NEWS & EVENTS
“Bangtao”, The most sought after residential area in Phuket
Phuket, the largest island in Thailand, is widely regarded as the dream destination for every traveler. It’s central to Thailand’s economic and tourism industry. Phuket ranks among the top in many international polls as one of the top places for tourism and workation. This make Phuket highly attractive among foreigners and locals:
- Top 15 World’s Most Visited Cities 2023 *Ref : Mastercard
- Top 10 The Best Cities For A Workation 2023 *Ref : Holidu
- Top 5 The Best Weather City In Thai 2023 *Ref : Center for Air Pollution Mitigation (CAPM)
- Top 5 The Best Places To Retire In Thai 2023 *Ref : thailand retirement plans
Tourism in Phuket is experiencing significant growth. There are nearly 3,000 Russian and 1,000 Chinese visiting Phuket daily. Approximately 30% of money in Phuket generates from the Tourism industry.
Public and Private sectors invest over 100,000 million Baht in multiple mega projects in Phuket to improve the infrastructure. The construction of Andaman International Airport and the expansion of Phuket International Airport will increase the capacity to welcome over 18 million visitors annually.
Currently, “Bang Tao Beach” is the most popular area in Phuket. With over 8 km of beach, Bang Tao Beach is considered as the top area for relaxation. The area comprises many luxury hotels, restaurants, beach clubs, pubs, golf course, lagoon, and lifestyle malls such as Porto De Phuket and Boat Avenue which are perfect for the modern lifestyle.
Department Stores and Lifestyle Malls
- Porto de Phuket 1.7 km
- Boat Avenue 1.8 km
- Plaza Del Mar 2.4 km
Tourist Attractions
- Catch Beach Club 1.5 km
- Blue Tree Phuket Waterpark 2.8 km
- Green Elephant Sanctuary Park 3 km
Bang tao Beach is located 26 km from Phuket Town. Bang Tao Beach was the area for Tin mine in the past. Today, Bang Tao Beach has transformed into an area with many luxury resorts and become a favorite spot for international travelers. Bang Tao Beach lies with close proximity to Kamala Beach, Nai Thon Beach and Nai Yang Beach.
In the past year, over 45% of the newly launched condominium projects in Phuket are in Bang Tao Area. Bang Tao is considered as a prime area in Phuket similar to the ThongLor area in Bangkok. Condominium market in Phuket has seen significant growth of 104% (2022) and 113% (2023). Whereas the land price in Bang Tao area has reached up to 100 million Baht per Rai.
Rental yield for condominiums in Phuket is 10% per year. On average, the rental rate is 1,150 Baht per sqm. For example, condominium in Bang Tao area:
- 26 sqm studio: rental 32,000 Baht per month
- 32 sqm one-bedroom : rental 36,000 Baht per month
- 50 sqm two-bedroom: rental 50,000 Baht per month
There is an increasing interest from foreigners to purchase villas in Phuket as their second home or vacation home. Factors such as Work-from-anywhere and geopolitics highly contribute to the current relocation phenomenon which directly increase housing demand in Phuket. Banyan Group estimates that 5,000 residential units will be built in Phuket within 5 to 10 years.
Data from REIC reported that during the first 9 months of 2023, the transfer ownership of a condominium unit was 10,703 units from foreigners, at the value of 52,259 million baht. Phuket has the third highest transfer of ownership at 686 units, which account for 6.4% of total and has the value of 3,425 million baht.
Many newly launched condominiums in Phuket are located on the western part of Phuket. Most of the foreign buyers are from Europe and Asia such as Russia, China, and UK. They bought the units for rental and as their vacation or second home.
The strength of condominium investment in Phuket lies in the expertise of rental management firms. The rental management firms help the investors who are not familiar with the rental market in finding renters and assure the investors that their investment will be worthwhile.
