New York Times Slams Phuket's Property and Hotel Market
The Global Section of the New York Times has published a harsh assessment of the state of play for property and hotel developments in Phuket. The article titled "Turmoil Stalls Vacation Home Boom" published on the 28th of April has referenced Shangri La, The Yamu, Four Seasons, Raimon Land's Amalfi, Lersuang and Jumeirah Private Island as either troubled or delayed projects. Even Gulu Lalvani who was quoted in the piece was decidedly downbeat on the current market.
While objectively the market is currently challenging the amount of construction activity and limited amount of developer defaults have proven the Phuket is still out trading most overseas markets. Additionally the lack of developers taking on significant leveraging which could incur defaults and possible bank repossession is not widely in effect so with flat demand the prospects of market recovery remain fundamentally solid.