The commercial sector in Phuket has been making all the headlines (as well as making most of the headway) in the current climate of boom that’s gripping the island.
Local companies Central and Sansiri are two of the main players, with a lot of the activity concentrated on property for sale in Phuket and in particular, in the south-east of the 60km-long-island, which enjoys its own international airport as well as being connected to the mainland by a road-bridge.
It’s all about bringing the shopping experience up to a higher level for the visiting tourists from Thailand and abroad and increasing the net worth to the benefit of the local economy. The Central Festival Phuket is a flagship city-centre retail development that has just completed a large extension with plans already in place for another to the immediate south of the giant complex. Meanwhile, another large mall - the Jungceylon Shopping Center - is undergoing a 50-million-baht ($1.6million) extension.
All of this is good news for an already-booming market for properties for sale in Phuket. In the last year alone, it’s estimated that residential prices (with condominiums dominating, similarly to the rest of the country) have increased by between 6% and 16% and it is expected that investment levels in the combined property sectors will reach BHT50 billion ($1.6billion) in the coming year.
Demand for residential property for sale in Phuket appears to be coming in equal measure from Thailand and abroad. The most popular areas are close to the famous sandy beaches of the west coast, particularly the northern end around Patong.
As in many other parts of Thailand, it is the lower end of the residential market that is the most active, but a number of estate agents - including CBRE - have reported a big jump in interest in the villa sector at the entry level, with the higher end remaining relatively stagnant. Chinese, Singaporean, Russian, British and Italian investors are amongst the most active foreign investors currently.
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There are stunning beaches to be found throughout the coastline around Phuket.