This article on domestic demand for Phuket villas appeared in the Dot Property Group Phuket Real Estate Market Update. Click here to download your copy.
Thai buyers are showing an increased interest in Phuket villas with demand skyrocketing 47.5 percent when comparing June, July and August to the previous three months. All of this growth was recorded for residences priced at THB5 million and above in a sign the domestic market is more willing to spend.
In both March and June of this year, more inquiries were made via the Dot Property Group network of websites for Phuket villas from domestic users than overseas ones. This was something initially seen in 2020, and it appears interest from Thai buyers is carrying on post pandemic.
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There was a massive increase in demand for high-end villas priced at THB20 million and above. Demand in this segment rose by 62.8 percent in May-August when compared to the first four months of 2022. Interest in residences at the THB5-10 million price points surged by 34.7 percent over the same time period. This is in contrast to a one percent decline in demand for Phuket villas priced at THB5 million and below.
Interestingly, THB20 million and above Phuket villas were the most in demand between May and August despite trailing the THB10-20 million and THB5-10 million segments during January-April.
In terms of unit sizes, three-bedroom villas in Phuket were by far and away the most popular with these accounting for slightly more than half of all domestic demand. Four-bedroom residences made up 21 percent of interest with two-bedroom properties checking in at 18.5 percent.
This is in line with trends seen elsewhere in Thailand. Three-bedroom was the most wanted size in both Hua Hin and the Eastern Seaboard by a similar margin. It must be noted these villas make up the majority of supply in Phuket.
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