Phuket Property Boom Attracts Global Developers as Market Value Soars Past THB 45 Billion

 

Thailand's premier island destination is experiencing unprecedented growth in its property market, with residential sales surging dramatically as international investors fuel a transformation that has caught the attention of major developers seeking to capitalise on what industry experts describe as a "global marketplace with 7 billion potential customers."

 

The Phuket property market recorded exceptional performance in 2024, with CBRE Thailand reporting a 201% year-on-year increase in condominium sales and a 148% rise in villa transactions. 

 

Market analysts project the total value of residential property sales will exceed 45 billion baht in the first half of 2025 alone, with foreign buyers now accounting for nearly 60% of all transactions.

 

This unprecedented growth has attracted significant investment from established Thai developers, with Assetwise PCL emerging as a key player through its strategic expansion under "The Title" brand. 

 

The company has grown from a total project value of 4.4 billion baht in 2011 to 42.6 billion baht in 2025, representing nearly tenfold growth over 14 years.

 

 

Assetwise Capitalises on Global Demand

Speaking during an exclusive media briefing in Phuket, Assetwise CEO Kromchet Vipanpong emphasised that Phuket's property market fundamentally differs from other Thai markets due to its global customer base. 

 

"The Phuket market serves 7 billion people worldwide, whilst most other markets primarily cater to domestic demand," he explained. "With such massive market potential, current supply remains insufficient."

 

 

 

The company's strategic approach focuses on rapid project delivery, proven track record, and quality products at accessible prices, combined with enhanced facilities that align with the "leisure residences" theme sought by international buyers. 

 

More than half of The Title's customers are foreign nationals who understand Thailand's leasehold system and are prepared to pay in cash.

 

"The only challenges for foreign customers are exchange rates and finding trustworthy developers through reliable real estate agents," Kromchet noted.

 

 

 

Record Sales Performance Drives Expansion

The Title's market response has been exceptional, with projects launched in 2023-2024 achieving sold-out status and transfer rates exceeding 90%.

 

This success has enabled the company to launch five additional projects in 2025, with several achieving over 60% transfers within the first half of the year.

 

Key completed and ongoing developments demonstrate the scale of Assetwise's Phuket commitment:

• The Title Legendary Bang-Tao: 637 units valued at 4.5 billion baht, 99% complete
• The Title Serenity Naiyang: 814 units worth 4 billion baht, 40% complete, due Q1 2026
• The Title Heritage Bang-Tao: 789 units valued at 6 billion baht, 40% complete, due Q2 2026

 

The company achieved record presales of 8.7 billion baht during the high season (Q3 2024–Q1 2025), creating a substantial backlog of 15.8 billion baht to be recognised from 2025–2027.

 

 

 

 

Strategic Evolution from Condominiums to Luxury Villas

Assetwise's 2025 new launches, totalling 12.2 billion baht in project value, demonstrate the company's evolution beyond traditional condominium developments. The portfolio includes:

• The Katabello: 5.5 billion baht, 760 units, 56% sold in Q1 2025
• The Adora Rawai: 1.4 billion baht, 210 units, 50% sold
• The Title Villa Estella Naiyang: 500 million baht, 26 units, completely sold out
• Villa Kirara: 1.5 billion baht luxury pool villa development, 37 units in phase one

 

The expansion into ultra-luxury villa developments reflects growing demand from high-net-worth individuals seeking exclusive properties.

 

Villa Kirara represents a significant milestone in Assetwise's product diversification, targeting the premium segment that has shown resilience even amid global economic uncertainties.

 

 

Hospitality Expansion: From Developer to Lifestyle Brand

In a strategic pivot that signals the company's transformation from traditional property developer to comprehensive lifestyle brand, Assetwise has announced its entry into hospitality through a partnership with global hotel giant IHG Hotels & Resorts. 

 

The flagship project, Voco Phuket Bangtao, represents the company's first hotel venture and marks a significant shift toward recurring revenue streams.

 

Located in the prime Bang Tao area, the 175-room hotel will feature comprehensive facilities including restaurants, bars, fitness centres, and swimming pools. 

 

Construction begins in Q4 2025, with soft opening scheduled for Q4 2027. The property's strategic location, approximately 30 minutes from Phuket International Airport, positions it advantageously within the island's premium hospitality corridor.

 

"The hotel represents more than just a new opening—it's a long-term strategic move to create recurring income that differs from the one-time revenue generated by property sales," Kromchet explained. 

 

The company plans to expand its hotel portfolio with additional properties in Bang Tao, Nai Yang, and Kata beaches, alongside a beach club at Nai Yang Beach scheduled for Q1 2026.

 

Market Fundamentals Support Continued Growth

Phuket's property market transformation is underpinned by seven key growth drivers that distinguish it from other Southeast Asian destinations: world-class tourism infrastructure, premium service standards, comprehensive mixed-use developments, airport and infrastructure expansion, international school growth, emergence as an education and medical hub, and development as a sports and wellness destination.

 

The island now ranks among the world's top four destinations for wealthy individuals, behind Dubai, Florida, and New York. Land values have increased by 700% over the past two decades, reflecting sustained demand from global high-net-worth individuals.

 

Thailand's supportive legal framework, including clear foreign ownership regulations and marriage equality legislation, has particularly attracted LGBTQIAN+ investors and former employees of major corporations such as Google and Microsoft seeking lifestyle changes and investment opportunities.

 

 

Infrastructure Investment Reinforces Appeal

Major infrastructure developments continue supporting Phuket's long-term growth prospects. The expansion of Phuket International Airport accommodates rising passenger volumes, whilst new transportation links, including the Kathu-Patong Expressway, improve connectivity between key residential and commercial districts.

 

Healthcare infrastructure expansion includes the upcoming Bumrungrad Hospital (completion 2027) and expansions of Srinakarin Hospital and Bangkok Hospital. Educational infrastructure is similarly expanding, with international schools adding capacity and new institutions opening to serve growing expatriate communities.

 

Compared to established destinations like Hong Kong and Singapore, Phuket offers significantly lower education and living costs whilst maintaining international standards, making it increasingly attractive to families seeking quality lifestyle at reasonable prices.

 

 

Diverse Product Portfolio Meets Market Demand

The market's strength lies in its diversity, offering everything from accessible condominiums to ultra-luxury beachfront villas.

 

Prime locations command premium prices, with luxury Bang Tao and Laguna area condominiums ranging from 120,000 baht to 200,000 baht per square metre, whilst exclusive Cherng Talay developments reach 220,000 baht per square metre.

 

Tourist-centric Patong district sees prices between 100,000 baht and 160,000 baht per square metre, whilst quieter areas like Rawai and Nai Harn, popular with long-term expatriate residents, offer entry points at 85,000 baht to 140,000 baht per square metre.

 

Luxury villas across prime locations now command prices ranging from 25 million baht to over 100 baht million, with premium branded developments leading the high-end market segment.

 

 

Future Outlook: Sustainable Growth Trajectory

Market analysts predict continued growth through 2025 and beyond, driven by sustained demand for luxury villas and branded residences, particularly from European and Asian buyers.

 

Rising interest in long-term rental properties and co-living spaces reflects growing numbers of digital nomads and remote workers choosing Phuket as their base.

 

However, industry experts caution that certain segments, particularly mid-range condominiums, may face oversupply risks, requiring developers to focus on differentiation and quality.

 

Assetwise's strategy of diversifying into hospitality and ultra-luxury segments positions the company advantageously for continued growth.

 

With a total backlog exceeding 32 billion baht across all brands through 2027, and plans for 22 billion  baht in new launches for 2025 alone, Assetwise exemplifies how established developers are adapting to Phuket's evolving market dynamics.

 

The company's transformation from traditional property developer to comprehensive lifestyle brand reflects broader industry trends as Phuket evolves from a seasonal tourism destination to a year-round residential and investment hub serving global markets.