Phuket Luxury property sales top Bt1.1bn

PHUKET: Phuket’s luxury property market saw transactions worth 1.1 billion baht for the period of July through November last year, according to market research by leading Thai consulting firm C9 Hotelworks.

A growing resale sector accounted for 50 percent of the sales.

According to Bill Barnett, Managing Director of C9, “There was an absence of new high-end product in 2009, which propelled the secondary segment, while off plan product remains sluggish.”

“The failure to launch new projects is a key constraining factor limiting volume in the marketplace”.

According to the research, geographically, Kamala’s Millionaire’s Mile has experienced the highest level of activity.

Without significant new product entering the supply steam, the second half of 2009 has seen a growing number of premium ocean-view lots transacted with buyers set to develop their own luxury residences.

“Traditionally the period of December to April remains peak sales season, and feedback in the past few weeks has seen sales traction,” said Mr Barnett.

“Ultimately, the market desperately requires new launches to stimulate broader interest if there is to be a return to stabilized trading,” Mr Barnett concluded.

— Gazette Reporters