Phuket Property Market: Insiders Guide 2023

Are you ready to embark on a captivating journey through the vibrant world of Phuket's property market? Look no further, for we are about to unravel the latest trends that will leave you awe-inspired and eager to take that leap towards your dream home.

Investment in  properties in Phuket, Thailand, potentially provide you with significant returns, which could vary between 4-10% annually. These returns, however, are contingent on several factors like the property's location, its condition, and the overall market scenario. Areas such as Bang Tao, Surin, Kamala, and Nai Harn are top choices for rental investments, whereas Patong, Kata, and Nai Harn are known to provide substantial returns. For the best results, you should aim to invest in properties that have excellent locations, are well-maintained, and feature modern amenities. 

In this post, we'll be exploring the Phuket property market in depth, providing you with the most up-to-date information and insights. 

Major Trends in Phuket Real Estate 2023

We are going to focus on 4 major trends for homebuyers in Phuket. What kind of property units purchase by homebuyers, such as re-sale or new units. How many bedrooms are popular for homebuyers. Who are the major buyers in Phuket property market. 

Lastly, for homebuyers seeking to understand the return of investments for your new home. And how to calculate your property for rental in Phuket. 

Check out in-depth guide on what are re-sale and developer units. 

Popular Phuket Bedrooms Types

Understanding the type of viewings and available bedroom options is vital for narrowing down your choices. The data highlights whether viewings are conducted in person or virtually, providing insights into the flexibility and convenience of property exploration. Additionally, analyzing the available bedroom configurations allows you to determine the suitability of properties based on your family size, lifestyle, and personal preferences.

Based on real estate transaction data from the first quarter, 1-bedroom condominiums are the most sought-after, with a total of 22 units sold. This trend is closely followed by 2-bedroom units, studio apartments, and 3-bedroom condos in that order. The most popular areas in Phuket include Choeng Thale, Kamala, and Patong. Here's the breakdown:

Top 5 Buyers in Phuket Properties 

Buyers demographics in Phuket real estate market during the first quarter showed significant activity from Russian buyers. This was followed by buyers from Thailand, China, Germany, and the UK, as shown in the chart below.

Transactions in the Phuket real estate market during the first quarter show that the total number of off-plan properties and resale properties is similar. However, when it comes to condos, the number of resale property transactions is slightly higher.

Phuket property market caters to a wide range of preferences, including resale, off-plan, and development unit properties. By studying the data, you can identify the popularity of each property type, allowing you to align your preferences with market demand. Whether you prefer the allure of a resale property with its established character or the excitement of an off-plan investment, the data will empower you to make an informed choice that aligns with your goals.

Calculations of Phuket Property Prices

To calculate monthly condo rentals in Phuket's 2023 real estate market, the price-to-rent ratio formula is applied. This formula, which divides the property's price by the total yearly rent, helps evaluate the profitability of property investment. A lower ratio might imply that buying is more economical than renting, and vice versa.

For instance, consider a 2-bedroom, 2-bathroom unit with a usable area of 240 square meters on the 2nd floor, listed for sale at 18.9 million baht. The monthly rental price for this unit stands at 82,100 baht, yielding a price-to-rent ratio of 19. 

On the other hand, a 1-bedroom, 1-bathroom condo with a usable area of 57 square meters on the 3rd floor is available for purchase at 4.7 million baht. The long-term monthly rental price starts from 39,000 baht, leading to a price-to-rent ratio of 10.

Please note that the price-to-rent ratio is calculated at the individual property level, where the sales price is divided by the annual total of its monthly rent.

By examining the sales prices, you can gauge the affordability and value of properties in Phuket. The data showcases the range of prices across different property types and sub-regions, enabling you to make well-informed financial decisions. Moreover, by monitoring market trends and fluctuations in sales prices over time, you can identify potential investment opportunities and make strategic decisions based on market dynamics.

The analysis of Phuket property viewing data offers valuable insights and trends in the real estate market of this region. By examining the provided data and visualizing it in a comprehensive manner, we can gain a deeper understanding of the property landscape and make informed observations.

Conclusion

As a prospective homebuyer in Phuket, analyzing the available data is a crucial step towards making an informed property purchase. By understanding the sub-regions, property types, viewings, bedrooms, and sales prices, you can confidently navigate the Phuket property market. This guide has provided you with insights and trends to assist you in your journey. Armed with this knowledge, you can embark on your property search in Phuket with confidence, ensuring that your investment aligns with your vision of the perfect home in this tropical paradise.

Search Now