Risinee Sarikaputra, Director, Head of Research and Consultancy, Knight Frank Chartered (Thailand) Co Ltd, pointed out that approximately 1,654 units from 10 projects have been added to the supply in 2015.
However,four condominium projects, totalling 225 units, were removed from the total current supply, namely the Massaluna project (184 units) at Naiyang Beach, which had been purchased and converted into a hotel, while another three projects, totalling 41 units, have been halted.
Ms Risinee added that Patong Beach area had the highest number of new supply, contributing 41%, thanks to its popularity among tourists and property developers. Kamala and Rawai equally represented 27% while Bang Tao contributed the least, with only 5%.
According to Ms Risinee, most of the condominiums launched prior 2009 were spacious units with sizes of over 100 square metres and the price was over B7 million a unit; however, after 2010, condos have been scaled down to a compact size of 30 to 40 square metres with one bedroom, priced at B3 to B5 million per unit.
Demand during the 9-month period in 2015 dropped to 64.89% with approximately 7,393 units sold, said Ms Risinee, adding that today, most buyers are expatriates based in Asia, particularly from Singapore and Shanghai, who have lived and worked in the region for a number of years.
Also, they tend to know Phuket well and buy a condominium in Phuket for investment-led reasons rather than for a vacation home.
Ms Risinee also pointed out that as of Q3 2015, condominiums with sea views in Phuket have reached B124,185 from B121,750 per sqm in 2014, or up 2%.
Meanwhile, prices of partial sea-view and non sea-view units have remained relatively unchanged, slightly increasing from B91,658 per sqm in 2014 to B91,874 per sqm in 2015, and from B67,850 in 2014 to B67,859 in 2015, respectively.
Phuket attracts property buyers from all over the world due to its worldwide reputation as the world’s top tourist destination.
It is also a politically stable city that offers world-class shopping malls, international medical centres and schools as well as high-end marinas. Phuket is also home to an international airport that serves direct flights between the island and Asia, Middle East and Russia.