Growing Phuket Superyacht Community Boosts Property Market
It’s no secret that the seas surrounding Thailand make for some of the most beautiful and uncluttered cruising grounds in the world. However, due to the remarkable voracity of the Asian high-net-worth individual, demand for luxury yachts and marina properties in Phuket have soared – marking a new emerging superyacht hub.
“Wealthy Asians are now a strong buying force for superyachts,” comments Patima Jeerapaet, Managing Director of Colliers Thailand. “Phuket’s status as a renowned yachting destination, thanks to its marinas and exotic outlying islands, could be enhanced through further development of the industry here, and boost the high end property market even more."
Property agents CBRE also reported significant growth in the Phuket high-end property market alongside a notable response from local yacht brokers.
Majesty Yachts, who began a major sales campaign in Asia over 2011, have been overwhelmed by the response of local buyers. Tony Nixey from Go Boating Thailand, an official dealer for the Majesty brand, confirms that the number of yacht buyers based in South East Asia with holiday villas in Phuket is growing fast.
“The sale of the Majesty 88 has now confirmed the importance of South East Asia for the sale of new boats to clients with an appetite for luxury yacht ownership, and we will continue our drive to be right at the heart of further developments in the region,” adds Erwin Bamps, COO of Gulf Craft and Majesty Yachts. “We are convinced that South East Asia will be competing directly with the traditional cruising grounds of the West in the very near future, and our product range is ideally suited to these waters, and particularly to the aspirations of the potential clients who are based here."
An influx of luxury yachts in the area has also lead to the construction of more marinas. Several marina developments are currently in planning stages around Phuket, including an extension at the Royal Phuket Marina, the venue for the Phuket International Boat Show (PIMEX) in March 2012.
Meanwhile, nearby Krabi is in the process of opening a 100-berth marina as an extension of their Phuket-based operation.
The Informa Yacht Group, organisers of the Monaco Yacht Show and PIMEX, have also noted on the increase in number and quality of yachts booked for the Phuket Boat Show set to display next year.
“We had a 47% increase in the on-water display from 2010 to 2011 and a 25% increase in overall exhibitors; 2012 looks like seeing a similar increase,” concludes PIMEX Event Director, Andy Dowden. “This is testimony to the stability and strength of the Asia-based buyer. In 2012, there will be a number of Asian and World debuts for many of the world’s leading brands; Sunseeker, Princess, Fairline, Monterey, Azimut and Prout International.”
"The sale of the Majesty 88 has now confirmed the importance of South East Asia for the sale of new boats to clients with an appetite for luxury yacht ownership, and we will continue our drive to be right at the heart of further developments in the region"