Looking to buy property in Phuket? Hurry because the Thai property market is growing!

Colliers International is supporting its clients in Thailand who are developing THB 10 million worth of real estate.  

The vast majority of these projects, around 70% are residential. The rest are office and retail developments.  

According to Colliers residential, retail and office property markets around Thailand are expected to be on the increase and confidence of buyers to increase as 2014 goes on.

Only a minority of developers have postponed their plans in light of the May coup. The remainder of Colliers clients are going ahead with their development strategies according to their business goals.

During the first few months of 2014 in Bangkok, according to Colliers, condo sales were down. The sales had declined by some 20% from the same period last year. However there were some 7000 new condo unit launches in June that saw 40% of their overall project value sold right away, showing renewed growth.

For those who are looking to buy property in Phuket the growth around Thailand in general reinforces the strength of Phuket’s local market.

Across-the-board retail and office sectors retained stable growth rates of an average 5% during 2014. Only a few foreign firms postponed expansion of their office space.

Compared to office developments, retail developers have renewed their efforts to increase their investment activities during 2014. Figures show that up to 700,000 square metres of fresh space will be available for commercial opportunities towards the end of the year. Despite only slight economic growth this year the demand for retail space remains high.

Bangkok’s economic status is arguably a leading indicator or predictor of the countries potential growth as a whole. As significant growth in real estate is being observed this should give confidence to those who wish to buy property in Phuket.