How did the pandemic affect Phuket property prices?

Have the houses prices in Phuket changed since the pandemic? According to the Thailand Property Market Index, the Bangkok residential property price index has declined since the fourth quarter of 2021. It dropped from 197 points to 190 points in the first quarter of 2022, to 183 points in the next quarter, and 178 points in the third quarter of 2022. However, until 2019, prices only increased. So after the full recovery of the country, prices will begin to rise upwards.
off the grid house

The uniqueness of Thailand

If you have ever been to Thailand, you already know about the amazing climate. It is summer here in winter, and in summer, the climate is good, despite the rains. The average annual temperature in Thailand is 30-33C (in the south of the country). The chic Andaman Sea, which cannot be compared with the beaches of Europe, has stunning tropical nature, good ecology, and an abundance of seafood and tropical fruits. At the same time, even though Thailand is in Asia, the European influence is very strong here, which has affected the infrastructure and way of life in this country.

Yes, this is still Asia, but much more cultured and comfortable for life than many of its closest neighbors, but Fr. Phuket can be generally called the Asian Miami. Pkuket has good international schools, high-quality medicine, modern infrastructure, excellent restaurants, large shopping malls, a luxurious sea, and a modern airport. By and large, everything in Phuket is set up for you to live and rest comfortably.

Thailand has become one of the world’s most popular countries to live in for these and many other reasons. The Thai government is investing a lot of money in infrastructure development to create even more comfortable conditions for tourists to stay in the country and to attract even more foreign investment.

The value of real estate in Thailand has steadily risen for many years, but you can still buy your house on the coast here for a very reasonable price.

In addition, due to the unique geographical location, and climatic and economic conditions, real estate in Thailand is well-rented and brings a high rental income.

Price growth factors

Over the past 15 years, the condominium market has grown particularly rapidly, largely due to the growth of tourism. Tourism is the main engine for the development of the island. In Phuket, there will be a shortage of land and new real estate shortly. After all, there are areas on the island where building is prohibited. In the island’s center, mountains and jungles are land unsuitable for construction.

Demand for real estate

Previously, the main real estate buyers in Phuket were Europeans and Americans. But when the volumes got stronger, foreigners became the main buyers at the beginning of the 2000s. Before the pandemic, the main buyers were:

  • Europeans,
  • Chinese
  • Thais.

Now the picture has changed a lot. Real estate sales have dropped significantly, so developers hold promotions, promotions and lower prices to attract customers. This could be the perfect time to buy property in Phuket as prices are anticipated to rise.

Profit from the purchase of real estate

In Thailand, the tourist season is all year round, so the demand for apartment rentals is high. You can receive passive income when buying a property to rent out. Many companies that help organize property rentals offer owners a period for personal use. Then you can spend holidays on your property and the rest of the time to receive passive income. Income from real estate in Thailand is, on average, 5-7% annually, which is considered quite high.

Help in buying real estate

Thailand-Real.Estate aggregator specialists will help you find the perfect property in Thailand. Their website features properties from developers and local agents. The catalog contains only current offers with prices in different currencies. Managers will tell you everything about promotions and great deals; they will guide through the confusion of Thai law and will point you to the best deals. Contact Thailand-Real.Estate today to start your search for the perfect place to buy in Phuket.


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