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Thai house prices mixed

Thai housing prices for single detached homes dropped 1.15 per cent during the past year, according to the Bank of Thailand. 
 
On a quarterly basis, they were down 1.81 per cent (or -3.03 per cent once adjusted for inflation) in the second quarter of 2012.
 
However during the first half of 2012 prices for townhouses rose 3 per cent, condos were up an impressive 6.8 per cent and residential land value grew, but only by 0.5 per cent. 
 
The country’s gross domestic product (GDP) growth was up 4.2 per cent compared with the same period last year. Despite some doubts, the domestic economy should grow by 5.7 per cent, according to BOT.
New condos near mass-transit routes will see price spikes of at least 5 per cent in 2011, accprding to the real estate development firm Supalai Plc, due to higher construction costs and land prices. Customers will have to accept price increases as land for new condominiums in areas close to mass transit is hard to find.
 
In Pattaya, foreigners are moving from buying residences to renting, at monthly rentals ranging from 50,000B- 90,000B, according to Clayton Wade of Premier Homes Real Estate.
 
In the second quarter of 2012, the country’s gross domestic product rose 4.2% from the same period last year. However due to the eurozone crisis, exports fell 4.2% during the year to June, the fourth decline in just six months.
 
US market bounces back
The US housing market is well on the way to recovery as prices, sales and confidence are all riding high. 
 
Sales of existing US homes rose by 7.8 per cent in August compared to July. Around 4.5 million existing homes were sold in August, according to National Association of Realtors, which means house prices are being rising too.
 
The average property value climbed to $187,400 in August, 9.5 per cent above a year ago - the sixth month of year-on-year growth in a row. 
 
Houses are selling faster too. The average time on market was 70 days in August, consistent with 69 days in July but 23.9 percent lower than 92 days in August 2011. Indeed, one-third of properties sold in August were only on the market for less than a month. 
 
But those figures could be even better, according to NAR President Moe Veissi. “Total sales this year will be 8 to 10 percent above 2011, but some buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, home sales would be about 10 to 15 percent stronger, and the related economic activity would create several hundred thousand jobs over the period of a year.” 
 
Marina aims for Chinese money
The Royal Phuket Marina (RPM) is aiming to attract Chinese and expat property investors.
 
Visitors from China make up the biggest group of arrivals to Phuket and the RPM wants to meet them. Investment in the island is generally high, with many looking for holiday homes, invetsment and retirement properties.
 
The Royal Phuket Marina is a Mediterranean-style community offering modern boating facilities, floodlit tennis courts, health and fitness centre, spa and anti-aging institute.
 
La Reserve Residences features 40 one and two-bedroom condos in two condominium blocks each with their own rooftop ‘Sky Pools’. Infinity-edged rooftop swimming pools and decks overlooking Phang Nga Bay.
 
One-bedroom condos range from 49-63 square metres with en-suite bathrooms, fitted kitchens and balconies. Two-bedroom condos are of 83-140 sqm with en suite bathrooms in both master and guest bedrooms.