First Quarter Snapshot
Phuket’s real estate market saw strong growth in Q1 2024, with 25 new projects adding 4,000 units valued at 54 billion baht. Most were vacation condominiums in the Thalang District. Over the past year, 10,000 units were sold, generating 90 billion baht. The market now includes 500 active projects, with 72,000 units valued at 460 billion baht and 10,000 still available.
Buyer Trends and Market Dynamics
Resales now account for 68% of transactions, a notable shift from the previous year when sales were evenly split. Condominium demand remains solid, but transaction values have declined. Entry-level and mid-priced home resales are in high demand, with strong activity in the Thalang area.
International and Domestic Interest
Overseas buyers are led by the US, UK, and Russia, followed by France, Australia, and Italy. India is also an emerging market. Domestically, Thai buyers are increasingly active across all price points. Demand from Russian buyers has eased slightly following seasonal shifts and regulatory concerns.
Outlook for Investors
The gap between new and resale property values is widening. Investors are showing increased interest in prime resale properties, especially villas. Phuket’s luxury villas remain a key draw for high-net-worth buyers. Explore our selection of luxury villas in Phuket for current listings and market insights.
For more details on Phuket’s evolving real estate market, check out our latest article on Phuket Real Estate Market: A Cash-Based Tourism-Led Evolution.
