The popular Thai resort of Phuket experienced a marked decrease in the number of overseas property investors buying on the island with the forced closure of its airports due to public disorder last year playing its part.
An analysis of the situation by CB Richard Ellis has uncovered a significant drop in real estate transactions, fewer property launches and an increase in the number of projects being cancelled.
In its latest report it confirms that five years of a rising property market came to a halt in the last quarter of 2008. But Phuket is unlikely to suffer a property crisis like that seen in Spain, which also relies heavily on foreign property investors, analysts say.
