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.