Due to improving infrastructure, first-class international schools and high-standard amenities, Phuket has become a popular destination for tourists and expats. This has created a boom in the island’s condominium market, according to property consultancy firm Colliers International Thailand.

At a glance:

• Phuket popular destination for tourists
• Condo supply grows to highs, last seen in 2012
• Buyers cautioned to research before they buy

In yet to be released research, Colliers found new condo supply launched this year will be the highest since 2012 with more than 6,200 units, for the island.

Ratchaphum Jongpakdee, deputy managing director Colliers International Thailand told WILLIAMS MEDIA, condo prices in Phuket have grown up 10-30% depending on location in the past five years.

“The Phuket condominium market is booming because Phuket is attractive for investment for capital gain and for retirement/expat living,” he said.

According to Colliers between January-May this year, about 10 new condo projects launched in Phuket with a total of 2,742 units, the most in the past five years. Colliers expects 3,500 units to be launched in the second half of 2019.

As of May, there were a total of 97 condo projects with 19,767 units worth more than 69 billion baht that remained for sale.

Demand for the condos picked up in line with increased tourist activity. Jongpakdee said investors need to understand the purpose of their investment in Phuket property. 

He recommends they be careful and study the type of title documents before they decide to invest -- whether buying or leasing under a freehold or leasehold agreement.
 
“There is trend of more and more increasing number of tourist arrivals in Phuket,” he said. “The question is if the number of tourists in Phuket has fallen for any accidents, of course this will directly impact to hospitality market and also residential market in Phuket”.

For more information about the Phuket property market contact Ratchaphum Jongpakdee, deputy managing director Colliers International Thailand via the contact details below. 

Sources: Colliers International Thailand

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