Special Report: Land Office collected over 1,000 million baht from fees

09 January 2006

Property in Phuket is still in vibrant form with a promising outlook for this year 2006. This is from the majority views of a panel forum during an international property forum held just before the year end of 2005 here in Phuket.

After the one day session, the Chairman of the Real Estate Club of Phuket Phummisak Hongsyok summarized that the forum agreed Phuket can see a bright property outlook for this year 2006 under the condition that a sustainable environment stays in tact and no economic accidents occur.

Asked what the main concerns or significant factors are for foreign investors or buyers, Khun Phummisak said safety and security issues dominated the floor.

This is supported by Martin Phillips, a foreign real estate Managing Director from Engel & Volkers (Thailand) Limited who listed out vital factors contributing to the vibrant picture.

Mr. Phillips also expects the property market to continue to prosper. He pointed out that the sales market can be expanded from Asia to Europe with homes for retirement, second homes or even permanent living.

Take another major real estate developer like Raimon Land which has 2 projects in Phuket and several already in Bangkok. Mr Nigel Cornick, its Director & Chief Executive Officer admitted that 50% of its properties built by the company are sold to foreign buyers. The company also foresees a prosperous year for property this year.

According to official records, despite the post tsunami effects last year, at the end of Thai fiscal year 2005 in September the Phuket Provincial Land Office could collect over 1,000 million baht from fees and tax on property transfers, up from 900 million baht in the previous year. The chairman of the Real Estate Club explained that the property market was affected by the post tsunami only for three months before it started to pick up and be active again.

It seems like all parties are positive about the property market here on the island this year, but under one condition, the sustainability of the combined environment, safety and economy.

Source: Thai Visa Forum