In the first quarter of this year, major real estate conglomerates have invested over 56 billion baht into projects in Phuket, Pattaya, and Hua Hin.
Prasert Taedullayasatit, president of the Thai Condominium Association, describes the status of the real estate business in tourist cities as “global property.”
“The government should prioritize leveraging the real estate sector to drive the Thai economy, which could create over a million domestic jobs and utilize more than 90% local materials. This would contribute to the Thai economy growing by 2.9 times, accounting for 8-12% of GDP,” Prasert believes.
Phattarachai Taveewong, director of Research and Communication at Colliers Thailand, says that in the first quarter of 2024, Phuket saw the launch of 12 new condominium projects with a total of 3,338 units valued at 25 billion baht. These projects were developed by local developers, including Sansiri, AssetWise, Origin Property, Habitat Group, and CG Capital.
Compared to previous years, where the average number of new condominiums launched annually was around 2,000-3,000 units, the increase in tourists and investment has driven the growth of the condominium market in Phuket. It is expected that 2024 will see a whopping 8,500 new units.
Currently, there are over 87 condominium projects in Phuket with a total of 25,591 units, of which 16,905 units (66%) have been sold.
“Foreign buyers account for 49% of sales in most projects, and if additional interest arises, developers offer long-term lease options (30+30+30 years) to increase sales opportunities for foreign buyers, who are a major driving force in Phuket’s market,” Phattarachai says.
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