Koh Samui property market active even in low season
Low season and the Koh Samui property market is active with sales of villas and condominiums across the island. We are seeing higher levels of inquiries in the off season compared to last year. The market has perhaps been stimulated by good press from around the world. Certainly there are many people looking to buy property in the property market in Koh Samui as there are a number of interesting projects from established developers and relative newcomers.
As the Samui property market grows we are now beginning to see shortages of off-plan properties at the 10 million to 15 million Thai Baht level. Notably a project in the Tongson Bay area, close to the Six Sense resort is now sold out. Another project in Big Buddha is close to selling the last of their plots at these sorts of price levels. The Aqua Samui development still has some off-plan villas within this price range. This project is continuing to see high levels of inquiries due to its superb location close to Chaweng.
The condominium market on the other hand has seen the launch of three new project recently. At the luxury end of the market; the Horizon Residence Condominium is aimed at buyers looking for long term capital growth and rental income returns. This project is close to the beach at Cheong Mon. Prices are from 4 million Thai Baht. Early levels of interest show that the Koh Samui property market can sustain price levels nearer those in the Bangkok market for similar sizes of units.
There is another project certainly which has seen great favour among the local Thai market. The Nest Condominium has attracted many local buyers. This now makes way for foreign buyers to take the remaining units with foreign freehold title. The developer has already sold more than 60% of the condo units on offer. Aimed at the lower price range, with studios starting from 1.59 million Thai Baht inclusive of most furniture, these units are seeing very high sales. Another Condominium project on the Chaweng ring road has just launched. Marketed exclusively by DTZ property group, we are waiting to see uptake by investors and early buyers. There has been a change locally as regards Condominium approvals, this may mean a reduction in supply levels of new property entering the market over the next 2 years.
As the property market continues to see growth, the expectation is that more new developers will be needed to fill the demand. Off-plan property sales are fuelling the market and shortages of new offerings should lead to a growth in existing property prices in the later part of the year.