Published on 04 March 2006 at 01:28 pm
Filed in Property News for Thailand » Strong Interest in Investment Property in Thailand’s Phuket
Since the mid 1980’s tourism interest in the Thai island of Phuket has been strengthening annually, and even the devastating effects of the 2004 Tsunami in the region failed to put a dampener on the appeal of this stunning location in the Andaman Sea.
The strength in tourism numbers is now being matched by the strength of international interest in the investment property market in Phuket which has been booming since the mid 1990’s.
Following the Boxing Day Tsunami tragedy, tourism numbers fell dramatically in Thailand and on Phuket in particular; but this initial decline in numbers has since been reversed as the appeal of the location cannot be overlooked. While tourism numbers still have a little way to go before the reach their peak again, property investor and developer interest in Thailand and Phuket has not waned.
It’s a fact that despite the initial impact of the decline in tourism numbers, the construction and property development industries in Thailand - and in particular on Phuket - have not slowed down at all. In fact, if anything the building and construction boom has accelerated since 2004.
The initial demand for a range of accommodation options and the development and construction of facilities and amenities for the tourist market kick started the property development industry in Phuket back in the 1980’s; this initial spark later developed into a second wave of demand for property in Thailand and Phuket from expatriates, those seeking a holiday home in an exciting and exotic location and also from those looking for a new fly-to-let destination.
Following the Tsunami the demand for properties for sale slowed slightly but the demand for the reconstruction and renovation of hotels and tourist accommodation and amenities fuelled the construction industry and ensured that the economic fortunes of Phuket were boosted. Nowadays the construction and property industries in Phuket provide the island with an economic backbone with an iron core and the change in fortunes that this Thai island has undergone have to be seen to be believed.
In terms of the future of property investor interest in Phuket, investment properties in Thailand are a must have for many a diversified real estate portfolio and those seeking the best potential for capital growth from their real estate investments should maybe consider focusing their interest on properties to be constructed around the marinas that Phuket has under construction currently on the east coast.
