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Given the relatively lower costs of living compared to many cities in the West, it’s not a surprise that Phuket property prices are also lower than their Western counterparts. “But how much do properties in Phuket cost exactly?” you may wonder. We’re here to answer your question.
What are the average prices per square meter in the different neighborhoods of Phuket?
|Location||Price Per Square Meter (THB)|
|Phuket Town||~ 65,000|
|Rawai/Nai Harn||~ 90,000|
|Bang Tao/Layan||~ 115,000|
On one hand, Phuket Town, Kathu, and Thalang have properties that are comparatively cheaper than the other parts of Phuket. This is largely due to the fact that these neighborhoods are away from the beaches and main tourist hotspots of the island. At the same time, these neighborhoods are in close proximity to international schools and hospitals and have a great selection of local restaurants and supermarkets.
On the other hand, Patong, Karon, Kata, Kamala, Surin, and Bang Tao have beautiful beaches and are, therefore, oceanfront areas. These areas are considered to have properties in a higher price range.
What factors influence property prices in Phuket?
When land supply is low, property prices are bound to increase. Currently, undeveloped land near the sea is scarce. Therefore, highly sought-after oceanfront condominiums and villas with sea views have higher prices than properties located away from the water.
Property Supply and Demand
Like land supply, property prices rise when the supply of condominiums and/or villas are low. Prices fall when the supply of condominiums and/or villas are high. If certain types of properties are low in supply but high in demand, like oceanfront properties, then the prices of those properties will also increase.
Another factor influencing property price is location. If a property is located in a prime location with access to different modes of transport, healthcare facilities, supermarkets, wet markets, shopping malls, and other necessities, then the property will, more likely than not, be higher in price due to the convenience it offers. In Phuket, Patong, Bang Tao, Kamala, and Layan are considered to be expensive neighborhoods.
Properties with great amenities generally cost more. In Phuket, condominiums that come with common swimming pools, gyms, sauna, spa, restaurants, convenience stores, etc, fall in the higher price range.
Since the demand for property is highly dependent on income, a well-performing economy will give home buyers and potential ones more purchasing power, increase demand for property, and property prices will increase accordingly.
If the last few years are anything to go by, property prices in Phuket increase at a rate of 5-10% every year. If you’re looking to make an investment in Phuket, you can rest assured that your property will increase in capital value.
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To view the available luxury properties in Phuket, please visit www.propertyinphuket.com.