Phuket Real Estate Investment Hits 100 Billion Thai Baht as Foreign Interest Soars
Phuket’s real estate market has reached an impressive 100 billion Thai Baht in investment value. The province is attracting increasing numbers of foreigners interested in both living and investing, driving a booming property market. However, these figures may evolve as the market continues to develop.
Phuket’s Economic Revival with Foreign Investment After 15 Years
Phattharachai Thaweewong, a prominent real estate researcher, has been appointed as the Director of the Research and Communications Department at Colliers Thailand. According to Thairath Money, Phuket has seen a notable influx of tourists and foreign investors, with over 6 million visitors by the end of the third quarter. The surge in tourists from Russia, Australia, India, China, and Kazakhstan has fueled a thriving real estate market throughout the island.
Major land developers, including Origin Property Public Company Limited, Supalai Public Company Limited, Sansiri Public Company Limited, Assetwise, and Local Botanica Luxury real estate Phuket, are leading significant investments in new developments.
In the past 15 years, Phuket real estate has seen a surge in new real estate projects, with total investments surpassing 100 billion Thai Baht. This includes 15 new condominium projects comprising 6,831 units, with an investment value of 37.88 billion Thai Baht, and 37 new vacation home projects featuring 589 units, valued at 53.23 billion Thai Baht.
Phuket Real Estate: Key Areas to Watch
Land Scarcity in Phuket Intensifies Amid Rising Demand for Vacation Homes.
Phuket’s real estate market is experiencing a growing challenge: land scarcity. As vacation homes in this tropical paradise become increasingly popular, the demand for land has surged, particularly among millionaires drawn to Phuket’s unique and attractive environment.
According to Colliers, Phuket has become a hotspot for affluent buyers, both Thai and foreign, with Russian investors playing a particularly prominent role. This influx of interest has significantly impacted the local real estate market, making land more valuable and scarce.
The most sought-after vacation homes this year are located in the Cherngtalay area, near some of Phuket’s most scenic beaches, including Bang Tao Beach, Surin Beach, Layan Beach, and Cherng Talay. These prime locations are in Thalang District, with other popular spots found in Mueang Phuket District, such as Chalong Bay, Rawai Beach, Kathu District, Kamala Beach, and Patong.
Looking ahead, developers may need to consider expanding their projects to areas further inland, where land costs are lower, and the atmosphere is more tranquil. These new vacation homes could be priced between 25-50 million Thai Baht, offering a more serene and cost-effective alternative to the increasingly expensive coastal properties.
The combination of limited coastal land and significant price increases on Phuket Island has led to a notable surge in land prices, making real estate in this region an attractive but increasingly costly investment opportunity.
Supply of new vacation homes for sale classified by year and area at the end of the third quarter of 2023.
Raimon Land to Launch High-End Villas Priced Between 600 Million and 1 Billion Thai Baht
The Kamala area is currently witnessing the development of an Ultra Luxury Villa project by major developers, including Raimon Land. This project, one of the most notable developments in the last quarter of the year, spans a 23-rai plot of land. Prices start at 600 million baht, with the most expensive villa priced at 1 billion Thai Baht.
Meanwhile, the Habitat Group is preparing to launch new projects in the Phuket Island region, which will include both condominium and vacation home developments. Anticipating a surge in the market during the last quarter, over 1,200 projects are set to be introduced, representing a combined investment value exceeding 10 billion Thai Baht.
For further information about Phuket’s luxury investment, don’t hesitate to contact us. You can reach us via WhatsApp at +66 (0) 93-578-6028 (EN/RU/TH), send us an email at info@cm-topestate.com, or visit our website at www.cm-topestate.com. We are always available to assist you.
