Knight Frank Chartered (Thailand) Co Ltd

Phuket real estate expands to welcome foreign buyers

(Mr. Nattha Kahapana, Managing Director of Knight Frank Thailand)

Mr. Nattha Kahapana, Managing Director of Knight Frank Thailand, stated, "The Phuket villa market has experienced positive demand from Russian buyers who continue to purchase properties for living purposes. In 2023, the number of new units launched for sale increased by 740 units, representing a sales rate of 126.3% compared to 2022. Additionally, the average selling price of villas in 2023 grew by 3.5%, with sales rising by 651 units, achieving a sales rate of 109.3% compared to the previous year. Similarly, the condominium market has shown positive growth compared to the previous year. In 2023, the number of new units launched for sale increased by 4,081 units, marking an increase of 333.7% compared to 2022. The average selling price of condominiums grew by 4.8%, and sales increased by 3,892 units, resulting in a sales rate of 393.2% compared to 2022."      

Mr. Nattha added “Bang Tao and Cherng Talay are the two most popular areas for foreigners. As land available for development are scared with higher prices, villa development is expanded to areas within 5-10 kilometers from the beach next to Bang Tao and Cherng Talay, which are in Pru Jampa and Bang Jo areas. Furthermore, the number of international students increased due to foreigners’ arrival, as such, demand for both villas and condominiums increased in terms of buying as well as renting.”