Currently, the real estate market in popular tourist cities remains as attractive as that in Bangkok, especially in coastal tourist towns such as Phuket, Cha-am, and Hua Hin. The sales rates are generally high, but it is noteworthy that Phuket and Phetchaburi have the highest number of unsold condos at 53.4% and 68%, respectively, with most priced between 3 to 5 million baht. In contrast, Prachuap Khiri Khan has the highest number of unsold single-family homes priced between 2 to 3 million baht, accounting for 50.9%. This data reflects the overall trend in real estate development, indicating that developers need to align their offerings more closely with customer demands to reduce inventory.

The Real Estate Information Center has compiled a report summarizing the supply and demand of residential projects currently for sale in the second half of 2018 across three provinces: Phuket, Prachuap Khiri Khan, and Phetchaburi, focusing on projects with at least six units available for sale. The findings are as follows:

Phuket Province

There are 210 residential projects for sale in Phuket, totaling 30,416 units with a combined project value of 176,366 million baht. There are 7,698 units available in the market (25.3% of total project units), valued at 41,925 million baht, divided as follows:

  • Single-family homes: 84 projects, 12,682 units, total project value 56,417 million baht, with 3,513 units available, valued at 15,096 million baht.
  • Condos: 87 projects, 17,025 units, total project value 85,239 million baht, with 4,029 units available, valued at 20,608 million baht.
  • Villas: 39 projects, 709 units, total project value 34,710 million baht, with 156 units available, valued at 6,220 million baht.

The available units for the single-family homes and condos total 7,542 units, with condos making up the largest share at 53.4%, primarily priced between 3 to 5 million baht. Following that are townhouses at 21.5% priced between 2 to 3 million baht, duplex homes at 12.7% priced between 3 to 5 million baht, and single-family homes at 10.7% priced between 5 to 7.5 million baht.

Top 5 Locations for Single-family Homes in Phuket based on the sales ratio per unit in the project are:

1) Chalong-Wichit: 89.3% sold, valued at 10,865 million baht.

2) Bang Tao-Surin Beach: 89.3% sold, valued at 1,681 million baht.

3) Talad Yai-Talad Nuea: 80.2% sold, valued at 481 million baht.

4) Kathu Town: 78.1% sold, valued at 3,415 million baht.

5) Karon-Kata Beach: 75.0% sold, valued at 160 million baht.

Top 5 Locations for Condos in Phuket are:

1) Talad Yai-Talad Nuea: 96.1% sold, valued at 3,674 million baht.

2) Patong Beach: 85.1% sold, valued at 4,548 million baht.

3) Nai Yang-Mai Khao Beach: 84.1% sold, valued at 6,268 million baht.

4) Rawai Beach: 81.7% sold, valued at 9,117 million baht.

5) Karon-Kata Beach: 80.7% sold, valued at 10,908 million baht.

 

 

Prachuap Khiri Khan Province

There are 108 residential projects for sale in Prachuap Khiri Khan, totaling 8,555 units with a combined value of 43,458 million baht. There are 2,266 units available in the market (26.5% of total project units), valued at 12,096 million baht, divided as follows:

  • Single-family homes: 83 projects, 4,345 units, total value 18,470 million baht, with 1,724 units available, valued at 7,591 million baht.
  • Condos: 17 projects, 4,021 units, total value 18,808 million baht, with 485 units available, valued at 2,657 million baht.
  • Villas: 8 projects, 189 units, total value 6,180 million baht, with 57 units available, valued at 1,848 million baht.

The available units for the single-family homes and condos total 2,209 units, with single-family homes making up the largest share at 50.9%, priced between 2 to 3 million baht. Following that are condos at 22% priced between 2 to 3 million baht, duplex homes at 11.8% priced between 2 to 3 million baht, and townhouses at 10% priced between 1 to 1.5 million baht.

Top 5 Locations for Single-family Homes in Prachuap Khiri Khan are:

  • Khao Takiab: 67.9% sold, valued at 1,982 million baht.
  • Tab Tai: 64.4% sold, valued at 3,213 million baht.
  • Prachuap Khiri Khan: 60.2% sold, valued at 1,233 million baht.
  • Khao Hin Lek Fai: 56.8% sold, valued at 3,821 million baht.
  • Hua Hin: 51.3% sold, valued at 630 million baht.

Top Locations for Condos in Prachuap Khiri Khan are:

  • Hua Hin: 93.4% sold, valued at 7,183 million baht.
  • Khao Takiab: 82.1% sold, valued at 6,945 million baht.
  • Prachuap Khiri Khan: 81.8% sold, valued at 1,596 million baht.
  • Khao Hin Lek Fai: 74.4% sold, valued at 427 million baht.

 

Phetchaburi Province

There are 63 residential projects for sale in Phetchaburi, totaling 14,418 units with a combined value of 59,985 million baht. There are 3,101 units available in the market (21.5% of total project units), valued at 11,604 million baht, divided as follows:

  • Single-family homes: 46 projects, 2,733 units, total value 13,838 million baht, with 990 units available, valued at 4,101 million baht.
  • Condos: 14 projects, 11,631 units, total value 43,967 million baht, with 2,105 units available, valued at 7,244 million baht.
  • Villas: 3 projects, 54 units, total value 2,180 million baht, with 6 units available, valued at 260 million baht.

Top Locations for Single-family Homes in Phetchaburi are:

  • Cha-am Beach: 77.7% sold, valued at 239 million baht.
  • North Cha-am: 71.1% sold, valued at 4,686 million baht.
  • Phetchaburi Town: 66.3% sold, valued at 1,061 million baht.
  • South Cha-am: 55.6% sold, valued at 3,752 million baht.

Top Locations for Condos in Phetchaburi are:

  • South Cha-am: 88.1% sold, valued at 6,718 million baht.
  • North Cha-am: 81.5% sold, valued at 29,956 million baht.
  • Phetchaburi Town: 52.1% sold, valued at 50 million baht.

Overall, the available units for single-family homes and condos total 3,095 units, with condos making up the largest share at 68%, primarily priced between 3 to 5 million baht. Following that are single-family homes at 23.1%, mostly priced between 2 to 3 million baht, vacant land at 4.1% priced between 1 to 1.5 million baht, and townhouses at 3.2% priced between 5 to 7.5 million baht.

          The data presented above reflects customer demand in each location well. Although all three provinces are famous coastal tourist cities in Thailand, the demand for housing varies significantly, partly due to the different physical potentials of the locations and the limited available land for development. This situation may require developers to wait for new customer purchasing power to enter the market. Moving forward, it will be a time for developers to reassess and strategize anew to develop real estate in tourist cities that truly meets customer needs.

 

Thank you for the information from the Real Estate Information Center