Winter retreat for speed ace

Raikkonen's property is in the 78-unit Outrigger Serenity Terraces on Phuket's Rawai beach.

"Having this kind of place, which is very exclusive, brand-new and very high quality, is exactly what I'm looking for when I have a week or two off in winter. I can go and relax, be at home almost - but in a warm and sunny place," said Raikkonen.

Phuket boosters say that Raikkonen's luxury purchase is further evidence that Phuket has become the ultimate property purchase in Southeast Asia, delivering a luxury lifestyle as well as a return on investment.

According to the CEO of Siam Real Estate in Phuket, Richard Lusted, the surge in oil prices and construction materials is driving Phuket prices ever upwards. "Such is the demand, we are seeing capital gains of, on the conservative side, at least 15 per cent over six months. Phuket prospers while the rest of the world suffers."

He says buyers and brokers from declining property markets in Europe and North America are getting out and looking overseas. "In Phuket they can still make over 30-per-cent capital gains in one year - much better than the bank or stock market."