The property consultancy firm Agency for Real Estate Affairs (AREA) has disclosed that 21 property projects on Koh Samui have been adversely affected by the current global economic crisis, suffering losses of as much as Bt16.943 billion for lack of buyers during the first half of the year.

Vasan Khongjan, AREA managing director, said his company had completed a survey of the property markets on Koh Samui and two other major expats’ destinations — Phuket and Hua Hin — last June and found that many luxury-villa projects on the island and the other destinations were facing financial problems because of the economic downturn.

Based on the survey, there are 21 luxury-villa projects/549 units on Samui that had gone bankrupt, losing a total of Bt16.943 billion. The average price per unit of these villa units is Bt30.8 million.

The AREA report showed that 62 luxury-villa projects with 2,063 units from Phuket, Hua Hin and Samui had been closed down and had incurred total losses of Bt36.391 billion. Samui was the hardest hit among the destinations.

Hua Hin had nine luxury-villa projects/413 units closed. The projects had a total cost of Bt1.951 billion and average price per unit of Bt 4.7 million. Phuket had 32 luxury villa projects worth Bt17.497 billion and with an average unit price of Bt15.8 million abandoned. Continue reading →

Popularity: 1% [?]