This article on Phuket condo demand appeared in the Dot Property Group Phuket Real Estate Market Update. Click here to download your copy.
Phuket condo demand rose in both July and August after a fairly slow start to this year. International interest has grown for three consecutive months with a staggering 50 percent jump being recorded in August when compared to July.
Domestic interest increased sharply during the past few months. Research from the Dot Property Group found Phuket condo demand rose by 25.1 percent between June and July and then jumped a further 27.5 percent when comparing July and August.
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There was strong interest in units priced at THB3 million and below with this accounting for 34.6 percent of all Phuket condo inquiries received by the Dot Property Group between January and August 2022. Meanwhile, condos in the THB3-5 million price range recorded 25.7 percent of interest followed by the THB5-10 million price point at 23.3 percent.
This differs from Hua Hin where demand for condo units in the THB3-5 million and THB5-10 million price segments was higher than the THB3 million and below price point. One reason for that is location. There are more beachfront condominiums in Hua Hin and these are priced higher.
In Phuket, there are fewer condominium developments with beach access. Sea view units are common, and come with a higher price tag, but don’t fetch the same premium. Additionally, Phuket’s reputation as a mass tourist destination sees it attract many first-time property investors who usually prefer a small capital outlay.
It should be noted that the Phuket condo market as a whole remains fairly small when compared to the Eastern Seaboard. Villas on the island are also much more popular among both domestic and overseas property seekers.
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