Phuket property market hits 705bn baht as foreign buyers drive resort demand

Phuket’s property market has reached a total value of more than 705 billion baht, the highest among Thailand’s regional provinces, with resort condominiums and villas accounting for more than half of residential supply and foreign buyers remaining a major source of demand.

Dr Sopon Pornchokchai, president of the Thai Real Estate Research and Valuation Center at Agency for Real Estate Affairs (AREA), said its 2026 survey found 90,597 residential and accommodation units on the market in Phuket, worth a combined 705.055 billion baht.  

The figures underline the scale of a market supported by Phuket’s status as a global tourism destination and demand from overseas buyers.

For units entering the market in 2026 alone, Phuket recorded a total value of 176.538 billion baht, exceeding Chonburi at 151.822 billion, Rayong at 51.453 billion and Chiang Mai at 49.303 billion baht.

Although Phuket recorded 13,779 newly marketed units, fewer than Chonburi and Rayong, its average selling price was considerably higher at 12.812 million baht per unit, reflecting the province’s concentration of higher-priced properties.

Phuket has 806 projects, with 85% of units sold

The survey covered projects in Phuket’s three main districts of Mueang Phuket, Kathu and Thalang.

It identified 806 projects with units still on the market, comprising 411 projects in Thalang, 281 in Mueang Phuket and 84 in Kathu.

Across those projects were 90,597 units worth 705.055 billion baht. Of these, 76,582 units worth 527.777 billion baht had already been sold, representing around 85% of total units.

The average sales absorption rate was about 5.2% of available units per month.

Sopon estimated that, if no additional projects were launched, existing stock would take around 19.2 months to sell out.

The figure suggests that Phuket continues to have a meaningful level of demand, although the structure of that demand differs significantly between Thai and foreign buyers.

Resort villas and condominiums account for 52% of supply

Phuket’s property structure differs markedly from a conventional residential market because of the dominant role played by holiday and resort properties.

The survey states that resort villas and resort condominiums together account for 52% of units on the market.

By value, resort condominiums were put at 339.227 billion baht and resort villas at 221.672 billion baht. Combined, the two categories represent about 80% of the value of residential properties currently offered for sale in Phuket.

The structure indicates a strong reliance on international purchasing power, while the domestic market is smaller.

Properties aimed more directly at Thai buyers include 21,392 residential condominium units, representing 24% of the market, along with 9,729 townhouses, 5,924 semi-detached houses and 5,126 detached houses.

Residential condominiums recorded the fastest sales rate at an average of around 8.1% of units per month.

Resort condominiums and villas sold at around 4.9% per month, while detached houses, semi-detached houses, townhouses, shophouses and subdivided land recorded an average of about 3%.

Sopon said the figures pointed to some vulnerability in the local market, with properties targeting Thai buyers generally recording slower sales while foreign residential and investment demand remained an important driver.

Thai buyers concentrate on homes priced at 2-7 million baht

Pricing patterns also differ sharply between properties aimed at domestic buyers and higher-end resort products.

Among detached houses, 37%, or 1,875 units, were priced between 5 million and 7 million baht.

For semi-detached houses, 48%, or 2,821 units, were priced between 3 million and 5 million baht, while 68% of townhouses, equivalent to 6,566 units, were in the 2 million to 3 million baht range.

Residential condominiums were concentrated in the 3 million to 5 million baht bracket, accounting for 44%, or 9,481 units.

For resort condominiums, the report said the largest group was priced between 3 million and 5 million baht, at 11,849 units or 29%, followed by 8,072 units, or 25%, priced between 5 million and 7 million baht.

Resort villas occupied a much higher price bracket. Almost half were priced between 20 million and 40 million baht, with 2,930 units in this range, representing 43%.

The figures reflect a market increasingly shaped by affluent and overseas buyers.

Thalang emerges as Phuket’s property hub

Thalang is Phuket’s most heavily developed district, with 411 projects, particularly around Cherng Talay, Bang Tao, Layan, Si Sunthon and Thep Krasattri.

The district benefits from proximity to Phuket International Airport, while larger available land plots make it suitable for low-rise developments, resort villas and mixed-use projects.

Lifestyle destinations, hotels, international schools and healthcare services are also helping support demand from buyers seeking longer-term residence.

Cherng Talay and Bang Tao, in particular, have developed an extensive range of facilities serving the upper end of the market, including retail centres, golf courses, hotels and property-management services.

The survey reported 24,994 resort condominium units in Thalang, representing 54% of all units in the district, with a combined value of 236.807 billion baht, or 53% of the district’s total value.

In Mueang Phuket, residential condominiums were the main product, with 11,794 units, while Kathu had 6,940 residential condominium units, accounting for 49% of supply in the district.

Foreign buyers reshape Phuket into long-stay market

Sopon said Russian and Commonwealth of Independent States (CIS) buyers remained an important source of demand in 2025-26.

They showed particular interest in resort villas in Thalang, Cherng Talay and Bang Tao, as well as Chalong and Rawai.

Demand from buyers from China, Hong Kong, Singapore and Taiwan was also beginning to recover, with purchases driven by investment diversification, housing for families relocating to or studying in Phuket, and rental investment.

Western European and Middle Eastern buyers represented another high-purchasing-power segment, seeking retirement homes, holiday residences and larger family villas.

Thai buyers account for an estimated 15-25% of the premium property market, mostly purchasing second homes for leisure, investment diversification or family use.

The changing buyer profile is pushing Phuket beyond its traditional role as a seasonal holiday destination towards becoming a longer-term residential and investment market for foreigners.

Indian and Middle Eastern buyers are also playing a larger role, while digital nomads, technology entrepreneurs and high-income remote workers are beginning to show greater interest in second homes on the island.

Resort villas dominate new project launches

Projects launched during 2025-26 had an average price of around 10 million baht per unit.

About 60% of newly launched projects were resort-villa developments, with an average price of 32 million baht per unit.

However, when measured by the number of individual units launched, resort condominiums accounted for around 60% of new supply.

Most new projects are concentrated in Thalang, where growth is strongest and higher-priced developments are increasingly common.

Developers are also expanding away from Phuket’s western beachfront areas, where land prices have risen and suitable development sites are increasingly scarce, towards northern Thalang, Si Sunthon, Mai Khao, Pa Klok and Chalong.

Resort condominiums and villas in Cherng Talay and Bang Tao were estimated to generate rental yields of around 6-8% a year.

Overall, Phuket’s property market continues to benefit from foreign purchasing power and mid- to upper-end development.

However, developers targeting Thai buyers face a smaller market and slower sales rates than operators focused on resort properties, creating a significant challenge when deciding where and what to launch next.

Source: Thansettakij