Connect with us

Phuket

Experts predict Phuket’s housing market is headed for positive territory

Legacy Phuket Gazette

Published

 on 

PHUKET: After a long lull in the province’s real estate market, experts believe at least 5 billion baht will be invested into the market between the last fiscal quarter of this year and the first quarter of next year.

The Phuket Real Estate Association (PREA) president, Thanusak Pungdet, made the announcement yesterday, after reportedly meeting with developers and reviewing market forecasts.

“2016 real estate investment is quite slow, in the demand for both housing and condominiums,” Mr Thanusak said. “There have not been many new projects being built over the past months.”

Mr Thanusak said the PREA believes the absence of new building projects in Phuket is due to a glut in chronically unsold units left over from previous years. More than 2,000 condo units were left unsold last year along with an estimated 300 houses, according to the association’s research.

Mr Thanusak said optimistic forecasts were partly due to government intervention.

“The first quarter of this year, the government began a campaign to boost investment by decreasing the ownership transfer tax,” he said.

Mr Thanusak also chairs the Provincial Real Estate Standing Committee, along with Phuket Governor Chamroen Tipayapongtada.

“We’re seeing a better situation in the Phuket real estate market right now, and I believe the last quarter of the year will be even better, as more projects come onto the market.”

PREA estimates that the best-selling properties will be 2 to 3 million baht houses, while higher market sales may also see gains in the coming quarters.

“I have confidence in Phuket’s tourism growth,” Mr Thanusak said. “That will always bring investors to Phuket, as people come and choose to stay and settle down.”

— Kritsada Mueanhawong

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Phuket5 hours ago

Domestic travel to Phuket all but banned starting August 2

Coronavirus (Covid-19)6 hours ago

Despite Covid-19 Phuket Sandbox continues at least 2 weeks

Coronavirus (Covid-19)8 hours ago

Chulalongkorn University progressing on domestic mRNA vaccine

Sponsored16 hours ago

Experience Phuket’s Islands with 5 Star Marine

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Koh Samui13 hours ago

Black Club Covid-19 outbreak on Koh Samui widens

Thailand13 hours ago

Possible earthquake in Nonthaburi this morning

Best of14 hours ago

Chiang Mai’s 8 most indulgent spa hotels

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)14 hours ago

Bangkok Bang Sue scam under investigation, 7 volunteers and counting to be questioned

Thailand15 hours ago

Thailand News Today | ‘Crowding’ due to camera angles, train hospitals | July 29

Thailand15 hours ago

Spray guns ineffective and dangerous, says TFDA

Drugs15 hours ago

Methamphetamine pills hidden in instant noodle packets delivered for Covid patient

Coronavirus (Covid-19)16 hours ago

Anonymous “Dr Sandy” says pray the Covid situation gets better

Coronavirus (Covid-19)16 hours ago

Thursday Covid Update: Record high of 17,669 new cases; provincial totals

Phuket17 hours ago

Phuket governor eyes construction camps for stricter Covid measures

Best of18 hours ago

Top 5 spas in Chiang Mai

Coronavirus (Covid-19)18 hours ago

Health Minister says Bang Sue not crowded, blames “camera angles”

Thailand5 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism5 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket5 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism5 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand5 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism5 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand6 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand6 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand6 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand7 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand7 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand7 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand7 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand7 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand7 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending