Limited supply in Phuket holds prices

Phuket’s supply of condos and luxury villas remained fairly static in the first quarter of 2010, according to a recently released CB Richard Ellis report.

Approximately 88 per cent of completed condos and apartments in Phuket had been sold by the end of the first quarter of 2010, according to the report. Only one new condominium project was completed on the island during the quarter raising the amount of units to about 3,000, an increase of only 0.3 per cent quarter-on-quarter. In Q1 2010, the average asking price of a condo unit was about THB 116,000 per square metre in Phuket.

Two villa development projects were completed in the quarter, raising the stock 0.86 per cent quarter-on-quarter to 3,600 units. CBRE estimated that 77 per cent of completed luxury villa stock had been sold by the end of the quarter, with an average asking prices of THB 139.3 million.

The report said that Phuket pricing continues to hold firm, driven by limited supply and the general strength of the region.


By bperry
From : Property Report : July 18, 2010