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16/01/2009 - Phuket's luxury villa market forges ahead.  16/01/2009 - Phuket's luxury villa market forges ahead.

Luxury villa sales in Phuket have out performed the broader Phuket property market, according to The Phuket Luxury Villa Market Report, recently published by consulting company C9 Hotelworks.

Bill Barnett, Managing Director of C9 commented, ''while take up rates are expected to soften for 2009 with the 'wait and see' attitude of buyers, supply and demand still remains favorable''.

He continued, ''key fundamentals at play in the market are the absence of purchaser debt which has stabilised capital values, a slowdown in new product launches that will build marketplace traction while the availability of premium land continues to shrink creating substantial barriers to entry''.

''One emerging benefit of the crisis is the sharp reduction in construction costs in the region by 20 to 30 per cent, although this is being offset by limited availability of developer debt in the Thai financial markets''.

According to the report there are currently a total of 304 properties in Phuket priced at 65 million Baht (2 million US Dollars) and above.  These are located within estate developments and managed hotel resorts, such as Jumeirah Phuket Private Island Resort, due for completion in late 2010 and The Yamu, designed by Philippe Starke and Jean Michel Gathy.

Mr Barnett also pointed out, ''Given the limited market size, re-sales of existing units will become more predominant as buyers shy away from taking development risk on off plan purchases''.

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