Property sales plummet

HOLIDAY home sales on Koh Samui are in a dire state, according to latest figures.

The Government House Bank, which provides loans for housing, reveals that Samui and Phuket are amongst the two worst hit areas in the Kingdom.

An oversupply of both condominiums and villas coupled with low demand is deemed to be at the route of the problem.

Real Estate Information Centre director Sammana Keetasin said the dismal picture is repeated to a lesser extend across the country.

He added that while tourism figures were not badly affected by the ongoing political protests, foreigners were being put off purchasing property in Thailand by the continued unrest.

As Thai banks will rarely provide mortgages to foreign customers, the expat market mainly deals with cash only.

Only three villas have been sold in the third quarter of last year on Koh Samui in Q3 of 2009, with around 500 remaining unsold.

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