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Phuket real estate resilient - CBRE
Real estate news By Staff Reporters
18 October 2007
Phuket is experiencing a buzzing low season with hotel occupancy rates up 20%-30% from last year. The term ?low season? may no longer be applicable based on visitor arrivals in the past several months. "During a recent site inspection with a group of Middle Eastern investors, it was impossible for them to extend their trip due to lack of hotel availability. Quality hotels such as Trisara and Twin Palms were fully booked during a time that is traditionally the low season," according to Mr. David Simister, Chairman, CB Richard Ellis Thailand.
Phuket hotels have shown a stronger than expected performance since Easter and continue to attract a global audience. There are a growing number of Middle Eastern visitors who seek to escape from their summer temperatures, as well as from Asian markets such as Hong Kong, Korea, Japan and China. Australian visitors are also increasingly choosing Phuket as their holiday destination over Bali. The number of arrivals to Phuket International Airport is projected to reach up to 5 million passengers this year, with a projected annual growth of 5-10% for the next three years. To cope with the rising number of visitors, the international airport terminal is being expanded and will feature more check in counters to better service international chartered flights. The new wing is will in operation by mid-October, in time for the upcoming high season.
Along with the booming tourism industry, Phuket?s real estate market continues to draw substantial interest from foreign investors. However, evidence from the number of business registrations and land office show that actual number of transactions in the market has dropped due to the current political situation in Thailand. This is not reflective of demand for high-end villas and condominiums. CB Richard Ellis has seen a greater number of well qualified buyers and enquiries in 2007, but buyers are proceeding to purchase with greater caution.
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