Phuket is Bouncing Back

If there is one thing that us Phuketians have learned, storms may come and go, but our island is filled with astute business people and individuals who are equipped to weather any storm that comes our way.

If we consider where we were a few months back, versus where we are now, strategies have been put in place to allow things to work to our advantage, and this certainly is paying off!

Although Thailand has not opened its borders just yet, our forward-thinking and alternative strategies have had an immediate effect on keeping the property market afloat. While yes now you can find prices never seen before on some properties, even discounted as much as 35%, Thailand is nowhere near the crisis point currently experienced in other countries.

Why is this you may ask?

Phuket is one of the wealthiest provinces in Thailand has many buyers who choose to purchase for investment purposes only, and the property market industry over here is very much a cash market. Fortunately, we are not reliant on mortgages, and for many, they do own several investment properties on this island. There is no major urgency for these people to have to sell their investment properties just yet. While yes one always wants to heed on the side of caution at times to ensure there is some spare cash around for such situations as now, and perhaps it would be nice to release some cash if need be, however, the average investor here is not facing financial hardship, such as folks in other countries, who are simply forced to sell at a loss, in order to have adequate funds to live off, while we weather the rest of this crisis.

In fact, we are finding quite the opposite. We are seeing more clientele form countries such as China, Hong Kong, and America, emerging as strong markets, with an online presence, ready to secure their investments and avoid keeping money in their countries.

In the next six to twelve months’ time, we anticipate a massive property boom out here in Phuket, as large investors are in the process of acquiring land, and scouting for good locations as we speak, with the aim to build more luxury developments and upmarket condominiums. They understand that there will soon be an influx of buyers coming to Phuket in this period, ready to get on the property ladder over here and do business like never before.

Where do these investors come from you may wonder, who has such money right now, you may ask?

With recent events in Hong Kong, many expats and local Hong Kong folk are ready to make the leap and find a more secure avenue for themselves and their businesses. Chinese are equally as unhappy with their strict government-imposed regulations on taking money out of their country and simply fed up with the level of control being enforced. Many are now looking for more freedom and the opportunity to invest more freely and live with fewer restrictions.

Singaporean buyers are still very keen on Phuket due to short flight over here and this has always appealed to large investors as well as those just looking for that weekend property to get away from the busy city life.

Our advice is to jump on board and invest as soon as possible, especially while there are deals around, which we are unlikely to see in the future.

Get in touch with us today to see just what incredible deals we have for you!