Bangkok--31 Oct--CB Richard Ellis Thailand
According the latest survey on the Phuket apartment market by CB Richard Ellis Thailand, the country’s leading property consultants, 116 units in four projects were completed Q2 2008, driving the first half 2008 new Phuket apartment supply to 189 units, which is equal to 14% of forecast new supply for all of 2008. Overall, 88% of apartments completed in Q2 2008 have been sold already.
Of the 116 newly completed apartments, 100 (86% of the total) were located in the West Coast (Central) area. The remaining project, Oxygen Condominium by Two Villas is located in the East Coast (South) are and is the only one of these newly-completed projects to already have been sold out.
As of Q2 2008, total Phuket apartment supply grew 9% q-o-q and 26% y-o-y to 1,433 units in 43 projects. Current projections call for total stock to increase to 2,653 units by year-end, which would represent 113% growth y-o-y. However, given recent market conditions, CB Richard Ellis Thailand expects that some projects scheduled for completion by year-end may be delayed.
Approximately 680 units or 47% of total completed apartment units in Phuket are located in the West Coast (Central) area, followed by those in the West Coast (South) (28%, 398 units), East Coast (South) (16%, 232 units) and East Coast (North) (9%, 126 units), respectively. Currently, there are no completed apartment units under our survey in the West Coast (North) and Inland areas.
Entry-level Phuket apartment units comprise 46% of total existing units, followed by mid-range (37%) and high-end (18%) offerings. Currently, there are no completed luxury projects, but Palm Beach Club, with 30 units, is expected to fill this void by year-end.
Two-bedroom units are the most popular in Phuket, accounting for 43% of total units, followed by three-bedroom type (24%, 348 units) and one-bedroom type (16%, 224 units).
There are a limited number of studio apartments in Phuket, but as development continues, CB Richard Ellis expects buyers to be presented with a greater range of product options, although such small units may not be preferable for the resort lifestyle.
CB Richard Ellis Thailand
เบอร์โทรศัพท์ : +66 2 654 1111