Phuket Residential MarketView Q3 2010 In the third quarter we saw a continued recovery in tourism arrivals and expect that this trend will continue into the high season in the fourth quarter. The best performing sectors of the property market were in the very best properties that have sea frontage with an established reputation and entry level projects.
Quarterly Highlights – Condominium and Apartment
- The total stock of completed resort standard condominiums was approximate 3,000 units, up 3% Q-o-Q and 31% Y-o-Y.
- We estimate that approximately 84% in completed of condominiums buildings have been sold.
- The average asking price of condominiums by developers was approximately THB 90,000/m2.
Quarterly Highlights – Villa
- There was no new supply in this quarter. The total stock of completed villas in Q3 2010 was 2,787 units. There are a total of 133 villas that are expected to be completed in Q4 2010, with 343 villas expected in 2011.
- Two new projects were launched in this quarter with a total of 7 units.
- Based on our new survey, the sales performance of total existing and future units was 77%. Out of 3,749 villas, 2,897 units have been sold and 852 units are still for sale.
- The sales rate of all existing and future luxury and high-end units was 74%. Out of 880 luxury and high-end units, 653units were sold as of Q3 2010, leaving 227 units remained unsold.
This is an extract from Phuket Residential MarketView Q3 2010, click to download the full report.