Prime Phuket property remains among the cheapest

Prices of prime Phuket property are amongst the cheapest of the world’s most popular international homes market according to a new report.

The International Residential Report published by Chesterton Humberts discovered the price of new homes on the Thai island were EUR3,500 (US$4,460) per sqm. Prices for similar homes in Singapore were recorded at EUR16,200 (US$20,650), and at EUR19,500 (US$24,850) in Hong Kong. Monaco remains the world’s most expensive location for property, with prices for a second hand home coming in at EUR45,000 (US$57,350) per sqm.

The report said: “While the Asia Pacific region is largely maintaining healthy growth rates with China and India leading the way, the road to recovery remains bumpy in Europe and North America – a scenario that is broadly mirrored in the respective residential property markets.”

It also noted the millionaire population is rising fastest in the Far East – with Singapore, Malaysia and China all recording growth of 35 per cent, 33 per cent and 31 per cent respectively.

“Several Asian markets, like China and Singapore for example, are already exhibiting signs of overheating. If another bubble is developing, this would indicate a worryingly short cycle from trough to peak and back again although both the Chinese and Singaporean governments have taken decisive action to head off such an occurrence through a combination of restrictions on purchases, tax penalties and increased public land sales,” the report concluded.

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Tiger means business

PHUKET is likely to be central to the ambitions of the new Thai Tiger budget airline, with details to be formally announced in Bangkok today.



AirAsia’s declaration of Phuket as a regional hub and its rapid expansion to link up the region at low cost has pushed the increasingly popular red brand’s claim to be the industry leader.
Now Thai Airways, the national carrier, is finally reacting. Tiger, based in Singapore, and with a toe-hold in Australia and growing international exposure, is a natural ally.

Thai Airways has suffered from the conceit that as the national airline, it somehow automatically warrants the support of air travellers in Thailand. That approach may have worked through the 20th century, but the 21st century is redrawing the global flight patterns and many fliers are choosing V for value over S for superior service.
Phuket is being seen as one of the key destination battle zones for the new era of budget competition. The battle over value is matched by the battle to lock in the rougher V shape geography formed by Singapore, Kuala Lumpur and Phuket.
In Southeast Asia, this three-country zone is likely to be the target for rapid air travel expansion over the next 20 years, both for business and tourism.
In many ways, Phuket is in the process of breaking free and proving its independence from its traditional links to Bangkok. The recent political violence in the capital only served to emphasise the difference.



Plans have been approved to double the capacity of Phuket International Airport before 2015. And already existing flight entry space has become precious as carriers seek a trouble-free destination within Thailand.
In Australia, fares have tumbled as Tiger challenges Virgin Blue and Qantas in a market that has never previously supported more than two national carriers for longer than two years. Tiger has nine planes based in Australia, where it has been leading the competition for lower prices.
Jetstar, the Qantas budget arm, has driven an enormous increase in the number of Australians choosing Phuket for holidays. AirAsia meanwhile is reaching out from Phuket to Hong Kong and China.


Opting to enter the international low-cost duel, Thai brings fresh resources, including the recent purchase of seven more A330-300 wide-bodied Airbus aircraft in a deal worth $1.5 billion.
Today’s deal shows that the national carrier means business.