Tourists have flooded back to Phuket, but experts believe that the island's real estate market is still in the recovery stage. At the same time, the level of sales has really increased, there are several positive factors that can potentially help the situation return to the pre-pandemic level in the future.
Developers decided not to launch many new projects this year in order to sell the remaining properties and wait for further assessment of the situation. It may take some time for the condo market to recover.
COVID-19 has hit Phuket particularly hard, given the fact that its economy is based on tourism. This has affected the condominium market more than other residential real estate sectors. Condominiums are very popular among foreigners, as they can be used both for personal recreation and for income.
At the end of 2021, 20,376 condominiums out of a total of 26,068 units were sold in Phuket. The number of units sold has been steadily declining over the past two years.