The luxury property market, particularly in luxury resorts is shining in Asia.
In Asia there is little mortgage market in luxury resort property, with all transactions generally occurring in hard currency. This of course adds a certain resilience to the market, together with the fact that there is a lack of high quality managed homes in Asia, as the luxury market boom is in its youth.
The natural beauty of such locations as Bali, and Phuket Island in Thailand bring many of the desired qualities for luxury homes together, and compare most equally with some of the hottest destinations in the US, Brazil, Caribbean, Greek Islands, Spain and its islands, as well as the latest hot location of the Croatian coast.
The hot locations to watch are Phuket, Bali, Koh Samui, China Beach, Krabi, Phang Nga Bay, Langkawi, Chennai, Borneo, Koh Kood Island (Thai), Con Dao Island (Vietnam), Luang Prabang and Angkor Wat. Even places like Khompong Som, the old Khmer Rouge beach town are getting hot with land buyers and will see the first luxury projects soon.
Quite simply, the Asian market has a limited supply of fine properties, and with quality operators expanding their presence their well-priced properties will help the market mature and hold up nicely, even in this touchy climate in the rest of the world which will simply serve to weed out the weaker Asian developers, and ensure buyers are drawn towards the more quality operators.
Marquette Turner maintain that the market conditions at present lean towards a buyers market, in Asia as well as our home market in Australia. As always, buyers vote with their cheque books and are increasingly savvy – professional advice and quality property will always rise to the top.