The Phuket property market is expected to prolong its growth after posting another record high this year. However, concerns remain over the island's infrastructure, which needs to be improved to support long-term sustainability. Ho Kwon Ping, founder and executive chairman of Banyan Group, the hospitality-led property developer behind Laguna Phuket, said the Phuket property market has boomed in recent years.
"I find that property markets worldwide, including China, Bangkok, the US and Europe, are at best in a doldrum, and at worst crashing down after a decade of growth. But Phuket is a remarkable exception," he said. BREAKING RECORDS Mr Ho said the growth rate in Phuket property sales is unparalleled worldwide -- a phenomenon that defies global trends.
For example, with Banyan Group's revenue, property sales have risen from one-third of total income 20 years ago to more than half the past three years. Last year, sales reached a record high for the company and are expected to set new records this year. Property consultant CBRE Thailand is also posting record property sales in Phuket, with growth doubling this year from 2023 -- a peak year that recorded a fourfold increase compared with the average.
"Overall sales are so substantial that a new condo project is launched every two weeks," said Prakaipeth Meechoosarn, head of Phuket property sales at CBRE Thailand. "Developers expect a significant influx of foreign buyers during the high season in the final two months." NEW MARKET.