Phuket's Unstoppable Real Estate Market

The president of the Phuket Real Estate Association recently shared insights on the island's property market. Foreign demand, especially from Russians, remains strong. Regular assessment of market demand, particularly in relation to ongoing war situations in Russia, is necessary. Swift resolution of the war may decrease housing demand in Phuket and lead to fund withdrawals.

Phuket's local-central capital is showing an upward trend, although not as vibrant as before. Despite reduced demand from Russian buyers, the overall real estate market remains robust. Recovery in the sector is driven by the return of foreign tourists post-COVID-19.

According to Mr. Patthanan Phisutvimol, the President of the Phuket Real Estate Association, demand for residential properties among foreigners, including condos, villas, and previously unsold units from the COVID-19 outbreak, has significantly increased. Russian tourists, seeking refuge from their country's weather and war, contribute to this surge.

The Phuket real estate market is projected to continue growing, with upcoming projects in the second quarter, including high-rise condos and low-rise housing estates. Central funding and the confidence of local and central investors propel the booming real estate business. The entry of new investment groups indicates ongoing opportunities, with an estimated launch of 3-4 projects soon.

To thrive in the competitive market, real estate entrepreneurs must assess the landscape, target specific segments, and adapt their strategies. Central funding grants a competitive edge, while local investors possess valuable insights into buyer preferences. Demand is shifting towards second homes and investment properties, emphasizing guaranteed returns and flexibility. Project owners' credibility is vital in shaping market dynamics.

Remaining inventory of pool villas is available for foreign buyers. Unsold villas may stem from a mismatch between buyer preferences and available options concerning location, design, and price.

In conclusion, the future of Phuket's property market hinges on the war situation and foreign buyers' preferences. Adapting to changing conditions and meeting evolving buyer demands are crucial for entrepreneurs to succeed in this competitive landscape.