For Phuket property buyers, sellers and developers, a national trend often points to a local pressure. The latest Thai residential transfer data shows second-hand homes now account for 67% of all property transactions by volume—a market share that has grown steadily since the pandemic and suggests more than just buyer preference. It suggests constraint.
According to the Real Estate Information Center (REIC), residential transfers nationwide totalled 72,583 units worth 187 billion baht in the first quarter of 2026, up 11.2% in volume but only 3.1% in value year-on-year. Of those, 48,446 units—67% of the total—were resale homes. By value, second-hand properties represented 59% of the market.
A year earlier, at the end of the first quarter of 2025, the resale share stood at 65% by volume and 48% by value. The upward trend is clear, and it is accelerating.
Why resale homes are gaining ground
The shift is not about taste. It is about economics. Resale homes are increasingly attractive because they are often priced lower than new homes in comparable locations, according to Narongpol Prapanirin, senior executive vice-president of marketing at Government Housing Bank and acting director of REIC.
The pricing gap is measurable. Data from the Siam Commercial Bank Economic Intelligence Center shows that average prices of second-hand homes transferred in Greater Bangkok grew by a cumulative 1% annually during 2019-2025, compared with 5% annual growth for new homes. However, both segments have softened in recent years.
The average transfer price of new homes rose to 4.71 million baht in 2023 from 4.39 million baht in 2022, before easing to 4.63 million baht in 2024 and 4.61 million baht in 2025. For second-hand homes, the average transfer price declined from 2.44 million baht in 2023 to 2.41 million baht in 2024 and 2.36 million baht in 2025.
In plain English: new homes are holding price better than resale, but both are under pressure. Buyers are choosing resale not because they prefer it, but because it costs less.
The Greater Bangkok pattern
The trend is most visible in Greater Bangkok, where resale homes have steadily taken market share over the past five years. In 2020, second-hand properties accounted for 37% of total residential transfers by volume. That figure grew to 42% in 2021, 49% in 2022, 50% in 2023, 52% in 2024 and 54% in 2025.
By transfer value, the pattern is similar. Resale homes represented 27% of the market in 2020, rising to 30% in 2021, 34% in both 2022 and 2023, 36% in 2024 and 38% in 2025.
The growth is consistent, incremental and reflects weaker purchasing power amid a slowing economy, REIC noted.
Where transfers are still growing—and where they are not
In the first quarter of 2026, resale home transfers increased across all price segments except properties priced above 7.5 million baht. That bracket falls outside the government’s tax incentives for housing units priced below 7 million baht, which may explain part of the decline.
For new homes, the picture is weaker. Transfers declined for units priced between 1.01 and 1.5 million baht, and across all price brackets above 5 million baht. The data suggests continued pressure on purchasing power, particularly among buyers of higher-priced properties.
The important point is this: buyers are active at lower price points, especially when supported by government incentives. Above that level, demand is softening.
What this means for Phuket property
Phuket’s property market operates differently from Bangkok’s. The island attracts foreign buyers, long-stay residents, retirees and lifestyle investors, many of whom are less sensitive to domestic economic pressure. But Thai buyers still matter, especially in the mid-market condo, townhouse and villa segments where resale inventory is significant.
If the national trend holds in Phuket, sellers in the higher price brackets—above 7 million baht—may face slower absorption, especially for new stock. Resale properties priced competitively may move more quickly, particularly if they offer location, sea views or rental performance at a discount to new equivalents.
For developers, the data suggests caution. Launching high-priced new projects into a market where resale is gaining share and new-home transfers are declining in value may require sharper pricing, stronger incentives or a clear point of difference.
For buyers, the shift may present opportunity. If resale inventory is growing and prices are softening, especially at the top end, there may be more room to negotiate. That is particularly true in Phuket, where holding costs—maintenance fees, property tax, opportunity cost—can pressure sellers to accept lower offers after extended marketing periods.
What remains uncertain
The REIC data covers nationwide transfers and Greater Bangkok specifically. Phuket’s market structure—foreign ownership, freehold versus leasehold, tourism-linked rental demand, villa-led luxury—means the national pattern may not translate directly.
What is not yet clear is whether Phuket’s resale share is growing at the same rate, whether foreign buyers are also shifting toward resale, or whether the island’s higher-priced segments are experiencing the same demand pressure seen in Bangkok’s 5 million baht-plus brackets.
The detail worth watching is transfer data specific to Phuket, particularly for foreign-owned condos and villas above 10 million baht. If that data shows similar trends—rising resale share, declining new-home value—then the national picture is relevant locally. If not, Phuket may be insulated by its exposure to international buyers and lifestyle demand.
Frequently Asked Questions
What does the rise in resale home transfers mean for Phuket property buyers?
It suggests that buyers nationwide are prioritising value and location over new-build stock, especially when purchasing power is constrained. In Phuket, where resale villas and condos often offer established locations, mature gardens and immediate occupancy, the trend may increase negotiating power for buyers, particularly at higher price points.
Are resale homes in Phuket also priced lower than new homes?
The national data shows resale homes in Greater Bangkok are priced significantly lower than new equivalents and have grown more slowly in value. Whether the same discount applies in Phuket depends on location, property type and seller motivation. Resale properties with sea views, direct beach access or strong rental history may still command premiums.
Why are new home transfers declining in value?
According to REIC, the decline reflects weaker purchasing power and a slowing economy. Buyers are moving down in price or choosing resale alternatives. New homes priced above 5 million baht saw transfer declines, especially outside areas covered by government tax incentives, which apply to properties below 7 million baht.
Could this trend affect Phuket villa developers?
If the shift toward resale continues and high-priced new-home transfers weaken nationally, Phuket developers launching luxury villas may face slower sales and increased pressure to offer discounts, flexible payment terms or stronger rental guarantees. Resale competition in established estates could also draw buyers away from new projects.
What remains unclear about how this affects Phuket specifically?
The REIC data is national and Bangkok-focused. Phuket’s market structure—foreign buyers, tourism-linked demand, villa-led luxury—means the island may behave differently. Transfer data specific to Phuket, particularly for foreign-owned properties above 10 million baht, would clarify whether the national trend applies locally or whether Phuket remains insulated.
Sources
- Bangkok Post — Resale homes take larger market share — link
- Real Estate Information Center (REIC) — Q1 2026 residential transfer data
- Siam Commercial Bank Economic Intelligence Center — Greater Bangkok average home price analysis 2019-2025
