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SUMMARY
Yes. Phuket’s property boom is finally slowing down, and oversupply is now a real problem in parts of the market, particularly villas. But this is still a selective slowdown rather than an island-wide property downturn.
The clearest sign is not falling headline prices. It is the collapse in liquidity. Villa sales fell 69.6% in 2025, monthly absorption dropped from 6.3% to 1.8%, and the estimated time needed to clear remaining villa inventory expanded from roughly ten months to around 50 months.
At the same time, Phuket-wide transactions are still growing. Residential transfers rose 17.9% year on year in Q1 2026 and their combined value increased 34.9%, showing that strong demand and oversupply can exist at the same time when buyers are concentrating on a narrower group of projects.
The roots of the problem are fairly clear. Developers launched more than 45,000 residential units between 2021 and 2025, including nearly 25,000 condos during the final two years alone. Phuket did not suddenly lose its buyers; developers simply created far more choice for them.
Condos have not followed villas into the same correction yet. Foreign condo transfers in Phuket jumped 52.2% year on year in Q1 2026, and developers increased the number of new condo projects launched in H1 2026 after briefly pulling back during the previous half-year.
That resilience comes with an important delayed risk. Much of Phuket’s condo boom still exists as off-plan stock and construction sites. The harder test will come when thousands of sold units become completed apartments competing simultaneously for tenants, resale buyers and new-project customers.
Foreign demand remains unusually important. While foreign condo transfers fell nationally in early 2026, they increased sharply in Phuket, and 62% of enquiries in FazWaz’s recent Phuket dataset came from outside Thailand. That international demand is one reason the market has absorbed so much new construction without a broader collapse.
Phuket is also becoming increasingly rental-led. FazWaz recorded roughly 2.5 rental enquiries for every purchase enquiry, suggesting that long-stay residents, remote workers, seasonal residents and families are supporting housing demand even when they are not ready to buy.
Price weakness is showing up more subtly than a broad price decline. New-build condos carry a large premium over resale units, unsold stock is rising, and buyers have more alternatives, so negotiation, incentives and liquidity are becoming more important than advertised asking prices.
Bang Tao and Cherngtalay capture the contradiction better than anywhere else. They remain Phuket’s strongest demand centres, yet they also contain an enormous share of the island’s future supply. A great project there can still sell extremely well while a mediocre one nearby struggles.
The market has therefore moved into a much more selective phase. Phuket itself is still attractive, but the island’s popularity no longer guarantees that almost any villa or condo development will work. Supply, location, pricing, management quality and genuine product differentiation matter again.
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Is Phuket’s property boom really slowing down now?
Yes. Phuket’s property boom is clearly slowing today, although the slowdown is hitting villas much harder than condos and prime west-coast projects.
The easiest way to see the change is to compare what developers were building with how quickly buyers are absorbing it. During 2024, Phuket developers launched more than 10,000 condominium units, while villa construction also surged. Krungsri Research now shows villa sales falling 69.6% in 2025 to 475 units, with monthly absorption dropping from 6.3% to 1.8%.
That would normally sound like the end of a boom. Yet Phuket-wide transaction data tell a more complicated story. According to REIC, 2,548 residential properties changed hands in Phuket during the first quarter of 2026, up 17.9% from a year earlier, while their combined value jumped 34.9% to THB 10.37 billion. CBRE also found that developers increased the number of new condo projects launched in the first half of 2026 by 44.8% compared with the previous six months.
So yes, Phuket has slowed, but demand has become much more selective rather than simply disappearing. Villas are already dealing with a serious inventory problem, while condos, luxury residences and the strongest west-coast locations are still attracting buyers.
| Phuket indicator | Earlier boom | Latest useful reading | What changed |
|---|---|---|---|
| Villa sales | Very strong in 2024 | 475 in 2025 | -69.6% |
| Villa monthly absorption | 6.3% | 1.8% | Much slower selling |
| Remaining villa inventory | Lower in 2024 | 2,043 units | +56.4% |
| Phuket residential transfers | Q1 2025 base | 2,548 in Q1 2026 | +17.9% |
| Transfer value | Q1 2025 base | THB 10.37bn | +34.9% |
| New condo projects | H2 2025 base | H1 2026 | +44.8% |
Why does Phuket still feel busy if the property boom is slowing?
Phuket still feels busy because the island has plenty of property demand; the problem is that developers have created even more choice for those buyers.
That distinction explains most of the confusing numbers.
FazWaz recorded 54,628 Phuket buyer and tenant enquiries across its network from December 2025 through May 2026. Those enquiries covered 1,258 projects and came from 141 countries. REIC, meanwhile, recorded strong growth in the value of Phuket property transfers in early 2026.
At the same time, Krungsri calculates that existing villa inventory would take around 50 months to sell at the 2025 absorption rate. C9 Hotelworks had already counted 40,600 residential units for sale across 343 active Phuket developments in early 2025.
Both things can be true. Thousands of people still want to rent or buy in Phuket, but they can choose between far more projects than they could a few years ago.
That is why the slowdown feels strange on the ground. Restaurants can be full, Bang Tao can be packed with new construction, foreign buyers can still be arriving, and individual projects can sell very well while weaker developments sit unsold for much longer.
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Did Phuket simply build too much after the post-Covid boom?
Yes, Phuket developers built extremely aggressively after the pandemic, and today’s slowdown is partly the market digesting that huge wave of new property.
Colliers estimates that developers launched 45,066 residential units in Phuket between 2021 and 2025, representing roughly THB 470 billion of project value. Nearly 25,000 condominium units were launched in just the final two years of that period.
The acceleration was especially obvious in 2024. Knight Frank counted 10,458 newly launched condominium units during the year, up 148.3% from 2023. Villa supply also expanded unusually quickly.
C9 then counted 33,704 condominium units and 6,896 villas or other landed homes for sale across active projects in early 2025.
We should be careful with that 40,600 figure because it includes properties at different development stages rather than 40,600 finished empty homes. Still, it captures the real issue. Buyers suddenly had an enormous number of projects competing for them.
Colliers expects new condominium supply to moderate to roughly 6,000 to 8,000 units during 2026. Even if launches land inside that range, Phuket will still be adding thousands of homes while developers try to clear the previous wave.
The boom created its own slowdown. Developers responded to extraordinary demand by building so much that today’s buyers no longer have to rush.
Have Phuket villa sales collapsed?
Yes. Phuket villa sales have collapsed from their 2024 peak, and villas are currently the clearest weak spot in the entire property market.
Krungsri Research recorded only 475 villa sales during 2025, down 69.6% in one year. Developers reacted quickly: new villa launches dropped 60.6% to 641 units.
The inventory left behind is more revealing than the fall in launches. Remaining villa supply reached 2,043 units, up 56.4%, while monthly absorption dropped to 1.8%.
Krungsri estimates that selling the existing stock at that pace would take about 50 months. A year earlier, the equivalent calculation was roughly ten months.
That fivefold change in selling time tells us more than any headline about Phuket villa prices. Buyers are taking longer, comparing more projects and walking away more easily.
Developers have kept retreating since then. CBRE counted 397 newly launched villa units in the first half of 2025, 283 in the second half and 224 in the first half of 2026. In barely a year, half-year villa launches fell 44%.
Some well-located villas will continue selling, especially to wealthy foreign buyers. But the broad villa frenzy has already ended.
| Phuket villa metric | 2024 | 2025 | Change |
|---|---|---|---|
| Villa sales | About 1,560 | 475 | -69.6% |
| New villa launches | About 1,627 | 641 | -60.6% |
| Monthly absorption | 6.3% | 1.8% | -4.5 pp |
| Remaining inventory | About 1,306 | 2,043 | +56.4% |
| Estimated time to clear inventory | About 10 months | About 50 months | 5× longer |
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Are Phuket condos slowing too?
Phuket condos are holding up much better than villas, and developers have recently started launching more condo projects again.
CBRE recorded 17 new condominium projects containing 3,711 units in the first half of 2025. Developers then became more cautious, with condo launches falling 16.5% in the second half as the size of the future pipeline became harder to ignore.
That pullback did not last.
CBRE's latest Phuket figures show the number of new condominium projects jumping 44.8% in the first half of 2026 compared with the previous six months. Large listed Thai developers are still leading the expansion.
Buyer activity also looks healthier than the villa numbers suggest. Krungsri, using REIC transfer data, reports 420 Phuket condominium transfers to foreigners in the first quarter of 2026, up 52.2% year on year, while their value climbed 76.2% to THB 2.4 billion.
There is one important caveat. Only three condo projects totaling 1,196 units were completed in the first half of 2026, according to CBRE, down 56.8% from the previous half because several projects were delayed or not ready for handover.
That delays part of the real test. Phuket has sold a large pipeline of off-plan condos, but many units still have to be completed, handed over, rented out and eventually resold.
Condos currently look far healthier than villas. We will know much more once the huge 2023-2026 development wave becomes finished housing rather than sales brochures and construction sites.
Are Phuket developers actually pulling back?
Phuket developers have already pulled back sharply on villas, while condo developers are still willing to bet on demand.
The villa progression is unusually clear. CBRE counted 33 villa projects with 397 units launched in the first half of 2025. That dropped to 18 projects and 283 units in the second half, then 16 projects and 224 units in the first half of 2026.
Developers are launching roughly 44% fewer villa units than they were a year earlier.
Condos moved in the opposite direction during the latest half-year. After a 16.5% fall in launches during H2 2025, CBRE recorded a 44.8% increase in the number of new condo projects during H1 2026.
The pattern shows where developers still have confidence. A THB 15 million to THB 35 million villa requires a much narrower buyer pool than a THB 5 million to THB 10 million condominium. Foreign-freehold condos are also easier for international buyers to understand and own.
Developers have started rationing their risk rather than leaving Phuket. Expensive villas are being launched more carefully, while condos with a broader foreign-buyer base continue to attract capital.
| Period | New villa projects | New villa units | Condo launch trend |
|---|---|---|---|
| H1 2025 | 33 | 397 | 17 projects, 3,711 units |
| H2 2025 | 18 | 283 | -16.5% H-o-H |
| H1 2026 | 16 | 224 | +44.8% projects H-o-H |
| H1 2025 to H1 2026 | -52% | -44% | Condo developers re-accelerated |
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Is unsold property becoming a real problem in Phuket?
Yes, unsold Phuket property has become a real problem in parts of the market, especially villas and generic projects competing with dozens of similar developments.
Krungsri's 50-month villa inventory calculation is the clearest warning. Condominiums were healthier, but even there the estimated clearing period was around 30 months. Housing estates stood at roughly 42 months.
C9's research also shows how crowded the sales environment has become. It counted more than 32,000 condo units for sale in active Phuket projects in early 2025 while older buildings were increasingly feeding units into the resale market.
That creates a type of competition Phuket barely had during the early post-pandemic rebound.
A buyer considering a new one-bedroom condo may now compare several off-plan projects, nearly finished projects and completed resale units within the same neighbourhood. Developers can respond with longer payment schedules, furniture packages, higher agent commissions or rental-management offers before formally cutting prices.
Headline asking prices can therefore make Phuket look stronger than it really is. Liquidity has weakened much faster than advertised prices.
The practical consequence is already visible: average projects take longer to sell, while the best projects can still appear remarkably strong.
Are Phuket property prices finally falling?
Phuket property prices have stopped behaving like a one-way market, but we still do not have convincing evidence of a broad island-wide price fall.
C9's 2025 research put the median primary-market condominium price around THB 144,000 per square metre. Villas and other landed properties averaged roughly THB 70,000 per square metre.
The more interesting comparison is between new and second-hand condos. C9 found non-branded primary condominiums averaging roughly THB 139,000 per square metre, versus about THB 100,000 in the secondary market.
That is a 39% new-build premium.
Some of that gap makes sense. New developments may have better layouts, facilities and specifications, while older owners bought land and construction much more cheaply years ago. Yet a gap this large gives today's buyer a serious alternative.
As resale inventory grows, developers have to explain why a new unit deserves another THB 39,000 per square metre. Location, sea views, management quality, branding and genuinely better amenities can support the premium. A generic pool and co-working room probably cannot.
We expect the slowdown to show up here before an island-wide price index turns negative. Weak properties will negotiate. Developers will offer incentives. Resale owners who genuinely need to sell will undercut new projects.
Phuket prices can remain expensive while bargaining power quietly shifts toward the buyer.
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Is Bang Tao still booming while the rest of Phuket slows?
Yes, Bang Tao and the wider Cherngtalay area remain Phuket’s hottest property market, although they also carry the island’s biggest concentration of future supply.
C9 counted 16,381 residential units around Cherngtalay in its early-2025 resort-market study. That represented 54% of the inventory across the five major submarkets it tracked.
The demand side is just as concentrated. FazWaz's 54,628-enquiry dataset ranked Choeng Thale, including Laguna, Bang Tao and Layan, first in Phuket for both rental and purchase enquiries. CBRE continues to identify the same west-coast corridor as one of the island's main development areas.
This helps explain why construction keeps multiplying there. Laguna created an established resort ecosystem, then restaurants, beach clubs, international schools, gyms, supermarkets and wellness businesses made the surrounding area increasingly practical for people living in Phuket for months rather than days.
Developers followed the residents, and more amenities followed the developers.
The risk comes from scale. When such a large share of Phuket's development is concentrated around one area, being “near Bang Tao” stops being enough to make a project special.
Bang Tao can remain Phuket's strongest market while becoming much tougher for mediocre developments. Those two trends are already happening together.
| Phuket submarket in C9 study | Units | Share of tracked inventory | Current reading |
|---|---|---|---|
| Cherngtalay | 16,381 | 54% | Strongest demand, enormous supply |
| Rawai | 4,931 | 16% | Large lifestyle and rental market |
| Karon | 3,885 | 13% | Established resort market |
| Wichit | 2,976 | 10% | More mixed local/international demand |
| Si Sunthon | 2,167 | 7% | Growing spillover from Cherngtalay |
Are foreign buyers still buying Phuket property?
Yes, foreigners are still buying Phuket property in large numbers, and recent transfer data are stronger than Thailand’s national foreign-condo numbers.
This is an important distinction because foreign condo purchases across Thailand actually fell sharply in the first quarter of 2026. REIC recorded 3,241 foreign condo transfers nationwide, down 17.3% year on year.
Phuket moved the other way.
Krungsri's analysis of REIC data shows foreign condominium transfers in Phuket rising 52.2% to 420 units during the same quarter. Their combined value increased 76.2% to THB 2.4 billion.
The enquiry data are equally international. FazWaz found that 62% of Phuket property enquiries across its network originated outside Thailand, covering 141 countries. The largest sources included the United States, United Kingdom, Russia, Germany and Australia.
That mix also makes Phuket less dependent on the Chinese buyer than Thailand's condo market used to be. Russia remains important, but current interest reaches much further across Europe, North America, India, the Middle East and Asia.
Foreign demand is one of the main reasons Phuket has been able to absorb such an extraordinary development wave without a wider collapse.
Buyers simply have far more leverage now than they did during the first rush back into Phuket.
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Is Phuket becoming more of a rental market than a buying market?
Yes, Phuket currently looks much more rental-led than sales-led when we measure what people are actually searching for.
FazWaz recorded 39,042 rental enquiries and 15,586 purchase enquiries between December 2025 and May 2026. Rentals represented 71% of all enquiries, giving Phuket roughly 2.5 rental enquiries for every purchase enquiry in that dataset.
The median rental budget was THB 35,000 per month, which also shows that Phuket's housing market reaches far beyond luxury villas. Condos and apartments generated 20,882 rental enquiries, while houses and villas attracted 14,946.
One-bedroom homes were the most requested size, with 12,562 enquiries.
The mix says a lot about what Phuket has become. The island increasingly serves long-stay foreigners, families, remote workers, seasonal residents and people renting before deciding whether to buy.
This rental population gives the property market a second source of demand besides investors and second-home owners.
It also explains why a slowdown in purchases does not automatically create empty buildings. Plenty of people want to live in Phuket without wanting to own Phuket property.
Are Phuket rents still strong enough to support investors?
Phuket rents are still holding up well today, but strong rental demand no longer guarantees a great investment once we account for today’s much higher purchase prices and rising competition.
FazWaz's enquiry data show the median requested rent moving from THB 33,000 a month in December 2025 to THB 30,000 in January and February, then THB 35,000 in March, THB 40,000 in April and THB 38,000 in May.
That six-month pattern does not look like a rental market rolling over.
C9 had already found strong long-term rental demand in its 2025 research, particularly for one-bedroom condominiums. Cherngtalay, Rawai and Patong were among the main rental areas.
But investors now face a new problem: thousands of competing units are being completed.
A condo that once looked attractive because “Phuket rents are high” needs a more specific calculation today. We need to know what genuinely comparable units rent for, how many similar units are entering the same neighbourhood, what management costs will be, how seasonal occupancy is, and whether short-term letting is legally available in that building.
The rental market is still one of Phuket property's strongest supports. The easy rental-yield story is much less convincing than it was a few years ago.
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Is weaker tourism starting to hurt Phuket property?
Yes, Phuket tourism has recently stopped giving property developers the powerful growth tailwind they enjoyed during the post-pandemic recovery.
CBRE counted 4.39 million passenger arrivals at Phuket International Airport in the first half of 2026, down 1.4% from 4.46 million a year earlier.
Hotels were similarly flat. Phuket occupancy slipped 0.8 percentage points year on year, while average daily rates increased only 0.9%.
The slowdown started earlier. CBRE found Phuket's full-year 2025 hotel occupancy dropping 3.3 percentage points, while average daily rates fell 1.5%.
None of those changes points to a tourism crisis. Phuket remains extraordinarily busy by resort-market standards.
But flat tourism matters more when housing supply is growing quickly.
During the initial recovery, more tourists, more foreigners staying long term, rising rents and rising property sales were all moving in the same direction. Developers could add supply without immediately testing how deep permanent housing demand really was.
These days, residential supply is still expanding while airport arrivals have stopped growing. That makes the market much less forgiving.
| Phuket tourism measure | Previous period | Latest reading | Direction |
|---|---|---|---|
| Airport arrivals, H1 | 4.46m | 4.39m | -1.4% YoY |
| Hotel occupancy, H1 2026 | Prior-year base | -0.8 pp YoY | Slightly weaker |
| Hotel ADR, H1 2026 | Prior-year base | +0.9% YoY | Almost flat |
| Full-year 2025 occupancy | 2024 base | -3.3 pp | Weaker |
| Full-year 2025 ADR | 2024 base | -1.5% | Weaker |
Are branded residences holding up better than normal Phuket condos?
Yes, branded residences are still commanding much higher prices in Phuket, which suggests wealthy buyers remain willing to pay for projects they trust.
C9's 2025 Phuket research found branded condominiums averaging around THB 181,000 per square metre, compared with THB 141,000 for non-branded units.
That is roughly a 28% premium.
The difference was even more dramatic for villas and other landed property. Branded stock reached around THB 162,000 per square metre in C9's dataset, compared with approximately THB 73,000 for non-branded homes.
Foreign buyers can see a real advantage in a recognised hotel or hospitality brand. When someone is buying an off-plan residence from another country, professional management, a known operating standard and a structured rental service can reduce some of the uncertainty.
Yet Phuket developers have noticed exactly the same thing, so branded supply is multiplying.
That means the word “branded” will gradually become less powerful on its own. The winners will have to deliver the location, service, management and owner experience that justified the premium in the first place.
For now, premium Phuket property still has pricing power. Generic projects are where the slowdown feels much harder.
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Can Phuket’s new infrastructure keep the property boom going?
Phuket’s infrastructure pipeline gives the property market a strong long-term base, but it cannot absorb poor projects quickly enough to rescue every development being launched now.
Phuket International Airport currently handles more passengers than its original 12.5 million annual design capacity. Airports of Thailand plans to expand capacity to 18 million passengers a year.
The latest AOT investor filing says the Phase II airport development is expected to be completed around 2031.
A bigger airport clearly matters for Phuket property. It allows the island to accommodate more tourists, residents and international connections over the long run.
But residential developers are operating on a much shorter clock. Condos being sold today may be completed years before the airport expansion reaches full capacity.
The same applies to new retail, schools, marinas, hospitality projects and roads. They make Phuket increasingly livable and help turn a holiday destination into a place where foreigners can spend several months or even most of the year.
That supports long-term housing demand. It does not make 50 months of villa inventory disappear.
Infrastructure strengthens the long-term Phuket story while leaving plenty of room for a painful property cycle along the way.
What would show that Phuket’s property slowdown is becoming a real downturn?
Phuket would enter a much more serious downturn if today’s weak villa absorption spreads into condos, rents and actual selling prices at the same time.
For now, the pressure is concentrated.
Villas are taking much longer to sell. Developers have cut villa launches. Tourism growth has flattened. Buyers have more new-build and resale choices.
Against that, Phuket residential transfer value increased strongly in early 2026, foreign condo transfers on the island rose, rental enquiries remain deep and developers have started launching more condo projects again.
We would become much more bearish if three things began happening together: completed condo inventory kept climbing while sales slowed materially, achievable rents fell despite continued handovers, and developers or resale owners started cutting transaction prices across good projects rather than isolated weak ones.
Developer behaviour will be particularly revealing. Incentives and flexible payment terms are normal in a crowded market. Broad discounts on prime projects would tell us sellers had lost much more pricing power.
We are already past the point where every Phuket project benefits equally from the island's popularity. We have not yet reached the point where Phuket property itself is broadly contracting.
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So, is Phuket’s property boom finally slowing down?
Yes. Phuket’s property boom is finally slowing down, and by now the evidence is strong enough that calling it a simple continuation of the 2023-2024 boom would be misleading.
The clearest break happened in villas. Sales crashed from their peak, developers sharply reduced launches and inventory now takes years rather than months to clear at the latest measured pace.
As seen above, Krungsri recorded a 69.6% fall in villa sales during 2025. Yet Phuket-wide residential transfers then rose 17.9% year on year in early 2026, transfer value jumped 34.9%, foreign condo purchases increased and developers started launching more condo projects again.
Those numbers tell us what kind of slowdown Phuket is experiencing.
The island still attracts buyers. Foreign demand remains deep. Renters are plentiful. Bang Tao and Cherngtalay are still extremely active. Premium and branded properties can still command remarkable prices.
What has disappeared is the assumption that Phuket itself will make almost any project work.
With tens of thousands of units launched since 2021, buyers now have enough choice to punish ordinary locations, inflated pricing and copy-paste investment products. Villas are already experiencing that correction. Condos will face their biggest test as the huge off-plan pipeline becomes completed inventory.
So our answer is decisively yes: Phuket’s property boom is slowing.
The next phase will be much more uneven than the last one. Great projects can keep selling at high prices while weak ones struggle a few streets away. For Phuket property buyers, that is probably the biggest change of all. The island is still booming in places, but the easy market is over.
OUR METHODOLOGY
The question of whether Phuket’s property boom is really slowing is not answered well by one headline number. Transactions, absorption, inventory, developer launches, foreign demand, rents and tourism are currently moving in different directions, so we broke the market into those separate dimensions and assessed their combined weight.
We gave the most weight to recent, directly measurable evidence. Registered transfers were used to judge completed market activity, while launch volumes, remaining inventory and absorption rates were used to judge competitive pressure and liquidity. Property-platform enquiries were treated as a live indicator of buyer and renter intent, not as a substitute for completed transactions.
We also kept materially different parts of Phuket property separate when combining them would hide the underlying movement. Villas and condominiums were assessed independently, as were new-build and resale stock, branded and non-branded property, and stronger west-coast submarkets versus the island as a whole.
The oversupply judgment therefore does not depend on prices already falling across Phuket. We also look at how long inventory takes to clear, whether developers are reducing launches, how much competing stock buyers can choose from, whether incentives are becoming more important, and whether completed supply is beginning to outrun rental and resale demand.
Apparent contradictions were kept in the analysis rather than smoothed away. Phuket can record rising transfer values while villa absorption deteriorates sharply, and Bang Tao can remain the island’s strongest demand centre while simultaneously carrying one of its largest concentrations of future supply. Those tensions are central to the conclusion.
Key sources include REIC’s Q1 2026 Thailand housing-market data, REIC’s Q1 2026 foreign condominium transfer report, Krungsri Research’s Phuket housing outlook, CBRE’s Phuket Overall Figures H1 2026, CBRE’s H2 2025 figures, CBRE’s H1 2025 figures, C9 Hotelworks’ Phuket Property Market Update, FazWaz’s 2026 enquiry dataset, Colliers’ Phuket Residential Report 2025-2026, Knight Frank’s Phuket Villa & Condominium Market 2024 report, and Airports of Thailand’s latest investor filing on Phuket Airport expansion.
The final conclusion comes from the direction and consistency of evidence across those dimensions. Recent villa data show clear oversupply and sharply weaker liquidity, while condo transfers, foreign demand and rental activity remain comparatively resilient. That combination supports a firm conclusion that Phuket’s boom is slowing and becoming more selective, without yet supporting the stronger claim that the entire island-wide property market has entered a broad downturn.
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