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Ocean View Properties in High Demand:
Phuket Experiences Major Spike in Luxury Prices
From October 2022 to April 2023, Phuket saw a surge in demand for luxury sea view real estate properties, almost mirroring the massive increase in tourism during that period. In fact, the number of visitors to the tropical island was almost unprecedented in the last decade.
At the beginning of the high season, there was a large selection of properties and a considerable supply of distinctive ocean view real estate at fair prices. However, as 2022 drew to a close, the supply of the best luxury properties decreased at a rapid pace compared to other sectors of the market, resulting in prices reaching the highest levels in the past decade. The trend has been phenomenal.
Currently, finding a luxury sea view condominium or villa at a reasonable price on the island is almost impossible. The availability of sea view projects for sale, particularly condominiums, is rare. In fact, Patong Beach, the center of tourism and business on the island, does not have any new projects, let alone those with sea views. There are limited options for luxury.
There is the beautiful Blue Point condominium project, fully completed and ready to move in, offering spectacular sea views. A total of 20 units are available, with a dozen still remaining.
Additionally, the brand new Coral Beach Oceanview Resort, which is under construction, has 26 finely appointed units overlooking Patong Bay and located near the luxurious Blue Point.
Both properties offer great opportunities for discerning investors, and further investigation is highly recommended.
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