Phuket’s real estate market is experiencing an unprecedented boom, with the total value of active projects reaching $12.8 billion. This surge is driven by a significant increase in foreign buyers seeking vacation homes and condominiums, pushing the market beyond pre-COVID levels.
Key Takeaways
- Total value of active projects in Phuket: $12.8 billion
- 500 active projects with 72,000 units available for sale
- Foreign buyers are driving the demand, particularly for vacation homes and condominiums
- Thalang District is the most popular area for foreign buyers
- Land prices in prime locations like Patong Beach have skyrocketed
Market Overview
According to a survey by the Agency for Real Estate Affairs (AREA), Phuket’s real estate market has surpassed pre-COVID levels, with 500 active projects valued at 470 billion baht ($12.8 billion). The first quarter of 2024 alone saw 54 billion baht ($1.47 billion) in new investments in low-rise houses and condominiums.
Popular Property Types
Foreign buyers are particularly interested in vacation homes and condominiums, with prices ranging from 20 to 100 million baht each. The average price for houses and condominiums in Phuket is 6.4 million baht per unit, with vacation properties averaging 10.7 million baht per unit.
District Breakdown
- Thalang District: 50% of residential projects, 32,000 units (25,000 sold, 7,000 available)
- Mueang District: 190 projects, 28,000 units (26,000 sold, 1,200 available)
- Kathu District: 70 projects, 12,000 units (700 available)
Investment and Development
Major developers like Sansiri and Origin are heavily investing in Phuket. Sansiri plans to launch 16 new projects worth 15 billion baht over the next five years. Origin has already pre-sold the “Origin Resort World Phuket Bang Tao Beach” project, valued at 8 billion baht.
Land Prices
Land prices have risen significantly, especially in prime locations. Patong Beach holds the title for the most expensive land, with prices estimated at 350 million baht per rai. Other high-demand areas include Bang Tao Beach and Surin Beach.
Future Outlook
Experts predict that the market will continue to grow, driven by high foreign demand and Phuket’s strong tourism industry. New projects are expected to come to market, further boosting the island’s real estate sector.
Sources
- Phuket Real Estate Booms, to $12.8B As Foreigners Rush to Buy Vacation Properties, Khaosod English.
- Investment in Phuket real estate market hits B100bn record, The Phuket News.
- Phuket’s soaring real estate market becomes a beacon for global investors in 2023 – Asia Property Awards, Asia Property Awards.
- The Incredible Rise in Value of Phuket Real Estate in 2023, The Phuket News.
- Thriving opportunities boost Phuket’s real estate market in 2023 – Asia Property Awards, Asia Property Awards.
