In recent years, Phuket has become one of the most attractive real estate investment destinations in Asia. In 2023, the island's villa and condominium market shows a steady recovery and significant growth due to the influx of tourists and active investments in construction. This article will look at current trends, major development areas and give recommendations for buyers who consider Phuket as an investment platform.

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Tourism growth: The basis for stable demand

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According to Knight Frank Thailand, more than 8.3 million foreign tourists visited Phuket in 2023, which is 2.5 times more than in the previous year. The largest number of visitors came from Malaysia, Russia, Europe, China and India. The approval of the visa-free regime by the Thai government also stimulates the influx of tourists, especially during the high season, which, in turn, increases the demand for renting and buying real estate.

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Villa segment: Attractive areas and new opportunities

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The villa segment in Phuket shows consistently high demand and rising prices. In 2023, 740 new villas out of 50 projects were proposed, which increased the supply to 5,137 units. This is a 126.3% increase compared to last year. Sales also increased: 651 villas were sold in 2023, an increase of 109.3% compared to 2022.
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Villas are most in demand in Cheung Talay and Bang Tao districts, which offer comfortable living conditions and developed infrastructure. These locations are attractive for foreign buyers who buy villas both for personal residence and for rent. However, due to land shortages and rising prices, new projects are starting to appear in more remote areas such as Pru Jampa and Bang Jo.

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Condominium segment: Recovery and growth prospects

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The condominium segment is also showing strong growth in 2023. The number of units sold reached 3,852, an increase of 393.2% compared to 2022. Layan and Bang Tao remain the leading districts, accounting for 58% of all sales. The average price for condominiums increased by 4.8%, which indicates a stable market recovery.
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New demand is also observed in areas with more affordable prices, where new projects are being built. In general, condominiums in Phuket are becoming popular among foreign buyers due to their convenient location, well-developed infrastructure and high rental income.

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Prospects and trends for 2024

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Experts predict that Phuket's real estate market will continue to grow in 2024. The supply of condominiums and villas will increase by 50% compared to 2023. This is due to increased investment in the construction of new residential complexes and the continued growth of tourist flows due to government support and the improvement of international flights.

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What to choose for investment: villas or condominiums?

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Buyers considering Phuket as an investment destination should consider both the villas and condominium segments, depending on their goals and budget. Here are a few guidelines:

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‍1. Villas
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— Suitable for: long-term investments, personal living and renting out to family tourists.

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— Benefits: high quality of life, large spaces and privacy, high rental income.

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— The best districts: Cheung Talay and Bang Tao remain the most popular, but you should also pay attention to developing areas such as Pru Jampa and Bang Jo, where prices are even lower, but demand is increasing.

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2. Condominiums
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— Suitable for: short-term and long-term investments, as well as for those who plan to rent out housing to tourists or use it for personal vacations.

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— Advantages: high liquidity, a wide range of properties in different price categories, more affordable prices compared to villas.

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— The best districts: Layan and Bang Tao continue to be the leaders in sales and popularity among foreign buyers. Prices are rising in these areas, making them a great investment option.

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Investor tips

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When choosing a property in Phuket, it is important to consider not only current trends, but also future prospects. Here are a few tips:

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1. Consider promising areas: Look at developing areas where lower prices are still available but have growth potential.

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2. Long term rent: If the goal is a stable income, consider buying a villa to rent out for long-term families. This segment is becoming popular among foreign residents, especially Russians and Europeans.

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3. Invest in proven projects: It is important to choose properties only from trusted developers who can ensure the reliability of the transaction and quality assurance.

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Conclusion

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Phuket's premium real estate market in 2024 shows steady recovery and growth. Tourism, government support and private sector investments ensure the stable development of the villas and condominiums segment. For buyers and investors, Phuket remains one of the most promising sites in Southeast Asia. When choosing a property, it is important to consider both popular areas and promising growth areas in order to make the most of the opportunities offered by this dynamic market.

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