The Phuket property market surge is expected to continue for at least two more years, buoyed by the strong growth of the tourism sector.
Phattanan Phisutvimol, president of the Phuket Real Estate Association, said the key driver for the property market rebound was foreign buyers, particularly Russians fleeing the war and Germans escaping the energy crisis.
“They moved in such great numbers that the rental residential units were completely occupied,” he said.
“Luxury villas were in high demand, especially those near Laguna, which were particularly popular among Russians, Chinese and Europeans.”
Mr Phattanan said Russian buyers purchased half a pool villa project, while other groups bought pool villas to rent out to their compatriots.
The Real Estate Information Center (REIC) said the number of newly sold villas in Phuket last year increased more than four times, from 34 units in 2021 to 149 units in 2022.
In the second half of 2022, 129 villas were sold, compared with 131 for the whole of 2019.
Phuket ranked as the country’s third-largest market for transfers of condo units to foreigners, behind Bangkok and Chon Buri.
Source: Bangkok Post
