The developers have adapted to the slumping real estate market in Thailand

 

Builders in Thailand perfectly adapted to the slumping real estate market - an example of this is the successful sale of apartments in the residential complex Mandala.

Residential Complex Mandala, located in a prestigious area on the island of Phuket, includes 24 apartments and 8 villas with pools. Since the beginning of December 2009 to date has already sold 10 units of housing, illustrating how the developers were able to adapt to the downturn in the real estate market in Thailand.

According to Tom Travers, managing partner of the company «Indigo Real Estate and agents for the development», the beginning of the global financial crisis in September 2008, foreign property buyers in Thailand have become more demanding.

- Today, buyers are certainly more attentive to purchase real estate in new projects. For example, before a significant part of the apartments could be sold even at the design stage of construction - now this was not observed. Now buyers require the developers of the significant list of closed facilities, financial liquidity, the quality of the finished product, attractive prices - sends property-report.com.

Mr. Travers also said that Mandala is a shining example of how developers need to adapt to foreign buyers in a changing real estate market of Phuket.