debuts as a Vibrant Social Hub

On 8th August, Yona Beach Club, a distinctive multi-level boat and floating beach club, made its debut in the East of Phuket, Thailand. In the warm waters of the Andaman Sea. Designed as "An Oasis At The Middle Of The Sea," YONA offers a transcendental lifestyle and food & beverage experience, with features including a 22-meter infinity pool, private cabanas, daybeds, and an exquisite restaurant. The club, a 1200m^2 state-of-the-art maritime engineering marvel, provides a panoramic 360-degree view of the ocean, exuding a vibrant, sophisticated, and timeless atmosphere. YONA is located near the soft waves and beautiful beaches. You can meet friends and have fun there. You can also have private parties and events there.

Further Details: https://www.bangkokpost.com/thailand/pr/2626225/yona-beach-club-sets-sail-for-debut-amidst-lush-surroundings-off-phukets-east-coast

Phuket's Real Estate Market Slows Amid Economic Uncertainty and Shaky Politics: Russian Interest Rises as Buyers Exercise Caution

The real estate market in Phuket, Thailand, is slowing down because of an unsure economy and shaky politics. Phumiphat Sinacharoen, the CEO of Proud Real Estate Public Company Limited, and Ms. Proudputh Liptapanlop, the Executive Director, are watching this trend. Even though people have the money to buy, especially in the luxury market, they are waiting longer to make decisions. They are taking more time to look at the political and economic situation. Chinese tourists are not buying as much as before, but Russian tourists are buying more property in Phuket. This trend is happening mainly in Phuket. The mix of political confusion, a wobbly economy, and changing interest rates is making people more careful about buying real estate there. Potential buyers are visiting properties many times before they decide to buy, which is making the buying process slower.

Further Details: https://www.bangkokbiznews.com/property/1082983

Phuket's Real Estate Market Thrives: Major Developers Target Luxury Housing Surge Amid Tourism Recovery 

In Phuket, Thailand, a significant surge in luxury housing and condominium projects is underway, targeting both local and foreign markets. Major real estate developers are initiating new projects, including Asset Wise Public Company Limited with 9 pool villa projects worth 14,000 million baht, and Cissa Group, planning to invest in 4 pool villa projects over 8,000 million baht. The focus on Phuket's real estate market began to recover towards the end of 2022, as tourists started to return, positively impacting both the hotel and residential business. The most popular areas for development include the Laguna zone, Bang Tao Beach, Layan Beach, Rawai, and Nai Harn. Central Pattana Plc. is getting ready to start a new condo project in Phuket this September. This shows that people are feeling more confident about the area's real estate opportunities.

Further Details: https://www.thansettakij.com/real-estate/572606

Thai Real Estate Market Shifts Focus Amid Economic Challenges

In the first half of 2023, Thai real estate developers, including firms like LWS Wisdom and Solution Co., Ltd., have slowed down the launch of new projects, particularly in condominiums, shifting focus to luxury homes and areas like the Eastern Economic Corridor (EEC) and Phuket. This shift is attributed to sluggish buying power, rising household debt reaching 90.6%, and political uncertainty. The growth of the real estate market in 2023 is expected to be no more than 5%, down from a previously forecasted 10-15%. Developers are also looking to provincial locations outside Bangkok to expand customer bases and generate sales, reflecting a strategic adaptation to the current economic climate.

Further Details: https://www.bangkokbiznews.com/property/1082337