YoY growth rate of residential units sold in Phuket Thailand H12024, by type

In the first half of 2024, the number of condominiums sold in Phuket, Thailand, grew by more than 140 percent compared to the previous year. Over 3,000 residential units were sold in Phuket in that same period. Most units sold are for entry-level projects, with an average selling price of around eight million Thai baht. 

 Foreign property ownership in Thailand

Thailand may not allow foreigners to own land, but it is still possible to own structures on the land, such as houses or villas. In practice, this is often achieved through leasehold arrangements, in which the land is leased for a maximum period of 30 years, with the possibility of renewal for another 30 years. The only form of property a foreigner can own freehold is condominiums. As a result, it is a highly sought-after and readily available option. In the year 2023, the majority of foreigners who acquired condominiums in Thailand were Chinese citizens.

 Phuket, the jewel of the Andaman Sea

Phuket is, undoubtedly, one the most famous islands in Thailand, if not all of Asia. Most visitors to Phuket are from abroad, making this beautiful island one of the key hubs for international tourism in Thailand. In 2023, Phuket received over seven million international passengers at Phuket International Airport (HKT). After two years of travel restrictions due to the COVID-19 pandemic, the Phuket tourism sector has experienced significant revenue growth.