Century 21 Phuket Real Estate Market Outlook 2023-2024

Century 21's comprehensive Phuket real estate market outlook and report for 2023-2024

Century 21 Phuket
Century 21 Phuket Real Estate Market Outlook 2023-2024

One of the key drivers behind the surge in Phuket's real estate market in 2023 was the successful rebound of the tourism sector after pandemic-induced setbacks. Numerous studies, including a comprehensive report by the Thailand Real Estate Association (TREA), highlight the correlation between increased tourist arrivals and a surge in demand for properties in key tourist destinations, with Phuket at the forefront.

The number of luxury villas launched in Phuket during the first six months of 2023 surged 12 times to 541 units worth a total 29.6 billion baht, from 45 units valued at 886 million baht last year. Prior to the pandemic, the first peak occurred in the first half of 2019, with 194 villas worth 3.68 billion baht newly launched.

The figure dropped to 29 units worth 535 million baht in the second half of 2019, with no new launches until the second half of 2021. New sales of luxury villas never exceeded 100 units until the second New sales of luxury villas never exceeded 100 units until the second half of 2022 during which 129 units worth 4.16 billion baht were sold.

This trend continued with another 213 units valued at 8.9 billion baht sold in the first half of 2023.

The majority of the new villas sold in the first half were single detached houses at 204 units, while the remainder consisted of six duplex houses, two townhouses and one land plot.

In the first half of 2023, there were a total of 979 luxury villas in Phuket, with a combined value of 49 billion baht. These included 907 single detached houses, 29 duplex houses, eight townhouses and 35 land plots.

Our Century 21 Phuket market outlook research has shown a 15% increase in property purchase prices from 2022 to 2023 and a rental price increase of 87%.

 

 

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