Phuket Property Market: 85% of New Homes Are Already Sold

Phuket's property market has been described as overheated and oversupplied for most of the past two years. New research published in September gives a more precise picture: the island is now the second-largest property market in Thailand, and most of what has been built is already sold.

The figures

The Thai property research firm AREA (Agency for Real Estate Affairs) has counted every Phuket project that still has homes for sale. As reported by Thansettakij on 12 September 2026:

• There are 806 projects on the island with homes still for sale.
• Together they contain 90,597 homes, worth ฿705 billion.
• Of those, 76,582 are already sold, about 85% of the total.
• Homes launched in 2026 alone are worth ฿176.5 billion, at an average of ฿12.8 million each.
• Holiday villas and condos make up 52% of the homes on the market.

A follow-up in Bangkok Biz News on 24 September 2026, also citing AREA, adds that Phuket is now the second-largest property market in Thailand after Greater Bangkok, that the average home price of ฿12.9 million is more than three times Chonburi's, and that Phuket's unsold stock would take about two years to clear, against about four years in Bangkok.

What "90,597 homes" does and does not mean

This is the number most likely to be misquoted. It is the total number of homes in projects that are still selling, not the number left unsold. Subtract the 76,582 that are sold and roughly 14,000 homes remain, by our arithmetic from AREA's figures. That is still a lot of stock, and it is not evenly spread, but it is a very different picture from 90,000 empty units.

A market that clears its stock in two years, twice as fast as Bangkok, is absorbing what developers build. The risk is concentrated in particular projects and price bands, not across the island.

The top end keeps moving up

The same Bangkok Biz News report describes Botanica Luxury's new Botanica Sky Valley on the hills of Cherngtalay: 18 pool villas, a project value of more than ฿2 billion, and prices starting at ฿71.4 million. Launches like this pull the average price up, and they are why headline figures such as "฿12.9 million per home" can feel far from what most buyers are actually looking at.

What we see on the ground

Our own listings are mostly resale homes, not new launches, and they tell a similar story from a different angle.

• The median house or villa we have for sale is ฿15.5 million. Six are priced above ฿50 million.
• Only 58 of our 184 homes for sale are priced at ฿10 million or less, and most of those are in Kathu, Chalong and Phuket Town. Our breakdown of what ฿10 million buys in Phuket has the details.
• In Bang Tao, the median three-bedroom villa is ฿23.4 million, and long-term rents there are high enough to keep gross yields around 8%.

What it means if you are buying

• "Oversupply" is a project-level question. Ask how many units in a development are sold, how long it has been selling, and who the other buyers are. A half-empty condo building is a different investment from a sold-out one next door.
• Compare resale with off-plan. New launches come with the developer's price list; resale homes in Rawai or Chalong are priced by their owners, and there is usually more room to negotiate.
• The villa end is where the growth is. Both reports describe developers competing for wealthy, largely foreign buyers at the top of the market. That supports prices in the prime west-coast areas, but it does not make every villa a good buy.

For current asking prices by area, see Phuket property prices in 2026.

Want a second opinion on a project? Contact K. Thanya and we will tell you what similar homes nearby are actually listed for.