Interest in housing in the main resort areas of Thailand last year was different. There was a noticeable increase in demand in Phuket, while the markets of Koh Samui and Phuket were relatively stable during 2022. Housing included detached houses, villas and townhouses.
The launch of several new residential projects in Phuket led to an increase in demand by almost 40% between the second and third quarters. Interestingly, foreign demand for villas in Phuket in both July and August exceeded any month since 2021.
In 2022, foreign buyers accounted for 57.5% of the total demand for housing in Phuket. This group was focused on the luxury housing market with housing priced from 10 million baht and above, and there was a significant surge in demand during the year.
Demand for housing in Hua Hin and Koh Samui has been stable, with the latter experiencing a surge since August. Koh Samui relied much more on foreign buyers (70.6%). In Hua Hin, the distribution of demand accounted for 54% of domestic and 46% of international demand.
Three-bedroom houses, villas and townhouses were the most popular, accounting for 48% of demand in 2022. Two-bedroom apartment buildings accounted for 24% of the total demand.
In all three areas, the demand for housing was higher than for condominiums. The pandemic has affected the condominium markets of Phuket, Koh Samui and Hua Hin due to greater dependence on foreign buyers. They have yet to recover, but it is hoped that this will change in 2023, when more tourists will return.