On Saturday 26th November 2011 Twovillas Property Group held their first property Forum, namely Property Investment Opportunities 2012.
The event was held in the Third Sense Conference Hall at the Evason Resort/Six Senses Rawai, and included two guest speakers, Mr Desmond Hughes and Dr Sopon Pornchokchai. The forum was officially opened by CEO of Twovillas Group Wirachai Pranveerapaiboon.
The first guest speaker, Mr Desmond Hughes, is Deputy Chief Executive and Managing Partner of Limcharoen, Hughes & Glanville, a full service international law firm headquartered in Bangkok. Desmond was a registered real estate lawyer in the UK and has written articles on real estate law and practice not only relating to Thailand but also Vietnam. He has been based at the Limcharoen Law Office in Phuket for almost 8 years and is currently a member of the Joint Foreign Chamber of Commerce to Thailand.
Desmond’s presentation was to provide guests with information on Laws and Regulations on Property holdings in Thailand.
The presentation highlighted many areas including:
- Typical methods of investment for foreigners & Thais in real estate in Phuket
- Positive developments in real estate transactions in Phuket
- New regulations and effect on the Phuket property market and infrastructure
- Mixed use projects: hospitality and rental: benefits for developers and investors
- Vision for Phuket – real estate and investment
With Desmond being a member of the Joint Foreign Chamber of Commerce to Thailand, he also dedicated a section of his presentation to inform guests as to how this committee is working to change some of the laws that currently affect foreigners investing in real estate in.
The main issue the committee is currently looking to change, so far with positive sentiment from the government, is the residential leasehold tenure. At present this is currently set at 30 years. However, the drafting of change, which is currently before the Government for discussion, will hopefully increase this to either 50 or 60 years.
Dr Sopon Pornchokchai, the second guest speaker, has been a consultant for many international organizations and has been an experienced valuer, urban planner and real estate analyst since 1980.
He owns and is the president of the Agency for Real Estate Affairs (AREA), which is the largest estate information centre in Thailand.
Dr Sopon’s presentation provided guests with AREA’S latest findings on resort properties (Villa & Condominium) in Phuket. Unfortunately, there is a book containing more than 100 pages of statistics which obviously I cannot publish here. However, I will inform you of the statistics for the situation of the resort property offered for sale, as of November 2011. This is based on a total of 114 projects included in the review and that figure is made up of both villas and condominiums. You can make the decision for yourself as to whether these are positive or negative results for the real estate industry here in Phuket.
Total number of project: 114
Total number of units: 6,216
Number sold: 3,773
Number unsold: 2,443
Total value of units: 91,417 Million Baht
Average unit price: 14,707 Million Baht
Units sold (average per month): 1
Period to sell unsold units (months): 20.5