FazWaz Phuket Properties Sales Market Report

 

 

" Phuket Off-Plan Property Sales Rise 11.10% to 48.40% Y-o-Y"

 

 

Phuket real estate market is active in 2023 and 2024. From FazWaz Phuket data, we found that buyers are interested in off-plan properties, increasing by 20%, showing that buyers want to get new items more than second-hand items. 

Meanwhile, second-hand Phuket houses and condos saw a 5% decrease, while for real estate for new developers, the average price decreased in half from 9.5 million baht to 4.9 million baht. 

As homebuyers you should keep an eye on investing off-plan units in Phuket property. Continuing with condo sales in Phuket last year, sales peaked at 65 units in the 4th quarter of 2022, and interest numbers in real estate. 

Phuket has grown exponentially since 2018, meaning Phuket continues to be a good investment option. It is also a top choice for second homes for foreigners from all over the world.

Top Buyers and Buying Reasons in Phuket Properties?

Where is the top interest coming from? Buyers from many countries are flooding into the Phuket home and condo market, including China, Russia, Australia, and the United States, which includes a group of investors who bought it to use as a second home. 

So why do people from all over the world gather in Phuket? Buyers from different countries provide various reasons for purchasing Phuket real estate. Such as buying for investments, buying as a vacation home and purchase for personal use. Aussies are very serious about investing in properties in Phuket at around 41%. 

On the other hand, there are still 25% of people who buy it as a vacation home. While Russians buy it for more than 36% as a vacation home, and some people buy it for investment, about 38%. 

More than 50% of Thais buy houses or condos for personal use. British people lean almost equally towards vacation homes and personal use, but Americans buy more for personal use.

What factors do you think are behind these gaps of difference? It may be a matter of price and availability. For example, high interest from Thai people may not always lead to actual sales. 

Phuket Real Estate Demand Market Analysis 2018 - 2023

In this topic, Fazwaz Phuket property insights is the direction of the Phuket housing market from 2018 to 2023. It is an excellent and interesting market journey, especially from 2019 onwards. Demand numbers increased more than 60% from the previous year. 

The Phuket property market's journey, depicted in our line graph, reveals a dynamic narrative. Starting in 2018, we saw median price for properties at 5.08 million THB, with condos and houses significantly different at 3.89 million and 7.4 million THB, respectively. The picture painted a market of varied tastes and budgets.

By 2020, the script flipped dramatically, especially for houses, peaking at a median price of 10 million THB, while condos softened to 3.06 million THB, underscoring a growing preference for more spacious living. 

Fast forward to 2023, and we see a market reconnecting with median prices stabilizing at 4.9 million THB across the board, suggesting a balanced appeal for condos and houses. Overview, informed by our data and graph, offers a clear lens into the evolving Phuket property scene for prospective buyers.

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Phuket Real Estate Buyers Report 

In a striking contrast between 2022 and 2023, the landscape of Phuket property market reveals a dynamic shift in buyer demographics. Thai nationals surged to the forefront in 2023, capturing 17.50% of the market, a significant rise that underscores a growing domestic interest in Phuket real estate. 

Contrasts sharply with the previous dominance of Russian buyers, who, while still prominent at 17.30%, slightly declined from their leading position.

Germany and the United Kingdom maintain their presence among the top buyers, though their market shares see subtle adjustments, with Germany at 8.40% and the UK at 6.70%. The emergence of China as a key player in 2023, claiming 8.10% of the market, marks a new trend, reflecting the expanding influence of Chinese investors in Phuket for investment reasons.

 

Analyze selling prices in the Phuket house and Phuket condo market

In Choeng Thale, the median price for supply for all properties is at 6.03 million THB in 2018 to an impressive 22.747 million THB by 2023, increasing four times. Similarly, the condo market in Mai Khao witnessed a transformative leap from 4.2 million THB in 2018 to a jaw-dropping 21.7 million THB in 2023, highlighting a surge in demand for condominiums being in the selling market.

The narrative for houses tells an equally compelling story, with Choeng Thale median house prices surging from 19.7 million THB in 2018 to an astounding 39.9 million THB in 2023. 

Meanwhile, Patong, known for its vibrant nightlife and stunning beaches, saw its median property prices undergo significant fluctuations, with all property prices peaking at 19.2 million THB in 2018 before settling at 7.45 million THB in 2023.

This data not only highlights a selling market. Price growth in key areas like Choeng Thale, Patong and Mai Khao signals a ripe opportunity for property owners considering listing their properties. 

With Fazwaz Phuket Listings, you're not just listing; you're capitalizing on a trend of ascending property values, tapping into a market for top nations interested in buying properties in Phuket. 

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Phuket Real Estate in 2024 Outlook? 

Off-plan properties in Phuket are commanding attention with a 20% rise in buyer interest, spotlighting a trend towards customizable, modern living. Amidst this, the drop in new development prices to 4.9 million baht presents an enticing entry point for investors.

The Phuket market offers diversity, from Choeng Thale's soaring prices to Mai Khao's luxury condos, now averaging 21.7 million baht. With sales hitting 65 units in Q4 2022, the data underscores Phuket's dynamic investment landscape. This is the moment to leverage these insights and step into Phuket's thriving property market.

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