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The Phuket luxury real estate market is booming. More than 5 million tourists visited the popular Thai island last year and in the second half of 2007 there was a 32 percent rise in Phuket vacation home transactions. During the same period, the value of these properties jumped by 56 percent, while villa prices doubled from 2000 to 2006.

Phuket property however, is out of reach of most people, with sought after resort properties unavailable for any less than half a million pounds.

Just over two years ago, property prices in Phuket were at about the same level as they are in Koh Samui now, yet prices continued to grow by an average of 50% per year between late 2005 and late 2007.

This is largely due to the resort islands unique beauty, and for those that can afford to buy into the Monte Carlo of South East Asia, DSR currently have exclusive luxury villas set amidst tropical gardens with private pools and solid teak flooring built in original concept design.

Priced from £480,000, such property should be bought as a holiday home investment making at least 6-8 percent rental yield annually. Yet £480,000 for luxurious resort property means capital gains growth could still be possible. Similar luxury property on the island has sold for a lot higher and the market continues to grow despite the high prices; the value of land trading between 2006 and 2007 stood at around 1.5 billion baht, according to the Phuket land office, but officials expect the value to go up to nearly five billion baht this year.

Phuket's governor, Niran Kalayanamitr, has also advocated making Phuket a special economic zone. If this happens, Phuket really will be the new Monte Carlo, not just the Monte Carlo of South East Asia.

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