New C9 Hotelworks Report – Phuket Branded Residences Biggest Leisure Supply Globally
Category:
Real estate, Posted:26 Mar 2024 | 17:15 pm
Branded residences in Phuket have reached an unprecedented supply value of THB80 billion (approximately USD2.3 billion), setting a new historical high. The destination now has the highest value of leisure supply value globally and has joined the ranks of urban destinations Dubai and Miami as a world-class branded residences property hub.
Condominiums, which form 59% of the market, have recorded an average unit price point of THB 11.7 million. In stark contrast, the median price for villas is THB120 million. Despite villas representing a modest 6% of supply available in the primary market, they command a substantial 41% of the total value, underscoring their significant impact on the market’s luxury real estate segment.
The island’s branded residences supply stands at 27 properties with a collective 4,267 units which are currently for sale, or in the pipeline. The Cherngtalay sub-district on Phuket’s West Coast, encompassing Layan, Bangtao, and Surin, holds the highest concentration of branded properties on the island, totaling 14 properties with 2,352 units.
A key post -COVID19 trend is seeing more hotel developers taking to mixed-use models and branded properties. As land prices on the island are skyrocketing under high -demand conditions, a shifting economic model is putting pressure on hospitality development to include real estate elements in order to create higher investment returns.
Global brands entering the market include Rosewood and The Standard mark the next chapter for Phuket luxury real estate. With branded condominiums achieving a median price of THB160,734 per square meter and villas at THB179,260 per square meter, these high-profile additions are creating a prime global hub for affluent lifestyle property. Despite a strong recovery path for Phuket’s once tourism-dependent economy, the island’s real estate sector is now spurring a game-changing storyline to that of an international community.
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