The condominium and villa market in Phuket experienced a sharp slowdown in the first half of 2025, a marked contrast to two years of rapid growth. Siddhipen Siddharthapong of the Real Estate Information Center (REIC) confirmed that both the number of new projects and sales volumes fell by more than 50% compared to the same period in 2024. This decline was a direct result of the supply peak observed in 2023–2024, when developers were actively bringing new units to market.
According to the REIC, Phuket recorded an unprecedented level of new housing completions, with two distinct peaks in 2023 and 2024. Last year, the number of new units entering the market reached a record 14,454, more than double the 2023 figure (7,106 units). Although sales in 2024 were record-breaking, this sharp increase in supply led to a significant backlog of unsold units in 2025.
This has had a particularly severe impact on the condominium sector, with the average time it takes to sell remaining units increasing to 28 months. This represents a sharp increase from the 14 months seen since the second half of 2022. Consequently, the Phuket market faces oversupply, leading to a significant slowdown in sales and new project completions in the first half of 2025.
These data clearly illustrate the sharp slowdown in real estate activity, particularly noticeable in the first half of 2025. The condominium segment has seen a significant decline in both completions and sales volumes, with only 2,113 new units completed, a 51% decrease compared to the 4,295 units completed in the same period last year. Accordingly, sales also declined by the same 51%, reaching 2,192 units sold compared to 4,438 the previous year. This decline contrasts with last year's record-breaking 10,971 condominium units sold, more than double the 2023 figure (5,007 units). However, despite last year's rush, by the end of June 2025, the number of unsold units reached a new all-time high of 10,466 units.
Experts urge caution: the rate of new condominium completions has slowed to 2.9% per month, the lowest since the pandemic, compared to 7% last year. Similar negative trends have also affected the villa market. In the first half of 2025, new property completions fell by 74% year-on-year, totaling just 298 units valued at 10.6 billion baht (a 72% decline in value).
Villa sales also plummeted by 70%, reaching 231 units. This segment also peaked last year, with a record 1,645 villas completed, far exceeding the 2022 (305 units) and 2023 (785 units) figures. While previous years demonstrated robust growth in supply and demand, the current situation indicates a significant cooling in the market.
The new villa sales market is experiencing a sharp decline after several years of rapid growth, as the latest statistics clearly demonstrate. While last year (not explicitly stated, but implied to precede the current downturn) marked an absolute peak with 1,645 properties sold for 54.8 billion baht, marking the culmination of two years of growth, the current period has seen a dramatic reversal: sales have fallen to 231 properties for a total of 7.5 billion baht, representing a whopping 70% and 75% decline, respectively, compared to the same period last year. This contrast is particularly striking compared to previous records, such as 2024, when 1,446 villas were sold for 52.7 billion baht.
Maetapong Upatising, president of the Phuket Real Estate Association, attributes this decline primarily to the housing market's close relationship with the tourism industry. He explains that the decline in overall tourist traffic, caused by a significant decline in Chinese tourists, has had a direct negative impact on real estate demand. Despite the increase in tourists from Russia and India, the overall decline has led to a slowdown in the market.
Furthermore, the growth of the resale market in the post-pandemic period has significantly impacted the dynamics of the new housing market. Investors who previously purchased villas and condominiums for profit have begun to actively exit these assets, saturating the resale market. The association's president also noted that the limited land available for new construction and the resulting rise in new home prices have made the resale market more attractive. Research confirms this trend: the average price of condominiums under construction (121,000 baht per square meter in 2024 compared to 68,000 baht in the resale market) significantly exceeds prices of completed homes, pushing buyers toward more affordable options.
According to the REIC, Phuket recorded an unprecedented level of new housing completions, with two distinct peaks in 2023 and 2024. Last year, the number of new units entering the market reached a record 14,454, more than double the 2023 figure (7,106 units). Although sales in 2024 were record-breaking, this sharp increase in supply led to a significant backlog of unsold units in 2025.
This has had a particularly severe impact on the condominium sector, with the average time it takes to sell remaining units increasing to 28 months. This represents a sharp increase from the 14 months seen since the second half of 2022. Consequently, the Phuket market faces oversupply, leading to a significant slowdown in sales and new project completions in the first half of 2025.
These data clearly illustrate the sharp slowdown in real estate activity, particularly noticeable in the first half of 2025. The condominium segment has seen a significant decline in both completions and sales volumes, with only 2,113 new units completed, a 51% decrease compared to the 4,295 units completed in the same period last year. Accordingly, sales also declined by the same 51%, reaching 2,192 units sold compared to 4,438 the previous year. This decline contrasts with last year's record-breaking 10,971 condominium units sold, more than double the 2023 figure (5,007 units). However, despite last year's rush, by the end of June 2025, the number of unsold units reached a new all-time high of 10,466 units.
Experts urge caution: the rate of new condominium completions has slowed to 2.9% per month, the lowest since the pandemic, compared to 7% last year. Similar negative trends have also affected the villa market. In the first half of 2025, new property completions fell by 74% year-on-year, totaling just 298 units valued at 10.6 billion baht (a 72% decline in value).
Villa sales also plummeted by 70%, reaching 231 units. This segment also peaked last year, with a record 1,645 villas completed, far exceeding the 2022 (305 units) and 2023 (785 units) figures. While previous years demonstrated robust growth in supply and demand, the current situation indicates a significant cooling in the market.
The new villa sales market is experiencing a sharp decline after several years of rapid growth, as the latest statistics clearly demonstrate. While last year (not explicitly stated, but implied to precede the current downturn) marked an absolute peak with 1,645 properties sold for 54.8 billion baht, marking the culmination of two years of growth, the current period has seen a dramatic reversal: sales have fallen to 231 properties for a total of 7.5 billion baht, representing a whopping 70% and 75% decline, respectively, compared to the same period last year. This contrast is particularly striking compared to previous records, such as 2024, when 1,446 villas were sold for 52.7 billion baht.
Maetapong Upatising, president of the Phuket Real Estate Association, attributes this decline primarily to the housing market's close relationship with the tourism industry. He explains that the decline in overall tourist traffic, caused by a significant decline in Chinese tourists, has had a direct negative impact on real estate demand. Despite the increase in tourists from Russia and India, the overall decline has led to a slowdown in the market.
Furthermore, the growth of the resale market in the post-pandemic period has significantly impacted the dynamics of the new housing market. Investors who previously purchased villas and condominiums for profit have begun to actively exit these assets, saturating the resale market. The association's president also noted that the limited land available for new construction and the resulting rise in new home prices have made the resale market more attractive. Research confirms this trend: the average price of condominiums under construction (121,000 baht per square meter in 2024 compared to 68,000 baht in the resale market) significantly exceeds prices of completed homes, pushing buyers toward more affordable options.