According to Thai media news, on February 7, Mr. Patarachai, head of the research and publicity department of Colliers International in Thailand, revealed that the real estate market in Phuket Province will be very hot in 2023, with local land ** as high as 25 million to 100 million baht per rai, and the number of new apartments and holiday homes for sale has also reached a record high, worth more than 100 billion baht.
He said there are 36 condominium projects in Phuket Province in 2023 with a total value of 8,743 units and a total value of 4955.9 billion baht, compared to 2,000-3,000 units per year. As for 2024, 4,500 new apartments are expected to be put on sale, while there are currently 75 condominium projects on the market, totaling 22,253 units. Of these, 14,484 apartments have been sold and 7,769 are for sale.
In addition, he further said that the Phuket holiday home market has also seen leapfrog growth, with 61 new projects for sale totaling 1,108 units with a total value of 5100.2 billion baht. Many of these programs are popular with consumers, especially Russian and Israeli tourists.
At present, there are 107 projects in the market, with a total of 2,316 units. Of these, 1,220 holiday homes have been sold and 1,096 are for sale. Holiday homes are popular with visitors from European countries such as Germany and Denmark, as well as Asian countries such as China and Singapore.