Comparing Market Data to Better Understand Phuket’s Real Estate Market

The Phuket real estate market has been the subject of numerous reports, market studies and forecasts published by government agencies, private research organizations and international real estate consultancies. While these reports often describe the same market, they do not always present identical figures.

For investors, developers and property buyers, this can create uncertainty. Which numbers should be trusted? Why do different reports produce different results? And, perhaps most importantly, how should market data be interpreted?

To better understand the current situation, I compared information published by AREA (Agency for Real Estate Affairs) with official statistics from the Real Estate Information Center (REIC) of the Government Housing Bank, as well as market reports prepared by leading international real estate consultancies including Colliers, Knight Frank, CBRE, and JLL.

The purpose of this analysis is not to determine which organization is “right” or “wrong,” but rather to understand how each contributes to building a more comprehensive picture of Phuket’s real estate market.

The Role of AREA

Among Thailand’s most respected private real estate research organizations is AREA (Agency for Real Estate Affairs), founded by Dr. Sopon Pornchokchai. For more than three decades, AREA has monitored Thailand’s property market through continuous surveys of residential developments, price movements and market activity.

According to AREA, during the first quarter of 2025 Phuket had approximately 728 residential projects, comprising around 72,000 residential units, of which approximately 62,000 had already been absorbed by the market, leaving fewer than 10,000 units available for sale.

These figures are widely referenced within the Thai property industry because they provide one of the most detailed surveys of the island’s residential supply.

What Do the Official Statistics Show?

Thailand’s official housing statistics are primarily produced by the Real Estate Information Center (REIC), a division of the Government Housing Bank that compiles data from the Department of Land and other government agencies.

Rather than surveying individual developments, REIC focuses on registered property transfers, mortgage activity, construction permits and broader residential market indicators across the country.

The latest official data confirms that Thailand’s residential market continues to benefit from foreign demand, although the rapid growth experienced immediately after the reopening of international travel has gradually evolved into a more balanced market.

In Phuket, the villa sector continues to attract buyers, although absorption periods have become longer than in previous years. Condominium demand remains healthy, particularly for projects located in prime areas and offering strong design, quality construction and professional management.

The Perspective of International Real Estate Consultancies

Leading international property consultancies also provide valuable insight into Phuket’s market.

Colliers describes Phuket as a market that continues to expand, supported by international tourism, returning overseas buyers and strong developer confidence. At the same time, the firm notes that the market is becoming increasingly selective, rewarding projects that offer superior locations, quality and long-term value.

Knight Frank, which has operated in Thailand for many years, regularly publishes research covering both the residential and hospitality sectors, providing valuable information for investors and developers.

CBRE, one of the world’s largest real estate advisory firms, also highlights Phuket’s continued attractiveness while noting that buyers are becoming increasingly focused on quality developments and premium locations.

Similarly, JLL reports that Thailand continues to attract significant real estate investment despite a more challenging global economic environment, emphasizing the importance of careful project selection and long-term investment strategies.

Why Do the Numbers Differ?

One of the most common questions concerns the differences between various market reports.

The explanation is relatively straightforward.

Each organization observes the market using different methodologies.

AREA conducts direct surveys of residential developments throughout Thailand.

REIC relies primarily on official administrative records and registered property transactions.

International consultancies focus on market segments that are most relevant to institutional investors, developers and high-net-worth buyers.

As a result, it is entirely normal for different organizations to report different figures while describing the same market.

Rather than viewing these differences as contradictions, they should be understood as complementary perspectives that help explain the market from different angles.

What Can We Conclude?

Despite differences in methodology, all of the sources examined point toward several common conclusions.

Phuket remains one of Thailand’s strongest and most resilient real estate markets.

International demand continues to be the primary driver of growth.

The Thalang district remains the island’s leading area for new residential development, particularly in the upper-mid and luxury segments.

At the same time, the market has entered a more mature phase, where location, developer reputation, project quality and professional property management play an increasingly important role in purchasing decisions.

For anyone seeking to understand Phuket’s real estate market, relying on a single report is no longer sufficient.

A more complete understanding comes from comparing multiple perspectives, recognizing the methodology behind each dataset and evaluating market trends within their broader context.

No single organization can capture every aspect of a market as diverse and dynamic as Phuket. However, when government statistics, private research and international market analyses all point toward similar long-term trends, they provide a much stronger foundation for understanding the market and making informed investment decisions.

In a market as dynamic as Phuket, knowing the numbers is important—but understanding how those numbers are produced is even more valuable.