Gloomy prospects for residential property prices in Phuket in 2020, but there are signs that a recovery may occur by 2022. According to the Bangkok Post,in an article published in June 2020, containing information from the largest Chinese and global real estate site Juwai: Phuket is the only real estate market in Thailand with positive prospects, with a projection of 1.7% growth in 2021 and 5.5% in 2022. In Phuket, foreign buyers represented 41% of purchases of new goods and 41% on the resale market.
Although Covid 19 has created a large-scale economic recession around the world, it will not necessarily translate into widespread prices for the market of luxuries property in Phuket.
Most potential buyers think that very low-priced offers may arise with the economic crisis ravaging the entire planet. Our property agency already has certain goods, at prices that we consider very attractive, but the applicants insist on making an even lower offer, believing that the seller will be ready to sell off their goods...
But they forget that to conclude a transaction, the 2 parties must agree on the price. Some sellers have neither the need for liquidity nor the willingness to sell it for a very low price. A buyer can be convinced that certain economic events will plunge the real estate market, but he may not find a seller who agrees with his proposal. A potential buyer can look for the good deal in times of economic crisis, but there can be no transaction unless this economic crisis has also created a motivated seller. The potential buyer must therefore understand that sometimes the sale at bargain prices has limits.
In fact, the best discounts are likely to be found on properties that are already exceptionally inexpensive, such as low-cost condos and houses.
Prospective buyers should not forget that criteria such as location, quality of the property, surface area, design, accessibility, surroundings are to be taken into account when determining the real price of a potential purchase.
Real estate agency in Phuket. Rental and sale of houses, apartments, condominiums, shops, hotels and restaurants in Phuket in Thailand. Buy or rent in Thailand a property that corresponds to who you are.
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