Market Heats Up With Over 70% Sales, Yet Oversupply Looms
The Real Estate Information Centre (REIC) has raised alarms over a potential oversupply in Phuket's housing and condominium market, despite a robust performance with more than 70% of units sold this year. With 10,159 units remaining unsold, valued at 77.078 billion baht, the REIC urges developers to strategize carefully to mitigate risks.
Condominiums Lead the Charge in Phuket's Real Estate
Condominiums dominate Phuket's residential market, with 15,511 units on offer, compared to just 2,116 housing units. Prime locations like Bang Thao Beach and Surin Beach are hotspots, thanks to their lifestyle amenities appealing to foreign buyers. However, the REIC highlights a significant number of unsold units in these areas, signaling a need for caution.
Emerging Hotspots and Foreign Demand
Areas such as Rawai Beach and Kata Noi Beach are gaining traction, with 790 units sold. The allure of beachfront condominiums continues to draw foreign tourists and retirees, underscoring the dynamic nature of Phuket's property market.
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