Phuket Villa market expected to revive end-2021

Villa supply remains limited due to developers’ delays in new launches (thanks to Covid-19) and a shortage of suitable development sites, says CBRE.

The luxury villa market in Phuket is now a buyers’ market but not for long, predicts CBRE, a leading international property consultant. It has received increasing enquiries for luxury villas since Q4 2020 with demand coming from both local and international purchasers, CBRE revealed in a press release.

In general, the Phuket market has remained sluggish since the Covid-19 pandemic started early last year. But the villa market is heating up due to its relative rarity which is attributed to a chronic lack of supply.

CBRE Research says that due to curfews and other restrictions in the first half of 2020, the completion of some under-construction projects has been affected with only five villas completed in H2 2020. This would add to the total existing supply in all grades of nearly 4,300 villas in Phuket.

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