Phuket Real Estate Lawyer

Phuket Property Market Today

In 1990 CD Ellis Richards started selling resort properties in Thailand. They had started in Thailand with the Laguna property where they managed the planning and sales of the residential condo units. For those who have never been in Phuket or know the area of Laguna. The property used to be an old tin mine before it was converted into one the Thailand's better resort developments. It has been stated that it was this development in 1990 that was the start of the Phuket property boom!

Even through tough times, prices of property in Phuket have risen steadily over the years. Prime areas such as Kata, Patong and Bangtao (Where Siam Legal has its Phuket office) has experienced some of the highest growth. A parcel of land on the west coast of Phuket now reaches more than 40 million Baht for a rai of land. Beach front property in Phanagnga the land costs now in the region 20 million baht per rai. This of course depends on the location of the land in the area. 

The East coast of Phuket has now seen the new Yamu (a GHM-managed hotel) and Jumeirah Phuket Private Island being developed. Thereis also furhter developments in the pipeline for Phuket such as the construction of a Four Seasons hotel and a Park Hyatt. Property prices in Phuket are boiyant with the starting price for some of the best property starting at USD 5 million and many reaching USD10 million. Property prices in Phuket have reached dizzying heights as it is in such high demand. Driving these prices might be that more purchases of property in Phuket are now investment driven as the yeilds and capital appreciation is higher than the average property in Thailand.

Today, Koh Samui is seeing the emergence of a luxury villa market that caters to an expanding segment of sophisticated travellers. An increasing choice of residential and hotel developments is available. Adjacent to the new Four Seasons Resort Koh Samui is The Estates, Samui's first branded villa development of 14 units managed by Four Seasons, where more than 60% of the villas have been sold.

Soon to launch, W Koh Samui Retreat & Residences is the island's next branded residence development, and a flagship of CBRE Koh Samui. It offers 17 private residences set within the 75-room W Retreat. A number of international hotel chains are also under planning in Samui, including Conrad, Banyan Tree, Dusit, Park Hyatt and Intercontinental. The island is rapidly transforming from an offbeat beach destination into an established luxury market, with prices comparable to those in Phuket.

While Phuket remains the most mature resort property market in Thailand with the widest range and highest prices, Pattaya is undoubtedly the most popular destination, with more than 6.6 million visitors last year. Tourism is a main factor in the growth of resort real estate, and Pattaya has attracted a mix of foreign and Thai interest. The majority of recent developments are high-rise condominiums where prices have quickly progressed from below 100,000 to more than 125,000 baht per sq m. In high-end villa projects such as Baan Talay, prices of typical two-bedroom villas with partial sea views range from 15 to 30 million baht, depending on size and view quality, while premium first- and second-row beachfront villas have sold for between 50 and 100 million baht, though these are in limited supply.