Figures
Phuket Residential Figures H2 2023
February 18, 2024 10 Minute Read
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SEMI-ANNUAL HIGHLIGHTS - CONDOMINIUMS & LEASEHOLD RESIDENTIAL
- In H2 2023, Phuket condominium market hit the new highest number of sold units in a half-year period over the past decade.
- There were 24 new projects launched with a total of 5,898 units. The majority were launched by listed and well-known developers, namely Laguna Property, Veranda, Botanica, Boat Pattana, Habitat Group and Rhom Pho Property.
- 287 newly completed units came from two projects, namely The Marin Phuket and Andamaya Surin Bay.
- 12,188 completed units in the existing supply in H2 2023, a 2.4% H-o-H increase from 11,901 units in H1 2023. There are 12,304 units in the pipeline, which are expected to be completed within 2028. Most future projects are concentrated in the West Coast (Central) area.
SEMI-ANNUAL HIGHLIGHTS - VILLAS
- A total of 233 villas were sold in H2 2023, a decrease of 7.2% H-o-H from 251 villas in H1 2023 but still sharply by 39.5% Y-o-Y from 167 villas sold in H2 2022. Although H1 2023 was a period when Phuket received the highest number of units sold over a half-year, a slight dip this half does not reflect weakened demand as the number of units sold remains high.
- The market still sees growth in the number of newly launched villa projects, as demand from foreign buyers remains strong, especially from Russian buyers who have become the major foreign demand driver on the island.
- 25 villa projects were launched in H2 2023 with a total of 430 units where 64% of the projects are concentrated in the West Coast (Central) area. The mid-range grade segment accounted for the largest proportion at 59% of newly launched villas with 12 projects, 252 units.
- Of the total newly launched villas in H2 2023, the majority of the villas sold came from the mid-range segment (THB 13.5-38.9) and the West Coast (Central) area remains the most popular location with the highest number of villas sold.
- In H2 2023, Phuket condominium market hit the new highest number of sold units in a half-year period over the past decade.
- There were 24 new projects launched with a total of 5,898 units. The majority were launched by listed and well-known developers, namely Laguna Property, Veranda, Botanica, Boat Pattana, Habitat Group and Rhom Pho Property.
- 287 newly completed units came from two projects, namely The Marin Phuket and Andamaya Surin Bay.
- 12,188 completed units in the existing supply in H2 2023, a 2.4% H-o-H increase from 11,901 units in H1 2023. There are 12,304 units in the pipeline, which are expected to be completed within 2028. Most future projects are concentrated in the West Coast (Central) area.
SEMI-ANNUAL HIGHLIGHTS - VILLAS
- A total of 233 villas were sold in H2 2023, a decrease of 7.2% H-o-H from 251 villas in H1 2023 but still sharply by 39.5% Y-o-Y from 167 villas sold in H2 2022. Although H1 2023 was a period when Phuket received the highest number of units sold over a half-year, a slight dip this half does not reflect weakened demand as the number of units sold remains high.
- The market still sees growth in the number of newly launched villa projects, as demand from foreign buyers remains strong, especially from Russian buyers who have become the major foreign demand driver on the island.
- 25 villa projects were launched in H2 2023 with a total of 430 units where 64% of the projects are concentrated in the West Coast (Central) area. The mid-range grade segment accounted for the largest proportion at 59% of newly launched villas with 12 projects, 252 units.
- Of the total newly launched villas in H2 2023, the majority of the villas sold came from the mid-range segment (THB 13.5-38.9) and the West Coast (Central) area remains the most popular location with the highest number of villas sold.