Phuket Property Watch Your Eyes on Real Estate in Thailand
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Slow news Sunday? Get your fix with Phuket Property Watch! Today we’ve got some interesting items from the pipeline. First up is an EdgeProperty look at Bangkok property markets in 2018 with previews for 2019 thanks to James Pitchon of CBRE. As of 5 Nov, Sansiri reported foreign buyer presales at 12.5b THB, well within reach of the years 13b THB target, thanks in part to four new Bangkok projects showcased in Singapore on 24-25 Nov: XT Phayathai, XT Ekkamai, The Base Saphanmai and The Line Wongsawang. Pitchon, CBRE’s executive director of research and consulting described project launches increasing throughout the year, many developments situating near mass transit lines with a 26% improvement on new condo launch prices over last year at 138,000 THB / sqm. Future infrastructure investments in Bangkok, mentioned in an Urban Land Institute and PwC November report, are expected to transform public transit and add many additional opportunities for shrewd developers. Pitchon also described how domestic home sales may be slowing down, with 1 Jan rules coming into effect from the Bank of Thailand, 2nd-home purchasers and purchasers of homes of 10m THB or more will be required to make a minimum down payment of 20%.
Our last item today is from the Phuket News, about a 178-rai plot of land including 3km of Layan beachfront land, ownership of which is under dispute between developers and the Government, currently being appealed in the Supreme Court (get some older background from The Thaiger – Supreme Court says Layan beachfront is ‘public land’). The current update from MaAnn Samran, Cherngtalay OrBorTor Chief is for the public to stay clear and not enter any gated properties in Layan beach until the Court has made its decision. Samran further explained that trespassing issues and lawsuits could be the penalties for encroaching on the land in the meantime.
So there you have it, all you wanted to know about real estate in Thailand for today. Bon Sunday!
