Siam Expat Property, a leading real estate agency in Phuket, has announced its success on the occasion of its tenth anniversary. Federico Solimeno, co-founder, reflects on the evolution of Phuket, which has undergone a complete transformation over the past decade. Federico points out that Phuket has successfully transitioned from a popular seasonal vacation destination to a global residential hub with continuous year-round demand. This change has been driven by the expansion of a more diverse and international buyer group. Previously dominated by European foreigners seeking vacation homes, the market now sees strong and consistent demand from buyers in Russia, China, India, and the Middle East.

In terms of behavior, today's buyers have clearly evolved towards a more professional and strategically data-driven approach. In the past, buyers often made decisions based on lifestyle and emotions without much regard for long-term value. However, today’s buyers are more informed and tend to conduct thorough online research before engaging with real estate agents. Clients prioritize in-depth inquiries on various aspects, including return on investment (ROI), complex legal structures, rental management plans, and future resale strategies to ensure the long-term value of their investments.

Moreover, the recent pandemic has been a significant turning point that forced the industry to adapt in terms of building relationships and trust. Trust has evolved from merely closing individual sales to fostering relationships focused on transparency and long-term consistency. While technologies like virtual tours and video calls have made remote transactions more convenient, he emphasizes that local expertise and transparency remain the most critical foundations for clients. At the same time, Phuket has become a permanent base for remote workers or digital nomads and high-net-worth individuals who choose to relocate due to improved infrastructure and international-standard amenities.


Regarding the real estate direction dominating the market in 2023, Federico comments that condominiums continue to lead the market due to their ease of ownership for foreigners. Simultaneously, branded residences and luxury sustainable projects are gaining immense popularity among investors seeking systematic management and environmental preservation. The luxury villa segment remains strong in the high-end market, where buyers prioritize privacy. He believes the market will continue to be robust over the next 2 to 3 years due to high demand, while supply in prime locations is becoming limited. He advises investors to focus on quality, location, and long-term value rather than short-term returns.

For more information about the real estate market in Phuket and to view current property listings, visit the Siam Expat Property website at: www.siamexpatproperty.com