If the past five years were dominated by off-plan sales the reverse might now said to be the case. That and completed or nearly completed developments continue to sell well. This is to be expected. Buying your dream on a piece of bare land has lost some of its appeal as buyers fear the developer may not have the financial resources to complete the development if sales are insufficient.
This risk should be minimal if the agent has carried out the vital checks he should do before entertaining presenting a developer.
However as the market became more sophisticated and more exceptional properties entered the market as resales it was inevitable that the resale market would evolve in line with its couterparts in other parts of the world. The fact is that prior to 5 years ago there was very little high standard property available, Thailand was still very much the land of the backpacker and the beach hut and the few high net worth individuals who sought out the rare secluded 5 Star retreats. The world and in particular, Thailand, has moved on at breakneck speed since then to compete in the ever increasing thirst for second home ownership of luxury condos and villas. What is becoming even more evident is that despite the deduction in prices of property worldwide Phuket still looks extremely attractive.
To compare property elsewhere it is not sufficient to say compare a 2 bed condo on the Costa del Sol or the Cote d' Azure for that matter with what on first impressions might be a similar property in Phuket .
The truth is likely to be that the 2 bed condo on Phuket is twice the size and four times the quality of the other regions. The level of sophistication of Phuket's property, that aimed at Foreigners and wealthy Thais, is in a different stratosphere to much of what Europe has to offer. To get anywhere close one would have to pay at least twice as much in Europe holiday hotspots. Spanish and French builders are still building quickly and cheaply with so-called "luxuries" still including air conditioning and even fully tiled bathrooms not to mention his and hers washbasins. These features are now commonplace in Phuket in even the cheapest of condo developments.
The standard of finishing and materials used here is quite exceptional. Another massive attraction of buying here is that the level of security and on site housekeeping will again far surpass the other regions. This is largely because staff costs are much lower and Thai people are much more likely to adopt a willingness to serve the owners and visitor within their development. Old fashioned courtesy is rarely seen in anything but the grand old dames and 6 Star Hotels and resorts in most other parts of the world. Here it is a way of life
David Wade