According to Bloomberg, Thai developers offered a total of 1,285 new villas valued at 36.3 billion baht ($1.1 billion) in the six months through June, said Phattarachai Taweewong, director for research at Colliers. That surpassed the previous record of 1,108 units launched in the whole of 2023.
Villas in Phuket, a tourist hotspot known for its pristine beaches and vibrant nightlife, are priced from 15 million baht and the ultra-luxurious units may cost as much as 1 billion baht. Developers such as Origin Property Pcl, Central Pattana Pcl and Raimon Land Pcl have projects in the island where most buyers prefer smaller villas with two- to three-bedrooms, according to Colliers.
A majority of the buyers in Phuket are end-users, with the properties perceived more as lifestyle choices than investment assets, Colliers said.
Phuket’s property market will remain attractive in the second-half of this year, according to Phattarachai, who sees political developments in Thailand — such as the disbanding of the country’s largest opposition party to the dismissal of a prime minister — as having little impact on buyers’ sentiment.
“Despite the sudden shift in Thailand’s political landscape with the recent change in prime minister, the real estate market has remained largely unaffected,” he said. “Ongoing projects and investments proceeded with minimal disruption, reflecting the market’s resilience and the confidence of stakeholders in the long-term prospects of the Thai real estate industry.”
Following Srettha Thavisin’s ouster, former leader Thaksin Shinawatra’s youngest daughter Paetongtarn Shinawatra was swiftly elected as prime minister. The members of disbanded Move Forward Party moved to a new group without triggering any backlash from its supporters.
Sansiri Pcl, a real estate company backed by Srettha’s family, is set to unveil two villa projects in the Bangtao-Cheongtalay area of Phuket, according to Colliers. The units will be priced between 20 million baht to 50 million baht.
