Looking to purchase some luxury property in a paradise location this year? It seems you’re not alone – and the Thai island of Phuket is fast emerging as a major hot spot to consider for 2023.
Despite the devastating impact of the global pandemic which, just like the rest of the world, took its toll on Thailand and wider South East Asia, it seems the luxury real estate is faring surprisingly well, with demand spiking and property prices surging as we kick off 2023.
In Phuket, continued development is attracting Thailand’s wealthy to what is already known as a paradise island. Home to some of the most breath-taking, palm-fringed white sand beaches in the whole country, it has long been viewed as a luxury holiday hot spot for affluent travellers – and now, it seems, elite Thai nationals are taking advantage of the chance to get their hands on not just a slice of prime real estate, but also a lavish holiday home to retire to at the weekends and for extended breaks throughout the year.
Add to that the continuous growth of the international market and interest from wealthy foreign nationals keen to take advantage of the exchange rate and get more for their money than they would in many other dream holiday destinations in the world, and it’s easy to see why the high-end real estate market in Phuket is booming – and why the number of investors seeking a Phuket villa for sale is at an all-time high. Here, we take a look at some of the major trends that are shaping it in 2023.
Development is gathering momentum
While Phuket’s spectacular beaches are undoubtedly a huge draw for luxury property investors, they aren’t the only reason they’re flocking to Phuket in search of dream villas and sprawling penthouses. On the west coast, running from Kalim all the way up to Nai Thon, over 80 multi-million dollar properties can be found, and the sheer opulence of them alone for the price tags they sell for is enough to draw potential buyers in.
In a project that has been spearheaded by Sri Panwa, these sumptuous villas are selling like hotcakes – and as general development of the island continues further inland and infrastructure improves, those who invest now in high-end Phuket property for sale could stand to make a sizeable profit in the long-run.
Phuket is no longer just a holiday hot spot
A destination once known as a holiday haven and little more, the island is becoming increasingly domesticated as building and development projects gather momentum, and the island now offers more homes than it ever has before.
As the world’s wealthy move in, its status as a desirable residential location is growing, and popular hotel brands such as Anantara and Avadina putting their names to some of the latest luxury villa projects has served as reassurance for potential buyers when it comes to quality.
A large number of high-net-worth Thai nationals, feeling overwhelmed with the stresses and strains, are moving into the area or splitting their time between the two destinations in a bid to achieve better work/life balance, too – and as the island becomes more and more residential, demand from elite investors keen to be a part of it will no doubt continue to rise.
Size matters
The amount of square footage buyers can get for their money is always a key consideration when purchasing a piece of real estate, and in Phuket, the gross floor area of luxury villas has doubled over the past ten years, despite prices still remaining reasonable.
Many villas on the island also come with plenty of outdoor space, which isn’t always the case in some of the world’s biggest luxury property hot spots, so this, too, is seen as a bonus. This is especially true when comparing the most opulent properties in Phuket with those in Bangkok, where real estate is also booming at present.
In the capital, there are certainly some great investment opportunities for investors, but floorspace and outdoor space in Phuket are far more generous for the price – just another reason why many of Thailand’s elite are choosing to split their time between two homes in two different locations, or even make the move permanently.
The bottom line
If you’re looking for a prime piece of Thai real estate to add to your portfolio this year, then make the paradisiacal island of Phuket your first port of call. Ongoing development, growing residential areas and excellent value for money – not to mention some of the most breath-taking luxury villas you’ll ever see – come together to make it one of the very best places to buy a holiday home, rental property or even a lavish new abode for a permanent move to the sunshine in 2023.
