Renewed willingness to spend as 2010 progresses is found in China, India, Singapore, Hong Kong and Thailand. Stock market investments and increased savings are a result of consumers being more confident in the market, including spending on luxury items such as vacations, clothes and entertainment and overseas Real Estate.
In some countries such as Hong Kong and Singapore governments are actually trying to cool down overheating property markets. New measures in China restrict mortgage lending, increase land supply and stop developers from hoarding apartments to push up prices.
In the biggest cities like Beijing and Shanghai, prices have risen so much that for many people most properties are now unaffordable. Prices in Hong Kong, China, Singapore and South Korea are now above pre- 2008 levels
The Philippines property market is showing new signs of life after enduring falling rental rates and rising vacancies in 2009. Developers are starting to reactivate projects stalled with last year's global economic downturn, and cranes are swinging again on the skylines of Manila and other metropolitan areas with the brightened economic outlook.
“Throughout Asia there does seem to be a lot of activity and prices are rising” said Alan Bolton Property Consultants”
In Thailand where Alan Bolton Property Consultants head office is located, positive signs are also being seen with a number of very high profile property transactions recently taking place and new projects being launched in Bangkok, Pattaya and Phuket.
“Throughout Thailand we are seeing some very positive signs, recently one of Thailand’s most luxurious properties was believed to have been sold for US$24 million” The 6500 SQM property located on Natai Beach in the Phang Na province, had been available for several years and was originally listed at a price of US$27.5 million”.
In Phuket a number of stunning villas are now being marketed by both International and local agents in the price range of 3 US$- US$7 and interest has been very encouraging.
Interestingly in Thailand foreigners account for less than 5% of investments made in the real estate market, with the majority concentrated in resort areas such as Phuket and Pattaya.
“Local Thai buyers are responsible for a lot of the current activity however interest from overseas buyers remains strong and increasing” say Alan Bolton Property Consultants
In Pattaya which has always had a resilient property sector, positive signs again are being shown with a number of developers such as Raimon Land now completing the Stunning high Rise project Northpoint and Vareejinda about to complete their 5 Star Urban project APUS Condominium. Both projects have seen some very positive sales figures in recent months from both Thai and Foreign investors.
New developments which may have been on hold are now moving ahead quickly, most notably Major Development’
New Housing Developments are also being launched in all manner of price ranges for both the budget conscious to the high end luxury sector
“We are taking phone calls regularly from developers (both local as well as international)
“We are seeing increased activity not only from developers who are now confident to launch or re-launch projects, but also from our customer base of individual buyers and property investors, levels are still down on previous years but with everything that has happened both globally, as well as locally here in Thailand with political unrest, it is indeed encouraging that the property sector is showing some real signs of momentum in its recovery”
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