With it still unclear whether the Democrat Party or the Pheu Thai Party will form the next Thai government, top figures in the Phuket tourism and real estate sectors say a return to stability is the key to restoring the local economy.
Tanan Tanphaibul, President of the Phuket Real Estate Club, says the Phuket business community is calling for a government that can restore economic and political stability. Businesses agree that the real estate and tourism sectors on the island have suffered from the double impact of a declining economy and the cancellation of visits to Thailand, particularly by foreign tourists.
The plummeting visitor numbers following the turbulent economic and political situation, coupled with the recent seizures of Bangkok's airports, has adversely impacted the island's tourism industry and that, in turn, affected the local real-estate business, he said.
Unlike other provinces, the real-estate business in Phuket relies very heavily on the tourism sector, he noted.
Sunday, December 21, 2008
Sunday, December 14, 2008
Weakness seen in Bangkok luxe condo market
BANGKOK, THAILAND - THE luxury condominium market will dive next year as the global economic downturn continues to dry up the much-needed pool of cash-rich foreign investors, local property analysts said.
They predict that luxury condominium prices would drop by 10-20 per cent in the first half of 2009. Current high prices will stifle local demand, as the domestic political turmoil undermines investor sentiment, they said.
Despite Bangkok's luxury condominiums being relatively cheap - at around 100,000-150,000 baht (S$4,300-6,500) per square metre (psm), 8-12 times less than a similar property in Singapore or Hong Kong, according to Jones Lang LaSalle Research - demand has dropped off, analysts said.
They predict that luxury condominium prices would drop by 10-20 per cent in the first half of 2009. Current high prices will stifle local demand, as the domestic political turmoil undermines investor sentiment, they said.
Despite Bangkok's luxury condominiums being relatively cheap - at around 100,000-150,000 baht (S$4,300-6,500) per square metre (psm), 8-12 times less than a similar property in Singapore or Hong Kong, according to Jones Lang LaSalle Research - demand has dropped off, analysts said.
Wednesday, December 10, 2008
Phuket business community pleads for stability
With it still unclear whether the Democrat Party or the Pheu Thai Party will form the next Thai government, top figures in the Phuket tourism and real estate sectors say a return to stability is the key to restoring the local economy.
Tanan Tanphaibul, President of the Phuket Real Estate Club, says the Phuket business community is calling for a government that can restore economic and political stability. Businesses agree that the real estate and tourism sectors on the island have suffered from the double impact of a declining economy and the cancellation of visits to Thailand, particularly by foreign tourists.
The plummeting visitor numbers following the turbulent economic and political situation, coupled with the recent seizures of Bangkok's airports, has adversely impacted the island's tourism industry and that, in turn, affected the local real-estate business, he said.
Unlike other provinces, the real-estate business in Phuket relies very heavily on the tourism sector, he noted.
The new government must be able to restore investor confidence and tackle the ongoing political conflict, he added.
Tanan Tanphaibul, President of the Phuket Real Estate Club, says the Phuket business community is calling for a government that can restore economic and political stability. Businesses agree that the real estate and tourism sectors on the island have suffered from the double impact of a declining economy and the cancellation of visits to Thailand, particularly by foreign tourists.
The plummeting visitor numbers following the turbulent economic and political situation, coupled with the recent seizures of Bangkok's airports, has adversely impacted the island's tourism industry and that, in turn, affected the local real-estate business, he said.
Unlike other provinces, the real-estate business in Phuket relies very heavily on the tourism sector, he noted.
The new government must be able to restore investor confidence and tackle the ongoing political conflict, he added.
Sunday, December 7, 2008
Thailand property, Phuket Islands
A Jumeirah private island is the most outstanding islands of the world and is something worth visiting because of their elegant and enthralling beauty. The phuket islands are managed by Dubai based luxury international hospitality group Jumeirah, and is located 500 meters off Phuket in the Southern Gateway of Phang Nga Bay. For those whose flight of the imagination is to spend their vacations in paradise, then phuket islands is the final destination for them.
Phuket is an alluring area of Thailand that offers the beach villas phuket, marinas phuket, the elite residential villas, resort, super yacht marina, yacht club and super yacht phuket. The pious and adorable and untouched Phuket islands are awe-inspiring and refreshing.
The Jumeirah Private islands take up an 80 acre island resort which is supposed to be completed in 2010. There are 12 beach villas and ocean villas that are open to sea for the viewers to enjoy the scenic beauty. Each of Jumeirah beach villas occupies a plot size of 650 sqm and 350sqm external living size and has direct beach fascia. The vacationers should prefer to visit the phuket islands any month except November or April as the number of tourist rises up in these months. Above all the phuket villas would be costlier during time as in contrast to the rest. The increase in demand creates a difficulty of booking a villa or hotel.
Phuket is an alluring area of Thailand that offers the beach villas phuket, marinas phuket, the elite residential villas, resort, super yacht marina, yacht club and super yacht phuket. The pious and adorable and untouched Phuket islands are awe-inspiring and refreshing.
The Jumeirah Private islands take up an 80 acre island resort which is supposed to be completed in 2010. There are 12 beach villas and ocean villas that are open to sea for the viewers to enjoy the scenic beauty. Each of Jumeirah beach villas occupies a plot size of 650 sqm and 350sqm external living size and has direct beach fascia. The vacationers should prefer to visit the phuket islands any month except November or April as the number of tourist rises up in these months. Above all the phuket villas would be costlier during time as in contrast to the rest. The increase in demand creates a difficulty of booking a villa or hotel.
Wednesday, December 3, 2008
Cabinet extends property sector tax reprieve until 2010
The Thai cabinet on Tuesday gave an approval to extend tax measures aimed at stimulating property sector in the country for another year, until March 28, 2010, according to a government spokesperson, but failed to consider a measure to offer relief and assistance to the rising numbers of foreign tourists and business travellers stranded in Thailand.
The Cabinet did not consider a request to approve an allocation of Bt1 billion to help foreign travellers stranded in Thailand and Thai tourists caught overseas because of the airport closure.
Under the tax measure extensions, the special business tax collected on business will be reduced to 0.1 per cent from the current 3.3 per cent, while the real estate transfer registration and mortgage fees will be reduced to 0.01 per cent.
The green light was given by the cabinet only hours before the Constitution Court gave its ruling on dissolving three political parties, including the People Power Party headed by Prime Minister Somchai Wongsawat, on fraud charges during a general election held in December last year.
Senior executives of the three parties, including Mr. Somchai, will not be allowed to participate in any political activities for five years.
The Cabinet did not consider a request to approve an allocation of Bt1 billion to help foreign travellers stranded in Thailand and Thai tourists caught overseas because of the airport closure.
Under the tax measure extensions, the special business tax collected on business will be reduced to 0.1 per cent from the current 3.3 per cent, while the real estate transfer registration and mortgage fees will be reduced to 0.01 per cent.
The green light was given by the cabinet only hours before the Constitution Court gave its ruling on dissolving three political parties, including the People Power Party headed by Prime Minister Somchai Wongsawat, on fraud charges during a general election held in December last year.
Senior executives of the three parties, including Mr. Somchai, will not be allowed to participate in any political activities for five years.
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