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Has interest in Phuket's real estate bounced back?Real estate in Phuket has has been in the doldrums since the tsunami hit the shores of the island last December. This year has seen rapid rebuilding along the length of Thailand's west coast, an area heavily dependent for its survival on tourist income. Even so, prices have remained resilient in spite of so many people looking for a bargain. Pre-tsunami Phuket was threatened with bad planning and run-away growth, spoiling the natural features of the island. The massive hotel and tourism boom was pushing the island to the brink of becoming an ecological disaster area. This year, the large multinational hotels along Patong Beach were among the first to rebuild. The resorts are largely the same as they were before, but with several crucial differences: under Thai law bungalows now have to be much further away from the beach. These days Phuket is catering for the high-end tourist; it is no longer the haven of the backpacker. The international airport helps raise the appeal of the island also. The risk of buying now is not so bad because Phuket will bounce back — and when it does, prices will get higher. Many now see that the affects of the tsunami has opened up an opportunity to improve the island by protecting its environment and coral reefs. With a more guided and thought-out reconstruction, real estate prices could soar. Links to other articles: |
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