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Phuket enjoying boom in real estate sales with luxury villas, condos sold out

PHOTO: Flickr/Bertrand Duperrin

The Phuket Real Estate Association says the island province is enjoying a “golden year” for property sales, as condos and luxury villas are in the ‘boom’ phase of the island’s usual boom-bust cycle. The association’s president, Phattanan Phisutvimol, says property sales have been on the up since Covid-19 began to abate last year.

“This year will be the golden year for Phuket’s property market. The boom will continue.”

She says sales are now at pre-pandemic levels, with all completed condo and pool villa projects sold out, most of them to foreign buyers. She adds that last year, a total of 823 real estate projects, including hotels, were given the green light for construction to proceed.

Nation Thailand reports that in 2022, a total of 4,163 condo units and houses in Phuket were transferred to buyers, close to 2019’s figure of 4,398. In 2020, the number was 2,767, and in 2021, it was 3,143.

Phattanan says Europeans, in particular Russian and German tourists and investors, account for most sales. She says the demand for condos began to increase in May 2022, adding that many investors have bought property in the name of a Thai spouse.

There are currently around 28,000 condo units registered on the island, matching the number of transfers to buyers. Phattanan adds that pool villas have also sold out and she expects demand to increase further once the Chinese return to Phuket.

She explains that during the pandemic around 5,000 units were booked, then cancelled, by Chinese investors, adding that those buyers are expected to return.

SOURCE: Nation Thailand

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