Resorts buck the property trend

Although the property market in Bangkok and its surrounding area has shown signs of dropping 10-20 per cent this year, property developments at the country's tourist destinations are recording strong growth of up to 10 per cent. The main developments include resorts and villas at beach destinations such as Pattaya, Hua Hin, Cha-am, Koh Samui and Phuket. A recent survey conducted by Ocean Property has shown, for instance, that the property market in Hua Hin and Cha-am has grown 10 per cent this year, following investments totalling Bt22 billion since July 2006. Of the total, Bt10 billion has been invested in detached housing, Bt10 billion in hotels and resorts and Bt2 billion in condominiums. Ocean Property itself has spent Bt1 billion to build the Asara Villa and Suites luxury resort in Hua Hin.