Prices of prime properties in Phuket, Thailand are one of the cheapest of the world’s most popular international homes market, according to a new report.
According to the International Residential Report published by Chesterton Humberts, new home prices in Thailand were US$4,460 psm, while in Singapore and Hong Kong, prices for similar homes could be as much as US$20,650 psm and US$24,850 psm, respectively.
Property prices in Monaco remain the most expensive in the world, with prices of resale homes recorded at US$57,350 psm.
“While the Asia Pacific region is largely maintaining healthy growth rates with China and India leading the way, the road to recovery remains bumpy in Europe and North America – a scenario that is broadly mirrored in the respective residential property markets,” said the report.
Separately, the report also showed that the population of millionaires is rapidly increasing in the Far East, with China, Malaysia and Singapore recording 31 percent, 33 percent and 35 percent growth, respectively.
The report added that, “several Asian markets, like China and Singapore for example, are already exhibiting signs of overheating. If another bubble is developing, this would indicate a worryingly short cycle from trough to peak and back again although both the Chinese and Singaporean governments have taken decisive action to head off such an occurrence through a combination of restrictions on purchases, tax penalties and increased public land sales.”