Phuket property prices in 2023
Thailand has an important place in the Asia-Pacific region. In the past, the economic growth in the area was associated with the rise of so-called Asian Tigers: Singapore, Hong Kong, South Korea and Taiwan. While the development potential of the former four countries has already reached its limits, Thailand still has the prospects for the future growth.
Phuket is recognised as Thailand’s main centre of foreign investment in resort property. The island gained its popularity due to the cleanest picturesque beaches with white sand and clear blue water, tropical flora, moist and warm climate, a variety of ethnic cuisines and comparatively low living costs. Once arriving for a few weeks, visitors often decide to invest in rental properties on the island. The property prices at Phuket are affordable compared to the costs of equal property in European coastline resorts.
From $108,000
Yield 7.0% Completion in: 2024.IV
From $179,000
Completion in: 2025.I Total of 400 apartments
From $143,000
Built in 2023 Total of 251 apartments
From $135,000
Completion in: 2025.IV Total of 231 apartments
From $73,000
Completion in: 2025.III Total of 609 apartments
From $140,000
Completion in: 2029.II Total of 875 apartments
From $53,000
Completion in: 2024.III Total of 706 apartments
Phuket real estate market
The price per square metre in Phuket is defined by the location and the view. As a rule, the farther property is from the coastline the cheaper it is. In apartments with similar layouts, a seaside view option may cost 2-3 times more than a mountain view analogue.
Bang Tao and the Laguna
The elite Laguna resort is located in the centre of the longest Bang Tao beach. It is one of the first high-end destinations in Phuket. Currently, most of the expensive luxury hotels, villas and condominiums are located on this part of the island.
Laguna Bay is an oasis and the pearl of Phuket. The infrastructure is well integrated with the surroundings so that visitors get the impression of being lost in the tropics and feel unity with nature. Nevertheless, golf courses, lakes with boats, SPA facilities, and restaurants offering various cuisines are comfortably situated within the Laguna area.
In the autumn of 2023, prices for a condominium in Laguna start from 142,000 US dollars for 29 square metres and go to 2 million dollars for 213 square metres. The cost of villas varies from 724,000 dollars for 365 square metres to 6 million dollars for 749 square metres.
From $1,006,000
Total of 72 apartments
From $164,000
Total of 309 apartments
From $837,000
Total of 185 apartments
$656,000
Total area 294 m² 1 bedroom
In other places on Bang Tao Beach, the cost of property varies from 144,000 dollars for 38 square metres in a condominium to 696,000 dollars for 186 square metres. The cost of villas goes from 456,000 dollars per 150 square metres up to 1 million dollars for 723 square metres. Most of Bang Tao’s supermarkets, bars and restaurants are located along Boat Avenue. It is possible to reach the aquapark in 10 minutes by car.
The north of Bang Tao Beach is good for those who prefer a quiet rest. The picturesque Layan Beach stays apart from the tourism infrastructure of the island. A condominium on Layan would cost from 103,000 dollars for 25 square metres, and the average cost of a villa is 1.5 million dollars for 500 square metres.
From $179,000
Completion in: 2025.I Total of 400 apartments
From $135,000
Completion in: 2025.IV Total of 231 apartments
From $581,000
22 units in total
From $164,000
Built in 2023 Total of 403 apartments
From $227,000
Yield 6.0% Completion in: 2024.II
From $839,000
Completion in: 2024.III Total of 8 apartments
Kamala
Kamala Beach is famous for the fact that the summer residence of the King of Thailand is located here, in the southern part of the island. There are also expensive private villas called Millionaires’ Mile. In recent years, the northern part of the beach has been actively developing. The elite Mont Azure district is being built now.
The beach is an ideal place for a quiet holiday, as there is no noisy nightlife around. During the day, there is an opportunity to enjoy the empty beach and the clear azure sea with little or no tourists. In Kamala, property prices range from 135,000 dollars for 38 square metres to 450,000 dollars for 72 square metres for condominiums.
From $71,000
Completion in: 2024.IV Total of 164 apartments
From $113,000
Completion in: 2024.II Total of 432 apartments
From $306,000
Completion in: 2024.IV Total of 233 apartments
From $174,000
Built in 2023 Total of 200 apartments
From $114,000
Built in 2019 Total of 378 apartments
$163,000
Total area 63 m² 1 bedroom
$175,000
Total area 113 m² Land area: 84 m²
$196,000
Total area 100 m² 2 bedrooms
Karon and Kata
Karon and Kata Beaches are located on the southwest coast of Phuket, south of the famous Patong Beach and north of Rawai Beach. The speciality of the beach is its incredible views of the bay from the nearby hills, its creaking sand, and the walking area along the sea throughout the beach. The swimming season here lasts from November to April but is limited in other months due to unsafe sea currents springing up during the monsoon period.
The infrastructure of the beach is rich in restaurants and cafes. At Karon Beach, the difference between property on the coastline and in the hills is especially visible: the property in the hills is up to 4 times cheaper than the seaside apartments. So, condominiums in Kata start from 8,000 dollars for 24 square metres to 224,000 dollars for 56 square metres, while villas — from 566,000 dollars for 365 square metres to 1.5 million dollars for 803 square metres.
From $212,000
Completion in: 2025.IV Total of 94 apartments
From $118,000
Completion in: 2025.I Total of 130 apartments
From $108,000
Completion in: 2023.IV Total of 173 apartments
$2,080,000
Total area 324 m² 3 bedrooms
From $122,000
Built in 2022 Total of 77 apartments
From $133,000
Built in 2020 Total of 30 apartments
$1,360,000
Total area 700 m² Land area: 441 m²
Rawai and Nai Harn
Rawai and Nai Harn Beaches are located on the south coast of Phuket. They are more developed in terms of infrastructure, as locals and expats from different countries prefer to settle here. There are several international schools and hospitals in the South coast area, and there is a large seafood market.
One of the best viewing platforms called Cape Phrom Thep is located at the southern tip of the island. Prices for condominiums in Rawai range from 105,000 dollars for 27 square metres to 525,000 dollars for 119 square metres. The villa can be bought from 387,000 dollars for 190 square metres up to 529,000 dollars for 283 square metres.
From $108,000
Yield 7.0% Completion in: 2024.IV
From $141,000
Completion in: 2026.II Total of 172 apartments
From $102,000
Yield 7.0% Completion in: 2024.IV
From $110,000
Built in 2020 Total of 48 apartments
$372,000
Total area 180 m² Land area: 300 m²
$260,000
Total area 153 m² Land area: 200 m²
From $483,000
Completion in: 2025.I Total of 22 apartments
Nai Yang
Nai Yang is located in the north of Phuket Island at the territory of the Sirinat National Park, famous for its mangrove forests. Due to the natural resort status, there is no large-scale development along the beaches, and Nai Yang can be considered a quiet place for family holidays.
The properties available for sale in the Nai Yang area are mostly villas and condominiums, and the infrastructure consists of local markets, shops and cafes. Nai Yang is located in close proximity to the airport, which is right on the border with the beach. A condominium in this part of Phuket can be bought from 114,000 dollars for 36 square metres, a villa — from 301,000 dollars for 150 square metres.
Chalong
The area is located on the east coast of Phuket Island, with well-developed infrastructure, international schools, hospitals, sports centres and kindergartens. Chalong is not suited for a beach holiday because of the rocky shore, but is a popular place for diving. This area of the island is mainly populated by the locals and expats with children. There is almost no rental property in Chalong, apartments are purchased mostly for private living. The cost of a villa in Chalong — from 206,000 euros for 126 square metres.
From $206,000
Completion in: 2023.IV Total of 80 apartments
$815,000
Total area 400 m² 1 bedroom
From $173,000
Completion in: 2024.III Total of 67 apartments
$2,516,000
Total area 750 m² Land area: 1,000 m²
$713,000
Total area 302 m² 2 bedrooms
$773,000
10 bedrooms 10 bathrooms
$951,000
Total area 240 m² 2 bedrooms
Thus, one can find both low-cost variants and premium property on almost every beach in Phuket. Depending on your goals, you can follow various investment strategies — either buy a family villa in an area with developed infrastructure in the east and south of the island, or invest in rental property on the best beaches of the west of Phuket.
What affects the value of property in Phuket?
Researching the question of how much property in Phuket costs and what its cost depends on, investors need to consider several factors. We can mention the geographical features of the island, the increased interest of foreign investors in the Phuket region, as well as Thailand’s economic position on the world market.
Limited land sources
Phuket is a relatively small island. Therefore, its territory available for development is limited. Officially, the authorities are allowed to build up only 15% of the island’s territory. The more infrastructure development, construction of new residential complexes and public spaces takes place, the closer the moment when there will be no available land on the island. After crossing the «equator» of the land source, a dramatic rise in prices is expected.
The labour force factor
During the coronavirus epidemic, a large number of workers in the tourism and construction sector were forced to change Phuket to another place of residence in Thailand in order to find work. Consequently, after the epidemic was over, there was a comparative rise in the cost of labour and the property sector.
The strong interest of foreign investors
Since the very beginning of the development of the resort tourism sector in Phuket, there has been an increased interest in the island’s property from foreign investors. American and European investors first found out the prospects of buying the resort property in Thailand, later resorts became popular with residents of Russia, then there was an increase in interest in Phuket among Chinese tourists and representatives of Southeast Asia. The trend of constant interest explains the reasons for the high profitability of Phuket property.
Tourist attractions
The value of property in Phuket is directly affected by the attractivity of a certain tourist location. So, an apartment complex located in the premium resort area will surpass a similar complex in another part of the island in terms of cost. The view of the seashore and proximity to the coast plays a great role — property with these characteristics usually are more expensive. Rating of beaches also matters — the west coast has an advantage in terms of resort attractiveness. In some cases, the international schools and the level of infrastructure around the complex are also important.
Thailand’s Sustainable Economy
The Thai economy is an indirect factor in the investment attractiveness of Phuket. It is widely notable for its stability. The major global crises of the last 30 years have not affected its stable progress, and short-term periods of recession have always been followed by a significant recovery. The exchange rate of Thailand’s currency shows stability to the dollar, and the inflation rate is at a favourable level for the economy. The stability of the economy attracts the interest of investors, in particular, in the property sector. A favourable factor is also the fact that Phuket is not threatened by a housing «bubble» due to the fact that foreigners pay for property with their own, not mortgage funds.
Thus, it can be predicted that in future, Phuket property will consistently rise in price due to geographical and social factors. Investing in an off-plan property, you can expect a 30% growth by the completion of construction. The popularity of the island among foreigners guarantees rental income, and the stable economy of Thailand protects against unfavourable factors.
Rental income in Phuket
The best strategy for obtaining a high income from rental property in Phuket is to invest in condominiums with professional hotel management in a resort area on the west coast of the island. This is due to the fact that the most profitability consists of short-term rental housing, which is possible in Thailand only after obtaining a licence to comply with all hotel standards. As a rule, already at the construction stage, the future management company and the preferred option of one of the rental programs are determined:
- Fixed rental returns. This program assumes that the management company undertakes all the costs of maintaining and renting out your apartments for a period of 2 to 5 years, in return, it guarantees the investor a fixed annual return of 5 to 8% of the cost of housing. For example, when buying apartments for 200 thousand dollars and a contract for 5 years with 5% per annum, the investor will receive 10,000 dollars annually, regardless of the real income from property. This allows you to reduce risks in unfavourable economic conditions and downtime.
- Rental Pool. According to this program, the management company sums up the actual revenue from all apartments in the resort complex for the reporting period and divides equally among all property owners as a percentage: 30% remains to the management company, 70% — to investors. With good tourist indicators, the investor’s annual revenue can be up to 15% of the property value. It can also be beneficial when buying apartments without a sea view, since the proceeds from all apartments in the complex are divided equally, without taking into account which of them were rented more often than others.
- Mixed scheme. In this program, the investor has a guaranteed fixed annual percentage with the commission of the management company, and if the complex receives revenue in excess of this, it is divided according to the Rental Pool principle between investors and the management company.
After the expiration of the contract period, the owner can change the rental program to another one by agreement with the management company.
The profitability of rental housing in Phuket depends on the tourism sector. The developed scheme of rental programs allows investors to minimise risks in case of unfavourable factors by transferring the solution of all potential issues to management companies. In 2023, Thailand continued its return to pre-coronavirus indicators in the tourism sector.
In the near future, the tourist flow to Thailand will increase several times, which means now is the time to buy an investment property that guarantees a high income in the future.
Our experts will find the best property according to your parameters, help calculate its potential profitability and decide on an investment strategy.
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