Connect with us

Property

New hotel and condo developments flood Phuket’s property market

Bill Barnett

Published 

 on 

image
  • follow us in feedly

by Bill Barnett

The continuing wave of developers bringing hotel investment grade real estate to the Phuket real estate market is escalating.

Notable new entries include 74 units at the Melia Phuket Karon Residences that are now for sale. Pricing for one and two bedroom units starts at 8.4 million baht. A 7% three-year guarantee is offered with 30 days owner usage.

Meanwhile, at the newly launched Radisson Mai Khao, 110 condominium hotel residences range from 41-132 square metres. Prices go from 7.2 million baht with a 3 year guaranteed return of 6%.

And Laguna Phuket, which is a good barometer of the island’s broader resort-grade real estate sector, recently launched their Skypark entry level condominium under 3 million baht.

As real estate prices shrink, so is unit size, and pressure on the once dominant villa market is mounting.

There is growing concern that Phuket’s current real estate cycle is starting to mimic the big box condominium build-up in Spain’s resort property sector in the early to mid-2000’s and later came unhinged during the global financial crisis.

Above, an artists impression of one of the Melia Phuket Karon Residences

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.



Read more headlines, reports & breaking news in Phuket. Or catch up on your Thailand news.

Interested in more property news or buying property in Thailand - check out FazWaz today!

Bill Barnett has over 30 years of experience in the Asian hospitality and property markets. He is considered to be a leading authority on real estate trends across Asia, and has sat at almost every seat around the hospitality and real estate table. Bill promotes industry insight through regular conference speaking engagements and is continually gathering market intelligence. Over the past few years he has released four books on Asian property topics.

Click to comment

Leave a Reply

Your email address will not be published.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

Phuket

Dozens of Burmese, Thai workers demand back pay, benefits in Phuket

Jack Burton

Published

on

image
PHOTOS: The Phuket News

An estimated 100 Burmese and Thai workers went to Phuket Provincial Hall yesterday to report their employer for not paying them for 3 months, and to try and get some clarity if they still have jobs. They filed their complaint with the ombudsman’s office and the Labour Protection Social Security Office. 27 year old Burmese national Min Thu Khu explained to reporters that the workers’ predicament began in May, when many filed for the income support they are entitled to under the Social Security Act. Section 33 of the act entitles employees to compensation during periods of work cessation at […]

Continue Reading

Tourism

Phuket may be chosen as test case in phased re-opening to foreign tourists

Maya Taylor

Published

on

image
PHOTO: Syed Ahmad on Unsplash

As the Tourism Authority of Thailand considers how the country might safely re-open its borders, the Bangkok Post reports that there are tentative plans afoot to kick off the project with Phuket, possibly in October. The director-general of the Department of Health, Panpimon Wipulakorn, says Phuket’s position as a self-contained island means it would be easier to control any potential Covid-19 outbreak following re-opening. During the peak of the initial wave of Covid-19 infections in Thailand, Phuket had the highest rate of infections in the country, per capita, mostly concentrated in the Patong and Bang Tao areas. Meanwhile, TAT spokeswoman […]

Continue Reading

Phuket

Korean man in Phuket suicide

Jack Burton

Published

on

image
PHOTO: Phuket Andaman News

In an apparent suicide, the body of a South Korean man was found in a pickup truck in the city district of the southern resort province of Phuket yesterday, his head covered in a plastic bag. Police found the white pickup, with Phuket licence plates, in the car park of the Golden Triangle Been Co. in tambon Vichit after being alerted at around 11:40am. The body of the 40 year old man, whose name is being withheld pending notification of relatives and the South Korean embassy, was found in the driver’s seat. He was wearing a black T-shirt and jeans […]

Continue Reading
Follow The Thaiger by email:

Trending