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Learn more about the Phuket property market through trends and average prices.
Phuket is Thailand’s largest island and also Thailand’s largest tourist market outside Bangkok attracting more than 10 million tourists in 2018. There has been a recent upsurge on visitors coming to Phuket with year on year growth in double digitals according to the C9 Phuket Market Update. With some of the most beautiful beaches to be found across South East Asia, Phuket has become more than just the ‘Jewel in the Andaman Sea’ but in fact the flag ship of Thailand and the greater region across Asia for tourism, real estate, and many other industries.
Phuket has a wide range of property types that caters for a diverse investment range. Budget properties are located around more Thai centric locations such as Thalang, Kathu and Phuket Town. Here you can find a wide range of Thai-style townhouses and condos which really feature in the modest price range. The properties are located inland are focused around the local city and local life. But recently there has been more development in these regions which has led to an increase in foreign buyers. The mid-range price bracket usually features houses and condos in beachside locations such as Kamala, Surin, Kata, and Rawai. Usually, these reasonable price apartments have good common facilities and start at around 40 SQM. The houses will usually be flat and community-based with limited view, but the potential for private pools and common resort share facilities exist. The high-end or luxury segment of the market caters for lavish pool villas that usually are located on a beautiful hill with amazing sea views. Some of the properties even have direct access to the beach. Examples of these villas are seen in the hilly town of Kalim, where the villas sprawl the beach road with direct views of the Patong beach. Some condominiums have gorgeous penthouses and very well built common areas that features beach clubs and restaurants. A great example is MontAzure in Kamala.
The most popular area in Phuket is Patong, which houses the most famous beach in Phuket. There is lots of activities and a very vibrant nightlife scene, which is home to the infamous ‘Bangla Road’. There is also two of Phuket's largest shopping centers which include Jungceylon and the newly created Central Festival Patong, which is just the opposite. Either side of Patong the action is now sprawling out, where slightly more north you have Kata and Karon, which are now hot destinations for tourists and Rawai and Nai Harn are top relocation areas for expats. Moving slightly north from Patong, there are Kalim, Kamala, Surin, and Bang-Tao which have all had recent developments. There are a large number of beach clubs around this part Phuket which includes Café Del Mar and Catch Beach Club. Other noticeable areas are Laguna which is a diverse mix of beautiful lagoons coupled with luxury 5* accommodation, luxury residential homes, and restaurants. To the northern tip of Phuket has Mai Khao which has been a recent target for property development.
Phuket is widely known for being the lifestyle destination of Thailand. It caters for everyone and anyone although the island is becoming more expensive as the island evolves. What used to be a mainly backpacker scene has now evolved to luxury high end living in certain areas of Phuket. If you love the sea and the beach, there are plenty with some of the best beaches in the world just on your doorstep. With the proximity to local islands such as Racha and Phi Phi Island, Phuket is one of the top destinations in the world for sun and relax. There are some amazing boat tours you can charter around the islands which are all available on BoatCrowd. With some of the newest and best international hospitals in the world such as Bangkok International Hospital and Phuket International Hospital, Phuket is now establishing itself as a core destination for medical tourism. Many people from all nationalities flock to Phuket to have plastic surgery operations and recover in the paradise island. If you’re an adventurer, there are lots of treks around the mountainous Phuket region with some stunning views to be caught, especially situated at viewpoints during the sunset of the Andaman Sea. With Phuket becoming such an international destination, there are lots of cuisines to be found catering for everyone’s taste across Phuket.
The average price per square meter for a Property For Sale in Phuket is ฿113,169, which is 2% above the average price per square meter in Thailand that is ฿111,359. The price of Patong Studios is on average around ฿143,668 and a 5 bedroom villa in Kamala will set you back around ฿91,742 per square meter.
There are lots of reasons as to why foreign and local Thais want to invest in real estate in Phuket. The top 5 reasons are the following:
The cost of building a house in Phuket depends on the size and type of house, the location and the quality of materials used. The average cost for building a new house in Phuket ranges from $150,000 to $500,000. For example, a 3 bedroom detached house with an area of 600 square meters would cost around $300,000 to build in Phuket.
Property in Phuket is an excellent investment for a number of reasons. First of all, Phuket is a world-renowned tourist destination, which means there is always high demand for rental properties. Secondly, the island has a growing economy, thanks to its thriving tourism and real estate industries. And finally, Phuket offers a great lifestyle, with beautiful beaches, tropical weather, and an array of leisure activities. So whether you're looking for a holiday home or a long-term investment, now is a great time to buy property in Phuket.
If you're considering purchasing property in Phuket, it's important to know the rules and regulations regarding foreign ownership. At present, foreigners are not allowed to own land in Phuket, but they are permitted to lease land for a period of 30 years with the option to renew for two additional terms of 30 years each. In addition, foreigners are allowed to purchase condominium units and apartments, as long as the proportion of units owned by foreigners in any one building does not exceed 49 percent. Property prices in Phuket have been on the rise in recent years, making now an ideal time to invest in a vacation home or rental property. With its beautiful beaches and tropical climate, Phuket is a popular destination for tourists from all over the world, making it a wise investment for those looking to generate income from their property.
The good news is that foreigners are allowed to purchase property in Phuket. However, there are some restrictions in place. For example, foreigners are not permitted to own land outright. Instead, they must lease the land from the Thai government for a period of 30 years. In addition, foreigners can only purchase condominium units that have been approved by the Thai government. As a result, there are a limited number of properties that are available for sale to foreigners. But despite these restrictions, purchasing property in Phuket is still an attractive option for many people.