Phuket Property Market Outlook for 2020
As a successful real estate company with more than ten years’ experience in the game, we pride ourselves in making sure that you are kept up to date with the correct and latest information on what’s happening in the market and how we anticipate the rest of the outlook stands for 2020, based on our experience.
For those unfamiliar with Phuket's real estate industry, one thing you should know is how resilient the property market has become. As Thailand is a country that has faced many challenging times due to its much-debated political instability, the global financial crisis in 2008 and not to mention the devastating tsunami in 2005, this has allowed businesses to adjust during difficult times, which has forced many to have to re-strategize more than once. A province such as Phuket has a large number of foreign buyers, and thus the island is typically a cash market where real estate is concerned. Competition is fierce and therefore developers, and pretty much anybody who is tied to the real estate industry needs to be incredibly dynamic and always forced to reinvent themselves while thinking outside the box to survive and be successful.
While the forecast for other islands and hot spots around the world may be on shaky ground right now, we at PhuketBuyHouse do not fear the worst. We are confident that after a period of stagnation, the real estate market will regain momentum as in the past, bringing buyers from abroad ready to invest. From what we have seen of late, this looks like it may happen a lot sooner than we think. Being in South East Asia does, of course, have its advantages too. We are already experiencing a surge in new online traffic, resulting in a few purchases from investors. Phuket still has, and we believe always will have, that pulling factor that creates demand. This is evident by the massive amounts invested in real estate time over the years. We can't see this changing anytime soon. Of course, there will always be slower periods, which is taken into consideration without fail.
For the remainder of 2020, our projection sees the entry-level condominium market taking the lead, with people investing smaller amounts in studio-sized units. Based on our recent findings, the average price that potential buyers are spending falls in between the range between 2-5 million baht at present. We also see a presence in online sales that seems to be an upward trend of late, and we expect this will continue to increase throughout 2020. Thailand still presents itself as a haven for investors due to its affordability within the property market. Having a stable currency such as Thai baht helps investors feel more at ease knowing that return on investment will not be too affected, as is the case in other countries. It is reported that the government will be concentrating on boosting tourism within the next few months, which we know will have an almost instant effect in the property market sector.
Watch this space as things begin to take off again in a whole new exciting direction!
