Phuket Property Market Post Covid-19 – What to Expect in 2023

Phuket property market has taken a hit from the Covid-19 pandemic, but with the country now open for international travellers, the real estate market is beginning to show signs of recovery. According to data from leading online marketplace FazWaz.com, the mean average price per square metre for Phuket condos rapidly drops dramatically to B34,000psm at midway point between three and four kilometres from the beach. Urban land prices and strong demand are key factors propelling numbers.

The shift in the Phuket property market is evident in the types of property investors and buyers. Before the pandemic, most buyers were focused on the entry-level segment of the market, but now there has been a shift to the midscale and the upscale luxury segments. This shift is due to the arrival of a different type of buyer; those looking for second homes, who are less price sensitive. 

At the same time, there is a surge of real estate buyers from Hong Kong due to political unrest and stringent Covid lockdowns in Hong Kong. There is also an influx of European buyers, many of whom have taken advantage of the Thai government's two visa programs, Thai Elite Visa and Digital Nomad Visa for foreigners, seeking to invest in Phuket booming real estate market for 2023. Check out the news on Phuket's booming real estate market. 

Popular Areas to Buy Property in Phuket

The most popular areas for expats to buy property in Phuket are Bangtao, Surin, Layan, Laguna, Cherngtalay, Pasak, Rawai and Nai Harn. These areas are known for their luxurious villas, spacious condos and stunning beachfront properties. Expats can choose from a wide range of properties, such as modern pool villas, luxury penthouses, and beachfront apartments.

For those looking for a more affordable option, the Phuket condo market has some great deals. Whether you are looking for a one-bedroom condo for investment or a two-bedroom condo for living in, Phuket has something to offer for everyone. There are also plenty of new developments that are offering great deals on condos.

For those looking for an even more luxurious option, the Ozone Grand Residences is a great choice. This small residence offers modern pool villas for sale in Phuket with only 12 villas. The development offers a unique blend of contemporary design and traditional Thai architecture. 

For expat homebuyers looking to buy property in Phuket and to invest in property in Phuket, now is a great time to act. With property prices on the island on a steady upward trend, investors can benefit from a range of new property developments, offering excellent opportunities. Agents are always aware of local market trends and can help buyers achieve the best results from the purchase. 

Overall, the Phuket property market has shown resilience during the pandemic, and it is expected to continue to rebound in the coming months. With the rise in demand for sea-view properties, especially in the upper end of the market, now is an ideal time to invest in Phuket property.