Phuket Property Market Surge to Continue for at Least Two More Years
Buoyed by Thais and Foreigners Seeking Vacation Homes and Investments
The Phuket property market is expected to continue its surge for at least two more years, driven by strong demand from both Thais and foreigners seeking vacation homes and investment opportunities.
Key Factors Driving the Market Surge
- Pent-up demand: The COVID-19 pandemic has led to pent-up demand for travel and leisure properties.
- Favorable government policies: The Thai government has implemented policies to attract foreign investment in real estate, such as the Thailand Elite Visa program.
- Increased accessibility: Phuket's international airport has seen significant growth in passenger traffic, making the island more accessible to foreigners.
According to a recent report by CBRE Thailand, the average price of a condominium in Phuket has increased by 10% in the past year and is expected to rise by a further 5-7% in 2023 and 2024.
Types of Properties in Demand
The strongest demand is for luxury condominiums and villas in prime locations such as Patong, Kamala, and Surin. However, there is also growing interest in affordable properties, such as townhouses and apartments, in emerging areas like Rawai and Chalong.
Investment Opportunities
Phuket offers attractive investment opportunities for both short-term and long-term investors. Short-term investors can capitalize on the strong rental market, while long-term investors can benefit from potential capital appreciation and rental income.
According to Knight Frank, the average rental yield for a condominium in Phuket is around 5%, which is higher than the national average.
To learn more about the Phuket property market and find your dream property, contact a reputable real estate agent in Phuket.
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