Thailand Property Outlook – The long awaited opening of Phuket’s first water park, West Sands Splash Jungle, will take place on 30th January. The park, the largest in Thailand, feautres seven themed zones based on the world’s continents including, the North Pole, Africa, Asia, Inca Mayas, Northern Europe, North America and Asia
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West Sands Phuket waterpark to open at the end of January
The opening of the water park had been delayed due to a dispute between the owners of West Sands and local villagers over the felling of six protected pine trees.
Visitors to the park can experience a multitude of different rides and attractions including a long lazy river, large wave pool, aquarium and even a snow machine!
The park was designed and built by a Korean company and covers an area of 6,400m2. It was built at a cost of over 4,000,000 USD which the resort operators hope to get back from ticket sales. Introductory tickets prices have been set at 1,795 Baht for adults and 1,050 Baht for children for a full day’s entertainment.
West Sands is owned in a joint venture by Tesco CEO Sir Terry Leahy and occupies a beachfront location in Mai Khao on the north west coast of Phuket. The resort, designed with families in mind, offers a range of superb facilities including restaurants, bars, dive centre, watersports, several swimming pools, a spa and gymnasium as well as the water park.
Properties range from two bedroom apartments priced at 10,500,000 Baht to six bedroom beachfront villas priced at over 100,000,000 Baht and owners can benefit from substantial rental guarantees as well as unlimited use of the resorts excellent facilities.
Although the current outlook for Thailand property has taken a knock and the current political situation needs to be followed closely by potential Thailand property investors, the country’s property market should not be overlooked.
Being a developing country, the cost of property in Thailand is much lower than in the more developed European markets. But, on the other hand, prices for Thai property, in general, are rising at a much faster rate.
Real estate developers in 2010 are more cautious and many have professionalized their operations
The 2008 Thai real estate market is fairly robust. However, any thorough analysis requires detailed supply and demand studies of each specific area. A thorough analysis will indicate the market risks associated with each location. The Impact of 2008 Global Financial Crisis on Thai Real Estate is invevitable. The 2008 US global financial crisis is impacting global financial and real-sector economies devastatingly. Because Thailand is inextricably linked to the global economy, it will also inevitably experience its ill-effects
Any fall in domestic savings will impact Thai Real Estate Market corporate funding and investment. Mortgage loans will be more difficult to obtain : The slowing economy will force Thailand’s banks to be more restrictive in their lending practices. Mortgage loans will be more difficult to acquire with rejection rates rising. Lower supply : Responding to slowing market conditions, developers will lower their risks by building fewer homes and reducing supply. New housing supply will also be reduced because developers will have more difficulty obtaining equity, bond and credit market financing because of the global financial crisis. Lower construction costs : The slowing global economy will result in lower construction materials costs as global demand for these materials decreases. Investors and speculators become sellers : Although current investment and speculative demand is still low, it is prevalent in some condominium-markets and tourist- property categories.Speculators expect to generate profits from price appreciation. If prices do not appreciate as expected on Thai Real Estate Market, they become sellers.
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A slowdown in the condominium market has encouraged major residential developers to consider diversifying their portfolio into other property sectors such as office, hotel, and serviced apartment.
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