Condominiums are becoming more common in Samui, Thailand, with nearly 340 units as of mid-2010. Most developments cater to the high-end market. Many villa projects remain on hold due to the global downturn and Thailand's political issues over the past year and a half. Future supply of condominiums is expected to spread from Bo Phut to other areas like Cheong Mon and Bang Po, with over 230 units scheduled for Cheong Mon between 2011-2012. Take up rates have been highest in Bo Phut and Chaweng at over 50%.
Gera pune residential realty report july 2015 revisedGera Developments
Gera Developments one of the pioneers of the real estate business and the award winning creators of premium residential and commercial projects in Pune, Goa and Bengaluru, today presented their Pune Real Estate Report for the period January – July, 2015. The presentation of the key findings of the report highlighted the current market in terms of actuals, stress points, forecasts for the year ahead, and foreseeable pain points for developers and recommendations to home buyers. The salient findings of the report were further ratified and discussed by key industry spokespersons–Mr. Shantilal Kataria, President, CREDAI Pune Metro & Maharashtra, Mr. Sanjay Bajaj, Managing Director, JLL - Pune, Ms. Sonal Modi, Regional Business Head of Maharashtra & Senior General Manager at HDFC Ltd and Mr. Rohit Gera, Managing Director, Gera Developments who were part of the panelist at the media meet.
On an annual basis, the Pune residential market saw a significant slowdown in price appreciation from 10.03% in June ’13 – June ’14 to 3.33% in June ’14 – June ’15 bringing the half yearly growth rate down to a miniscule 0.27% for the period January ’15 to June ’15. The overall market has witnessed a sharp increase of 36.85% in its unsold inventory which is valued at Rs. 48,526 crores which in actual means a net addition of 35,324 homes across 306 projects taking the current stock to 90,799 homes. What is interesting to note is that most of the incremental stock was added outside the Pune Municipal Corporation limits indicative of the ever growing city fringes.
Mr. Rohit Gera, Managing Director, Gera Developments commented on the report saying ‘While our findings indicate that the market is facing stress on various counts, there is a lot of hope and optimism as well. The market has expanded in terms of supply and at the same time, while sales numbers have dropped, they continue to happen. Price corrections will only happen when concrete steps are made in that direction. In terms of taxes we believe that an initiative which allows for a stamp duty rebate for stamp duty paid between now and 31st December 2015 could kick start the home buying cycle and move people who are on the fence to the buying side. Faster sales and increased momentum after all is in the interest of the entire sector including the home buyers who will end up building their equity in their homes sooner rather than paying rent.’
He further added,’ While the market is being cautious and waiting for the prices to drop further which is the key consideration in any purchase, it is important to understand that additional controls for the sector will lead to increased costs for the developers and this will eventually be passed on to the customers. That being said we believe now is the time to go out and buy that dream home!’
This is our third edition of the flagship half yearly report - India Real Estate.
It presents a comprehensive analysis of the residential and office market performance of Pune for the period between January–June 2015 (H1 2015).
Gera pune residential realty report july 2015 revisedGera Developments
Gera Developments one of the pioneers of the real estate business and the award winning creators of premium residential and commercial projects in Pune, Goa and Bengaluru, today presented their Pune Real Estate Report for the period January – July, 2015. The presentation of the key findings of the report highlighted the current market in terms of actuals, stress points, forecasts for the year ahead, and foreseeable pain points for developers and recommendations to home buyers. The salient findings of the report were further ratified and discussed by key industry spokespersons–Mr. Shantilal Kataria, President, CREDAI Pune Metro & Maharashtra, Mr. Sanjay Bajaj, Managing Director, JLL - Pune, Ms. Sonal Modi, Regional Business Head of Maharashtra & Senior General Manager at HDFC Ltd and Mr. Rohit Gera, Managing Director, Gera Developments who were part of the panelist at the media meet.
On an annual basis, the Pune residential market saw a significant slowdown in price appreciation from 10.03% in June ’13 – June ’14 to 3.33% in June ’14 – June ’15 bringing the half yearly growth rate down to a miniscule 0.27% for the period January ’15 to June ’15. The overall market has witnessed a sharp increase of 36.85% in its unsold inventory which is valued at Rs. 48,526 crores which in actual means a net addition of 35,324 homes across 306 projects taking the current stock to 90,799 homes. What is interesting to note is that most of the incremental stock was added outside the Pune Municipal Corporation limits indicative of the ever growing city fringes.
Mr. Rohit Gera, Managing Director, Gera Developments commented on the report saying ‘While our findings indicate that the market is facing stress on various counts, there is a lot of hope and optimism as well. The market has expanded in terms of supply and at the same time, while sales numbers have dropped, they continue to happen. Price corrections will only happen when concrete steps are made in that direction. In terms of taxes we believe that an initiative which allows for a stamp duty rebate for stamp duty paid between now and 31st December 2015 could kick start the home buying cycle and move people who are on the fence to the buying side. Faster sales and increased momentum after all is in the interest of the entire sector including the home buyers who will end up building their equity in their homes sooner rather than paying rent.’
He further added,’ While the market is being cautious and waiting for the prices to drop further which is the key consideration in any purchase, it is important to understand that additional controls for the sector will lead to increased costs for the developers and this will eventually be passed on to the customers. That being said we believe now is the time to go out and buy that dream home!’
This is our third edition of the flagship half yearly report - India Real Estate.
It presents a comprehensive analysis of the residential and office market performance of Pune for the period between January–June 2015 (H1 2015).
Highlights:
The metrics for the office market in Q2 2011 remained almost the same as for Q1 2011
A more positive trajectory for the office market could be in store for the future if the political situation is perceived as being more stable.
Around 100,000 sq m of office space is set to hit the CBD market in H2 2011.
Initial strains expected from new supply in 2011 but a limited amount in the next few years will lead to hardening of occupancy and rental rates.
The ASEAN Economic Area comes closer to fruition in 2015 and the service sector can benefit from this.
Greek fiscal problems and contagion from other European countries remain a concern going forward.
Bangkok contains the most office supply for any city in the ASEAN area.
Supply growth slowing q/q for Q1 2011 with just around 14,180 sq m being completed, all being community malls.
Rentals rates escalated q/q by around 4% and take up increased by approximately 1% for the same period. Consumer confidence and spending over the past year are positively affecting the retail sector as a whole.
The trend is not only the development of new retail centres but the renovation of older buildings with outdated retail designs and mix. This flight to the top can only be of benefit to customers and the sector as a whole.
Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.
The trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. A "risk discount" seems to be being applied in the case of hotels in areas deemed prone to further political strife.
Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the Bangkok tourism industry especially during the low season. However traditional tourist markets, the mainstay of the Upper/Luxury segment (ULS), have begun to return to the city. The effect of the reduction in long term bookings after events last April and May appears to be abating.
Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued strong growth in tourism can mitigate this situation. There will be no respite for the industry for some time to come.
New launches in Q1 2011 fell to a more sustainable level following the frenetic previous six months. Concerns of an overheating property market have been allayed as a result. The condominium market has begun the process of consolidation.
Within urban Bangkok, the Northern and Southern fringes led the way in new launches with around 15% each for the total of the whole of Bangkok. The Suburban area accounted for around 56% of the total.
Around 3,500 units were supplied in Q1 2011, a slight decrease q/q. For the past two years, quarterly additions to new supply have been remarkably stable.
The earthquake in Chiang Mai in March 2011 caused many potential buyers to pay attention to the resilience of buildings to damage from such events. More may be required to address these concerns although Bangkok is far from areas prone to serious seismic activity.
The serviced apartment sector continued to show further signs of recovery from the lows of Q2 2010. Overall rental rates and occupancy were up q/q.
It appears that the lingering effects of the April/May events of 2010 which directly impacted areas seems to be dissipating rapidly with Central Lumpini and Central CBD recording very positive figures for Q1 2011.
However this is no time for complacency as the sector faces another significant infusion of supply over the course of the year that will put pressure on the gains made over the past six months.
The earthquake and tsunami in Japan may have a small short term negative influence, however in the longer term expected increased Japanese investment into Thailand will also positively affect the serviced apartment sector.
Just over 4,700 units were supplied in Pattaya for 2010 representing a nearly 12 % increase from
2009. This was the greatest addition to supply since 1997.
New launches for 2010 amounted to just over 3,420 units. With take up and prices remaining
stable it would appear that future growth in condominium developments is running in tandem with
the growing popularity of the city as a residential resort area.
Pratumnak will be the new darling of the city as developers focus on the natural attraction of
Pratumnak hill with its position overlooking the city and access to Cosy Beach. Over 650 units
were launched in this area in the second half of 2010.
Many local developers are now firmly established in the city along with involvement from a number
of listed developers. Pattaya city is appearing on the radar screen for other Bangkok based
developers as the city turns into a world class destination and future commercial centre.
2010 was a difficult year for the hotel industry in Bangkok and 2011 promises more of the same for the Upper and Luxury segment. Find out more in this report.
Discover Palmer, Puerto Rico, through an immersive cultural tour that unveils its rich history and vibrant traditions. Experience lively festivals, savor authentic cuisine, and explore local markets. Visit historical landmarks, museums, and stunning colonial architecture. Engage with friendly locals, enjoy live music, and hike scenic nature trails, all while participating in cultural workshops and discovering unique artisan crafts.
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Highlights:
The metrics for the office market in Q2 2011 remained almost the same as for Q1 2011
A more positive trajectory for the office market could be in store for the future if the political situation is perceived as being more stable.
Around 100,000 sq m of office space is set to hit the CBD market in H2 2011.
Initial strains expected from new supply in 2011 but a limited amount in the next few years will lead to hardening of occupancy and rental rates.
The ASEAN Economic Area comes closer to fruition in 2015 and the service sector can benefit from this.
Greek fiscal problems and contagion from other European countries remain a concern going forward.
Bangkok contains the most office supply for any city in the ASEAN area.
Supply growth slowing q/q for Q1 2011 with just around 14,180 sq m being completed, all being community malls.
Rentals rates escalated q/q by around 4% and take up increased by approximately 1% for the same period. Consumer confidence and spending over the past year are positively affecting the retail sector as a whole.
The trend is not only the development of new retail centres but the renovation of older buildings with outdated retail designs and mix. This flight to the top can only be of benefit to customers and the sector as a whole.
Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.
The trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. A "risk discount" seems to be being applied in the case of hotels in areas deemed prone to further political strife.
Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the Bangkok tourism industry especially during the low season. However traditional tourist markets, the mainstay of the Upper/Luxury segment (ULS), have begun to return to the city. The effect of the reduction in long term bookings after events last April and May appears to be abating.
Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued strong growth in tourism can mitigate this situation. There will be no respite for the industry for some time to come.
New launches in Q1 2011 fell to a more sustainable level following the frenetic previous six months. Concerns of an overheating property market have been allayed as a result. The condominium market has begun the process of consolidation.
Within urban Bangkok, the Northern and Southern fringes led the way in new launches with around 15% each for the total of the whole of Bangkok. The Suburban area accounted for around 56% of the total.
Around 3,500 units were supplied in Q1 2011, a slight decrease q/q. For the past two years, quarterly additions to new supply have been remarkably stable.
The earthquake in Chiang Mai in March 2011 caused many potential buyers to pay attention to the resilience of buildings to damage from such events. More may be required to address these concerns although Bangkok is far from areas prone to serious seismic activity.
The serviced apartment sector continued to show further signs of recovery from the lows of Q2 2010. Overall rental rates and occupancy were up q/q.
It appears that the lingering effects of the April/May events of 2010 which directly impacted areas seems to be dissipating rapidly with Central Lumpini and Central CBD recording very positive figures for Q1 2011.
However this is no time for complacency as the sector faces another significant infusion of supply over the course of the year that will put pressure on the gains made over the past six months.
The earthquake and tsunami in Japan may have a small short term negative influence, however in the longer term expected increased Japanese investment into Thailand will also positively affect the serviced apartment sector.
Just over 4,700 units were supplied in Pattaya for 2010 representing a nearly 12 % increase from
2009. This was the greatest addition to supply since 1997.
New launches for 2010 amounted to just over 3,420 units. With take up and prices remaining
stable it would appear that future growth in condominium developments is running in tandem with
the growing popularity of the city as a residential resort area.
Pratumnak will be the new darling of the city as developers focus on the natural attraction of
Pratumnak hill with its position overlooking the city and access to Cosy Beach. Over 650 units
were launched in this area in the second half of 2010.
Many local developers are now firmly established in the city along with involvement from a number
of listed developers. Pattaya city is appearing on the radar screen for other Bangkok based
developers as the city turns into a world class destination and future commercial centre.
2010 was a difficult year for the hotel industry in Bangkok and 2011 promises more of the same for the Upper and Luxury segment. Find out more in this report.
Discover Palmer, Puerto Rico, through an immersive cultural tour that unveils its rich history and vibrant traditions. Experience lively festivals, savor authentic cuisine, and explore local markets. Visit historical landmarks, museums, and stunning colonial architecture. Engage with friendly locals, enjoy live music, and hike scenic nature trails, all while participating in cultural workshops and discovering unique artisan crafts.
Discover the wonders of the Wenatchee River with a variety of river tours in Monitor, WA. Whether you're seeking thrilling whitewater rafting, peaceful kayaking, family-friendly float trips, or scenic sunset cruises, there's something for everyone. Enjoy fishing, wildlife spotting, bird watching, and more in this beautiful natural setting, perfect for outdoor enthusiasts and families alike.
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Samui Residential Market Report H1 2010
1. 1h 2010 | residential
thailand
Samui ReSidential RepoRt
Condominium & Villa
ExEcutivE Summary
Condominiums are fast becoming part of the landscape in Samui after the first units were supplied
in 2007. there are now nearly 340 units as of H1 2010.
most existing and future condominium developments mostly cater for the high end market,
although others are more modest in scale and affordability.
markEt indicatorS the majority of residential units are used in one way or another to cater to the hospitality industry
as the nature of the island makes this an attractive option for buyers seeking to generate income.
2h 2009 1h 2010
many villa projects remain on hold for financial reasons after the global downturn and thailand’s
Supply domestic political woes over the past eighteen months.
launchES
Villa developments are expected to continue to be supplied in the next few years, especially in the
pricES Bo phut and Cheong mon area.
takE-up
www.colliers.co.th
2. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
Zoning
bungalows. nightlife in Chaweng is very popular
Bang Po: Bang po beach is located on the
due to the wide assortment of restaurants and
northwest of Samui and contains very limited
bars. there are a limited number of residential
accommodation, however this is set to change
projects in the area, as it is mostly occupied by
over the next few years. there are few tourists
hotels, restaurants, bars and shops.
and shopping facilities in this area although a
number of restaurants operate.
lamai: this area is comprised of lamai beach
and Hua thanon beach. lamai is the second
Mae nam: mae nam beach is located in the
longest beach on Samui, and although lamai is
north of Samui and there are many 4 - 5 star
smaller than Chaweng it also has a number of
hotels and restaurants along the road and
luxury hotels and high quality eating and
beach.
drinking establishments as well as guesthouses
for backpackers.
Bo Phut: this area contains the widest variety
of facilities and real estate on the island. Visitors
south Coast: the South Coast beaches are
can find the fisherman’s village, mid-range to
amongst the least developed part of Samui with
upmarket restaurants, cafes and bars, luxury
only a few resorts along the beach, so these
hotels to budget guesthouses and residential
places are peaceful and suitable for relaxation
projects.
and where you can find local seafood
restaurants.
Cheong Mon: Cheong mon is located in the
northeast of Samui. this is the most popular
West Coast: this area is comprised of nathon
area for residential projects on Samui. this
beach, lipa noi beach, taling ngam beach to
area is not far from airport, and many foreigners
thong tanote beach. the Ferry pier and local
choose to live here as it is a relatively tranquil
government offices on Samui are located in
location
nathon beach, so this area is very busy in the
day time; meanwhile in taling ngam the area is
Chaweng: Chaweng is the most well known
very quiet.
and longest beach on Samui, and accommodation
ranges from 4 – 5 star hotels to budget
COLLIERS INTERNATIONAL | P. 2
3. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
Samui condominium markEt
currEnt Supply, h1 2010
Source: department of land, Colliers international thailand Research
many residential projects on Samui are small in project in Samui was registered in 2007, and
nature and some of them are not officially since then the figure has grown every year,
registered at the department of land, due to a especially in 2009 with around 150 units
number of them planning to change from completed and registered. For the first half of
residential use to that of hotel. therefore the 2010 around 60 units were supplied and
number of condominium units listed here may approximately 330 units are scheduled to be
be slightly less than the real figure. completed for the whole of 2010.
the average unit per project on Samui is just
30, due to some projects on the island only
having 7 – 8 units. the first condominium
By location
Source: Colliers international thailand Research
around 64% of condominium project units on in the next few years condominium projects
Samui are located in the Bo phut area; Bo phut will pan out from Bo phut to the surrounding
is not far from the airport and has its own beaches, such as mae nam, Cheong mon and
nightlife area as well as being close to Chaweng. Bang po
there are also many retail outlets in this area.
COLLIERS INTERNATIONAL | P. 3
4. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
FuturE Supply
cumulativE FuturE Supply SchEdulEd to BE complEtEd during thE yEarS 2010 – 2012
By location.
(aS oF h1 2010)
Source: Colliers international thailand Research
Cheong mon is the new area for condominium for new condominium projects in the Bo phut
projects in the years 2011 – 2012 with area therefore no new supply is due in the next
approximately 230 units scheduled to be couple of years. lamai and the West coast will
completed by 2012. Bang po also has 140 new see the first condominiums rising this year.
units that are scheduled to be completed in
2012. there is a lack of supply of land suitable
takE up ratE
takE up ratE oF all projEctS in thE markEt, aS oF h1 2010
Source: Colliers international thailand Research
the take up rates in Bo phut and Chaweng are phut area there are nearly 220 condominium
higher than in other locations, this is due to units, while Chaweng has around 60 units.
these areas being not far from the airport and although Cheong mon is not far from the
equipped with various facilities, such as airport; due to limited facilities and high prices
restaurants, hypermarkets, convenience stores, for units here, the take up rate is considerably
hospitals and entertainment. However in Bo lower.
COLLIERS INTERNATIONAL | P. 4
5. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
pricE
SElling pricE oF total projEctS on Samui
SElling pricE (thB / Sq m.)
ZonE
min. max. avg.
Bang po 33,500 146,000 113,375
maE nam 39,500 80,000 59,750
Bo phut 40,000 67,000 53,500
chEong mon 52,000 130,000 80,717
chawEng 55,200 99,000 77,100
lamai 34,500 35,800 35,150
South coaSt 120,000 125,500 122,750
wESt coaSt 154,500 156,500 155,500
average PriCe 69,886 110,400 92,049
Source: Colliers international thailand Research
avEragE SElling pricE oF total projEctS on Samui
Source: Colliers international thailand Research
prices differ based on location in terms of units by the beach while lower rates can be
beach access, road access and attractiveness found in other zones due to the units being
of the area. the West Coast is based on limited located some way from the beach.
supply so may not be a good indicator. the
more expensive locations contain condominium
COLLIERS INTERNATIONAL | P. 5
6. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
Samui villa markEt
note: this report consists of research in regards to multiple villa developments. individual villas
are excluded.
currEnt Supply By yEar, h1 2010
Source: department of lands and Colliers international thailand Research
Samui is a newly emerging residential location cases the data is not included in the report.
in thailand. the first residential projects in
Samui, especially in the housing or villa market Some developers sell off plan and then base
started in 2004. Before that time development their financing on payments from buyers. Some
consisted of only individual villas. have little experience in real estate and there
have been examples of projects being suspended
the average number of units per project is less due to poor project financing and planning. this
than 20 and some consist of only 2 – 4 units. has plagued the residential market in the past
the villa market is still in its infancy and appears but there are signs of growing maturity.
quite volatile to the fluctuations of the market.
Some developers build only one villa at a time additional supply in H1 2010 amounts to nearly
and future building has been put on hold, others 100 units, so the total number of villa units in
consist of one villa only but the size is usually Samui is approximately 350 units in the first
so substantial that the developer will give it a half of 2010.
name in order the market the product. in these
COLLIERS INTERNATIONAL | P. 6
7. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
currEnt Supply By yEar, h1 2010
Source: department of lands and Colliers international thailand Research
Bo phut is the most popular location for the taken hold in relatively sparse locations such as
residential market although more in terms of mae nam, Cheong mon and the West Coast
condominiums than villas. this is due to compared to the relatively small condominium
relatively convenient transport and access to a growth. these areas have significant land
wide range of restaurants and family available for landed property compared to the
entertainment facilities. Villa development has busier Chaweng zone for example.
FuturE Supply
cumulativE FuturE Supply SchEdulEd to BE complEtEd during thE yEarS 2010 – 2012
By location. (aS oF h1 2010)
Source: Colliers international thailand Research
more than 440 units are scheduled to be 100 units or approximately 25% of total are
completed in 2012 and 165 units or around scheduled to be completed in 2012.
37% will be completed in 2011.
the developers are interested to develop villa
projects in the Cheong mon area, more than
COLLIERS INTERNATIONAL | P. 7
8. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
takE up ratE
thE takE up ratE oF all projEctS in thE markEt, aS oF h1 2010
Source: Colliers international thailand Research
the take up rate in the West Coast area is the north part of West Coast area as these
around 60% higher than in other locations, areas are not far from the airport and close to
followed by Cheong mon and Bang po areas various facilities, such as restaurants,
with approximately 48% and 32% respectively. hypermarkets, convenience stores, hospitals
Villa projects in the West Coast area shown the and entertainment venues.
highest rate, but most of the units are located in
rESidEntial dEmand drivErS
Flights
most people enter Samui from the air. it is transferred. this makes the island more
possible to take a ferry but this is time consuming susceptible to the political dramas in Bangkok
for all but budget travelers and they are more as evidenced by the airport blockade and april
likely to use Samui as a springboard for Koh /may riots in 2010. it also deters travelers from
phangan. Samui suffers from a limited number visiting from Bangkok and using Samui as a
of direct international arrivals and domestic second home due to the high ticket prices. this
flights from Bangkok are prohibitively expensive means that developments are more focused on
when compared to those of other resorts. the high end market.
the upshot is that many international visitors
will have first arrived in Bangkok and then
internal transport
Great strides have been made in the road making navigating the roads difficult. the recent
system on Samui over the past few years but improvements to the road have also had an
the island still suffers from a lack of adequate adverse effect in that car drivers and motorbike
infrastructure especially during the rainy riders are going much faster and accidents,
season when flooding can seriously effect often fatal, are commonplace and negatively
traffic. also the island suffers from poor signage affect the image of the island.
COLLIERS INTERNATIONAL | P. 8
9. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
Growth of retail
the emergence of a strong retail sector on the destination due to the handiness that
island has meant that Samui has become a hypermarkets down to the convenience stores
more attractive residential and holiday provide.
entertainment
the Samui experience is one of chilling out and its growing focus on family style theme parks.
relaxing during the day and enjoying the However from a western perspective this is to
restaurants and partying at night. this is its advantage as many are repelled by a more
appealing to western travelers but less so to the disneyland approach and will seek out a laid
asian market where daytime entertainment back resort area. this means that the Samui’s
facilities are a more significant attraction in a growth is taking another direction to the other
holiday. this puts Samui at a disadvantage resorts.
compared to phuket but especially pattaya, with
COLLIERS INTERNATIONAL | P. 9
10. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
touriSm
viSitorS BookEd into hotEl roomS in Samui By quartEr
Colliers international thailand Research Source: office of tourism development
in Samui, tourism is the key driver of residential again at the end of 2009. although the last are prohibitively expensive compared with
real estate in terms of buyers often being quarter was relatively tranquil for thailand as a flights to phuket and deters less well heeled
returning tourists wishing to invest in property whole, Samui was affected as many travelers visitors. this means more development in the
and the end users of these products utilizing the book their holidays months in advance and so luxury end of the market and the lack of mass
hotel function. the effects of traumatic events are felt a long tourism bestows Samui with a more exclusive
Condominium and villa usage is different from time after. this can be seen by the sharp appeal, reinforced by the limit on high rise
that of Bangkok in that the majority of units reduction of tourists from mainstay markets in construction. it is partly for these reasons that
function as hotels or even serviced apartments europe during this time. the island hosts a number of specialized
and as such developers have sometimes altered wellness resorts such as Kamalaya Koh Samui
the design to reflect this with facilities expected there are few countries that dominate the while other resorts offer a strong wellness
in a hotel or serviced residence. owners often market as visitors come from a wide range of component. this is a growing and lucrative
can offer their units into a pooling system with countries and the thai market is relatively small niche which could also be developed to take into
apportioning of revenue based on unit size. as compared to other resorts, although this group account the burgeoning number of retirees from
many owners use their units infrequently this has bucked the trend in Q2 2010 by actually europe, Japan and the uSa.
system offers flexibility and a good potential increasing from the previous quarter. this was
rate of return. However the residential market is due to Bangkokians escaping the disturbing
therefore dependent on the vagaries of the events in their city and time will tell if this growth
tourism market and the recent protests and can be sustained.
rioting in Bangkok have affected the market.
Samui is also limited by the number of flights
the airport blockade brought tourism to an allowed in at the airport and its reliance on
almost standstill at the end of 2008 as most domestic flights. the short runway means that
visitors use a plane to come to the island and so large wide body jets cannot be accommodated
this event dramatically affected arrival numbers. thus restricting direct flights from europe which
Recovery was strong after the blockade but fell use such longer range aircraft. domestic flights
COLLIERS INTERNATIONAL | P. 10
11. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
outlook
due to it being an island and an expensive one to reach, the opportunities for the development of Samui are limited compared to other resorts in
thailand. this may be no bad thing as many living in Samui are there for that very reason and do not wish the island to be awash with new projects.
there are also concerns about the water supply being adequate for future supply. these limitations mean that Samui can grow not necessarily in
terms of quantity but rather quality with the emergence of higher end projects with eclectic designs that fit into the natural structure of the island
rather than deflect from it.
the residential market in Samui is greatly dependent on the tourism market as most projects have a hotel/serviced apartment component. potential
buyers will be keenly aware of the ups and downs in the Samui tourism market as visitors provide the mainstay of income on most properties.
therefore the market is likely to remain volatile while thailand is mired in political uncertainty and the global economy teeters towards another
recession.
COLLIERS INTERNATIONAL | P. 11
12. saMUi residential rePOrt | 1H 2010 | Condominium & Villa
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