PHUKET: A majority of Phuket Gazette online readers feel that real estate prices in Phuket will fall over the next five years due to oversupply, according to the most recent online poll.
A total of 1,868 readers who took part in the 12-day poll were asked:
Tanan Tanpaiboon, former head of the Phuket Real Estate Association, recently warned that over-development in the Phuket real estate sector risks creating a “bubble” that could see real estate prices fall due to oversupply. What do you think will be the overall trend in real estate prices on Phuket over the next five years?
Overall, nearly two-thirds of those taking part (62.5%) thought that real estate prices would fall. Of these, most thought the fall would be large (32.7%), slightly more than those who predicted a moderate decrease (29.8%).
In contrast, just under a third of voters (29.4%) thought prices would rise. Of these, the majority (23.8%) predicted only a moderate rise, while just 5.6% thought the rise would be large.
The remainder of those taking part, 8.1%, predicted real estate prices would hold steady.
In a breakdown by demographic, those identifying themselves as Thais were the most pessimistic, with 71% thinking prices would fall. Of these, more people thought the fall would be large (40%) than moderate (32%).
The trend in voting among those identifying themselves as “foreign local residents” or “tourists or visitors” were almost identical, with more than 60% in each group predicting a fall in asset prices.
For the complete poll results, click here.
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