March 23, 2023
BANGKOK – Phuket’s property market has returned to pre-pandemic levels and all finished condo units and villas with pools have been sold, most of them to foreign nationals, according to the Phuket Real Estate Association.
Phattanan Phisutvimol, its president, said the surge in sales of condominiums and luxury villas started after the Covid-19 pandemic receded last year.
Sales have surged to pre-pandemic levels and 823 real-estate projects, including hotels, were approved for construction last year, she said, adding:
“This year will be the golden year for Phuket’s property market. The boom will continue.”
A total of 4,163 condo units and houses in the island province were transferred to buyers last year, compared to 4,398 units in 2019, according to the association. The annual number fell to 2,767 and 3,143 units in 2020 and 2021, it said.
Phattanan attributed rebounding sales to Europeans, especially Russian and German tourists and investors. Many bought condos or houses in the name of a Thai spouse, she said, adding that demand for condos started to rise in May of last year.
About 28,000 condo units are registered in the island province and the number of transfers to buyers matches that number. Members of the association say villas with pools are also sold out, Phattanan said without providing a number.
She expects demand for real estate on the island to rise further as more Chinese buyers return. Chinese nationals had booked then cancelled about 5,000 units during the pandemic, and they will likely return, she explained.