Phuket enters a new real estate cycle as resale market gains traction
After a wave of new project launches in 2023 and 2024, there is reignited interest in the island and a new trend of buying property
Phuket’s property market is quietly evolving. After a wave of new project launches in 2023 and 2024 that reignited interest in the island, a new storyline is emerging as buyers are increasingly considering resale homes as a meaningful alternative to off-plan developments. Data from Thailand’s largest real estate portal, FazWaz.com, highlights how the secondary market is no longer on the sidelines but becoming a significant part of Phuket’s real estate landscape.
A competitive new cycle
In the years following the pandemic, demand for property surged as borders reopened and flights resumed. Developers responded with a flurry of new launches, often selling out quickly despite rising land and construction costs. This new wave of modern projects has introduced higher design standards, more facilities, and lifestyle-driven communities.
At the same time, resale properties have started to capture greater attention. With median resale prices around 68,000 Thai baht per square meter in 2024, compared to 121,000 Thai baht per square meter for new builds, buyers are noticing the value on offer. Larger layouts and prime, established locations make resales particularly appealing for those who want to enjoy Phuket immediately rather than wait for construction.
Still, the choice between new and resale is not simply about price. For many buyers, the appeal of a fresh design, the latest amenities, and flexible payment plans keeps off-plan projects attractive. Phuket is entering a more balanced, competitive cycle where both markets play a role.
Why resales are gaining ground
The shift toward resales is not a rejection of new developments but rather an evolution in buyer behaviour. For investors, immediate occupancy can mean quicker rental returns. For lifestyle buyers, larger spaces and neighbourhoods with established infrastructure provide peace of mind, as Brennan Campbell, Chief Revenue Officer of FazWaz, emphasises.
“Resales are no longer the overlooked option—they’re becoming a vital part of Phuket’s property mix,
“But it’s important to note that buyers are still excited about new launches. What we’re really seeing is a more mature market where people have choices, and resales are now competing on equal footing.”
What buyers are looking for
FazWaz data shows that one-bedroom resale condos remain in strong demand, with median prices around 3.15 million Thai baht. Villas also tell an interesting story, with three-bedroom homes standing out as the most active segment, averaging 12.5 million Thai baht. Popular locations such as Cherngtalay, Rawai, and Kamala continue to attract both new project launches and healthy resale activity, underscoring the diversity of options on the island.
For buyers, this choice often comes down to lifestyle. Some prefer the community feel and modern finishes of a new development, while others are drawn to the larger spaces, established settings, and immediate usability of resale properties.
Looking ahead
Phuket’s property market is no longer defined by one dominant trend. Instead, it is entering a new, more competitive era where both new and resale markets are shaping the landscape. Off-plan developments continue to excel in quality and design, while the resale sector offers compelling value and flexibility.
For buyers and investors, this means more options than ever, whether that’s moving into a spacious villa in a well-established neighbourhood or securing a sleek new condo in a modern community.
What is clear is that Phuket has matured into a two-track market as the island continues to evolve as a global lifestyle destination, and both new and resale properties will play significant roles in shaping its next chapter
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