Growing demand for luxury villas in Phuket from Russian buyers is driving new supply to the market to reach a record high this year, potentially leading to a glut. The island’s luxury villa market has been consistently buoyant since last year, following a sluggish period during the pandemic.
The number of luxury villas launched in Phuket in the first six months of 2023 rose 12-fold to 541 units valued at 29.6 billion baht, from 45 units valued at 886 million, according to the REIC. In the first half of 2023, there were a total of 979 luxury villas with a total value of 49 billion baht. They included 907 detached houses, 29 duplex houses, eight townhouses and 35 land plots.