Norbert Witthinrich is the Director of Coldwell Banker | Sea Property in Phuket. 

With over 20 years of experience as a realtor both on the island and abroad, Witthinrich provides valuable service to all clients of Coldwell Banker | Sea Property.

One year ago Witthinrich signed a franchise agreement with Coldwell Banker, which has given him unparalleled international reach, leveraging the business to a whole new level. 

WILLIAMS MEDIA sat down with Norbert Witthinrich about his years in the real estate industry and about Phuket's property market. 

What are some of the defining moments in the Phuket real estate/expat history?

Every day is a defining moment as the team and I strive to find the perfect dream home for every customer, no matter how small or big their budget is, but what really gives us the motivation to go to work is the satisfaction we get from the friendships we build along the way.

Where are the key emerging markets/sectors that people should be looking to in Phuket that you think will have upside?

Areas like Bangtao and Cherngtalay have been gaining traction the last few years due to their proximity to beautiful beaches, the airport and a growing number of facilities.

Generally speaking, Phuket is a buyer’s market so there are great deals to be made for those who understand the dynamics of the property landscape and seek advice from reputable professionals.

Why did you first start working in the property industry?

I started in IT but I realized soon enough that my heart was ‘out of the office’ so I shifted my attention to real estate which gave me an opportunity to travel and achieve what I do best, connect with people, provide professional advice and deliver results.

What advice would you have for those looking to come into markets like Phuket and set up business?

Cash is king. You should plan enough funds to stay afloat for the couple of years it takes to get a business running. Understand what it means for a foreigner to set up shop here and don’t take anything for granted. Don’t confuse holidays and business. It requires hard work, good networking skills, professionalism and determination to make any serious money in Phuket.

How do you best help a buyer or tenant?

By listening, asking questions and being transparent with our clients about the ins and outs of buying or renting property in Thailand. We tailor our search to the needs and wants of each individual, arrange viewings and help our prospects get to know first hand about the neighbourhoods they are interested in.

How do you best help a vendor selling/leasing their property?

We provide our clients with a realistic view of the market based on data from recent sales so that they know how to price their home for a quick sale/lease. Once we agree on a market price we use our own qualified database of prospects, multiple listings and social media/print advertising to promote their property locally and abroad.

What would you like to see changed in the industry in 5 years?

In the next five years, I would love to see further regulation in terms of licensee standards and ethical practices within the industry.

What are some key opportunities in the marketplace at the moment?

Condos are driving the bulk of the sales with developers offering up to 7% returns. Large villas remain an attractive buy to rent option due to reduced competition in that segment. Other options include purchasing land, hotel or commercial property.

What advice do you have for people looking to buy affordable residences in Phuket?

Don’t rush. Talk to professionals to make sure you understand the market and legal framework, do your due diligence and negotiate.

Where is demand currently coming from, where is the interest focused at the moment? i.e what areas have the strongest interest at the moment and where are the buyers based (Locals, Foreigners etc?)

Our main market remains European expats living and working in Asia as well as wealthy Americans. We are starting to see more wealthy Thais -mostly from Bangkok- investing in multi-million dollar Properties in Phuket.

Where do you see Phuket's residential market in the next 5 years?

It will be a rocky road with the many projects under construction but the attractive lower segment should continue to drive sales. The mid-priced villa market will stay healthy as developers continue to look for plots to develop new projects. I see opportunities for developers in the million dollar property segment and for hotel-branded residential developments, as buyers seek trusted rental guarantee schemes.

For more information about the Phuket property market, phone or email Norbert Witthinrich of Coldwell Banker | Sea Property via the contact details listed below.

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