Phuket's Resort Property Market Tops 705 Billion Baht as Foreign Buyers Drive Demand

Phuket’s residential property market has grown into one of Thailand’s largest, with more than 90,000 units now on the island collectively worth over 705 billion baht. Resort-style product — villas and condominiums aimed squarely at holidaymakers and long-stay foreigners — makes up just over half of that unit count, but a much larger share of the total value, roughly four-fifths, underlining how much more these units command per square metre than ordinary residential stock elsewhere on the island.

The market is not simply sitting on unsold inventory. Around 76,582 of those units, worth close to 528 billion baht, have already changed hands, putting the absorption rate at roughly 85% of total supply. That level of turnover suggests demand has kept pace with years of aggressive resort-led development, even as new projects continue to break ground.

Much of that demand is coming from abroad. Buyers from Russia, China, and Europe have been named as the main drivers of recent sales, pushing the island’s average transaction price to about 12.8 million baht — a figure that reflects the weight of high-end villas and branded residences in the mix rather than typical local housing. Separate national data on foreign condominium transfers found Russian purchases surging sharply through the first half of 2026, with resort markets such as Phuket among the clearest beneficiaries of that shift.

That reliance on international capital cuts both ways. It has kept Phuket’s resort segment resilient at a time when Bangkok’s broader condo market is wrestling with a large unsold overhang, but it also means the island’s prices and sales pace stay tied to travel patterns and capital flows out of a handful of source countries rather than to domestic Thai demand.