Holiday condos and villas boom drives Phuket land prices to record highs
Phuket’s property market continues to expand, driven largely by tourism rather than Bangkok’s economy or Thailand’s overall economic conditions
A new report by the Agency for Real Estate Affairs (AREA) — the Centre for Thai Real Estate Research and Valuation — reveals that the island’s real estate sector remains buoyant, with strong demand pushing both property sales and land prices to unprecedented levels.
According to AREA’s findings, around 10,000 housing units were sold in Phuket over the past year, with a total transaction value of 90 billion baht, averaging 9 million baht per unit. Most sales were concentrated in Thalang district, with holiday condominiums and villas emerging as the fastest-selling property types, while homes for local residents sold at a slower pace.
Land prices soar – Rawai, Bang Tao, Mai Khao lead growth
Between 2004 and 2025, Phuket’s land prices have risen by an average of 7.47 times, equivalent to an annual increase of 10.7% — among the highest growth rates in Thailand.
The strongest appreciation was recorded in Rawai Beach, where prices have surged 14-fold, followed by Bang Tao Beach (10.67 times) and Mai Khao Beach (9 times).
Areas with slower growth include Sapam Beach, Karon Beach, and Sirey Island.
The highest market land prices are now found in Patong Beach, where AREA estimates values at 350 million baht per rai (or 875,000 baht per square wah). Next are Bang Tao, Surin, and Karon beaches, each valued at around 80 million baht per rai (200,000 baht per square wah).
These market figures are significantly higher than the government’s official appraisal rates, a long-standing issue that causes market distortion across Thailand.
Huge gaps between market and official appraisal prices
Examples from Phuket show how government valuations remain far below real market prices:
Mai Khao Beach – Market price: 45 million baht/rai; official appraisal: 6.8 million baht/rai (15% of market value).
Bang Tao Beach – Market price: 80 million baht/rai; appraisal: 15.6 million baht/rai (20%).
Kamala Beach – Market price: 70 million baht/rai; appraisal: 10 million baht/rai (14%), ranking third-lowest after Ao Po.
Patong Beach – Market price: 350 million baht/rai; appraisal: 70 million baht/rai (20%).
Karon Beach – Market price: 70 million baht/rai; appraisal: 12 million baht/rai (17%).
Rawai Beach – Market price: 70 million baht/rai; appraisal: 11.4 million baht/rai (16%).
Chalong Bay – Market price: 45 million baht/rai; appraisal: 4.6 million baht/rai (10%), the lowest proportion.
Cape Panwa – Market price: 50 million baht/rai; appraisal: 10 million baht/rai (20%).
Ao Po – Market price: 20 million baht/rai; appraisal: 2.18 million baht/rai (11%), second-lowest after Chalong Bay.
Ao Maprao – Market price: 15 million baht/rai; appraisal: 4.2 million baht/rai (28%).
