Phuket Market Review
Independent market research on the Phuket residential property market has identified some interesting information for quarter 2, 2016.
Villas in Phuket over 35 million THB are selling. These higher end villa projects are beautiful but for the lucky few. The majority of buyers were for the entry-level and mid-range villa projects. During quarter 2, 2016 there were no new projects launched.
Phuket Condominiums & Apartments
Approximately 90% of the total number of condominiums and apartments sold were classed as entry level projects with a price range between 2 and 8 million THB. Predominantly people are buying for investment – either to rent the property out or taking a view the property market will rise and they will achieve a good return on their money. Phuket still appears to be seen as a safe place to invest.
Throughout quarter 2 there was only one entry level condominium project launched.. The project has 139 units and they are below 8 million THB per unit.
The tourism industry is a good barometer for the property market to follow. In quarter 2, 2016 international passenger arrivals at Phuket airport grew by 15% year on year. Statistics from STR Global show the average occupancy in the quarter increased year on year by 5.6%, however the average daily rate has gone down by 1.4%.