This article on housing in Thailand’s resort areas appears in the Dot Property Group Thailand Real Estate Year in Review. Click here to download the full report.
Interest in housing varied across Thailand’s main resort areas last year. Phuket recorded a noticeable increase in demand while the Samui and Phuket markets were relatively stable throughout 2022. Housing includes detached homes, villas and townhouses.
The launch of several new residential projects in Phuket caused demand to rise by nearly 40 percent between the second and third quarters. Interestingly, overseas demand for Phuket villas in both July and August surpassed any month from 2021.
Foreign buyers ended up accounting for 57.5 percent of all demand for Phuket housing in 2022. This group was focused on the high-end market with residences priced at THB10 million and above seeing a significant spike in demand during the year.
Housing demand in Hua Hin and Samui was stable with the latter seeing an uptick from August onward. Samui relied much more heavily on overseas buyers with this group comprising 70.6 percent of all housing inquiries made for the island via the Dot Property Group network of websites. In Hua Hin, the demand breakdown was 54 percent domestic and 46 percent international.
Three-bedroom homes, villas and townhouses were the most popular among property seekers with these accounting for 48 percent of demand in 2022. Two-bedroom residences recorded 24 percent of total demand.
In all three areas, demand for housing was greater than condominiums. The condo markets of Phuket, Samui and Hua Hin were impacted by the pandemic because of a greater reliance on overseas buyers. These have yet to recover, but there is hope this will change in 2023 with more tourists returning.