The Thai island of Phuket has seen an unprecedented influx of foreign homebuyers. According to the tourism consulting group C9 Hotelworks, the resort’s branded real estate market has reached a volume of more than $3.6 billion.
The number of branded residences in Phuket stands at 27 properties with more than 4,200 residential units. The Cherngthalai area on Phuket’s west coast offers the largest selection of luxury projects. It includes such popular locations as Layan, Bangtao and Surin. More than half of all branded properties are concentrated in this part of the island.
59% of the branded real estate market in Phuket are condominiums. The average price of such an object reached the amount of 11.7 million baht ($318.6 thousand). The average price of villas in branded projects amounted to 120 million baht ($3.3 million). While villas make up only 6% of the supply in the market, they accounted for 41% of the total value share.
Due to rising land prices in Phuket, developers have started combining hotels with private residences in their projects to ensure higher returns.
