Resale and Lower Priced Properties in Phuket on the Rise

There has been an increase in demand for smaller and less expensive houses and condos in Phuket as of late, as well as resale properties, according to CB Richard Ellis Research (Thailand). The research done by the company shows that 80% of the real estate sales that were made in last year’s third quarter were priced lower than THB1.5 million. There was not a single house that sold for above THB35 million within the period.

It is reported that the majority of the real estate buyers in Phuket were of British, Italian, German and Russian descent, all of whom mainly focus on more affordable properties that cost under THB20 million.

Re-sales for real estate properties within the third quarter exceeded new sales. The high-end properties, (priced above THB35 million) and luxury (above THB90 million) home market have slowed with more secondary resale units for sale. This is a trend that is not nationwide though, as Bangkok investors typically prefer to purchase new properties.

The preferred location for houses and condos for sale in Phuket are along west coast, particularly in the popular beach resort of Patong. Individual properties that face the ocean and are easily accessible to the beach or provide sea views have been and remain the most popular. An additional factor in the value of and popularity of a neighbourhood involves the distance to the airport.