As Phuket heads into 2026, the island’s property market finds itself at a decisive moment. The exuberance that followed the reopening of borders has faded, replaced by a quieter, more cautious mood. Demand hasn’t collapsed—but it has clearly normalized. What hasn’t adjusted at the same pace is supply.
The post-pandemic buying surge crested in 2024. By 2025, transaction velocity slowed, buyer decision-making lengthened, and price resistance became more visible. Yet against this backdrop, the market has continued to see an aggressive pipeline of new launches, ongoing construction, and a swelling ecosystem of brokers competing for a shrinking pool of deals.
This imbalance is forcing a long-overdue recalibration.
For years, Phuket enjoyed a margin profile that stood apart from the rest of Thailand. Compared to Bangkok, developer profitability was robust. Net margins in the low double digits were common, with top-performing projects pushing toward 20%. Gross margins frequently sat above 30%, underpinned by relatively low historical land costs and a development model heavily reliant on pre-sales rather than bank leverage.
Phuket also avoided the hyper-competitive marketing spend seen in Bangkok. External broker networks drove sales, and many local developers retained strong market share in what became Thailand’s second-largest property market.
That era is ending.
Over the past few years, Bangkok-listed developers have entered Phuket at scale, spanning nearly every segment—from entry-level condominiums to branded luxury villas. Weak conditions in the capital, slower domestic growth, and the prolonged absence of Chinese outbound demand have pushed developers to look elsewhere. Phuket, with its international buyer base and lifestyle appeal, became the obvious target.
The result has been a surge in supply just as demand has cooled.
Looking ahead to 2026, several structural shifts are becoming increasingly clear.
The first is the evolution of the Eastern European buyer base. Initially driven by lifestyle relocations and geopolitical uncertainty, this cohort helped fuel the post-COVID rebound. Over time, however, the mix shifted toward investors—and today, average deal sizes have compressed. Digital search and lead data point to declining engagement levels. Eastern European buyers are still present, but the assumption of endlessly scalable demand is proving false.
Pricing dynamics are also changing. One of the clearest leading indicators is the escalation of sales commissions, with incentives rising from historical norms of 5–6% to as much as 10% in some cases. When developers can accommodate that level of cost, it suggests either minimal direct marketing investment or margin expectations that are no longer realistic. As buyer resistance increases, pricing will need to adjust—through incentives, value adds, or outright price corrections.
Another pressure point is the industry’s dependence on brokers. The market has become crowded, fragmented, and inefficient. While lead generation costs continue to rise, conversion rates are falling. Few developers are making meaningful investments in overseas branding or direct distribution. This imbalance is unsustainable, and consolidation across the brokerage landscape appears inevitable.
At the same time, the resale market is gaining traction. This is not a warning sign—it’s a sign of maturation. Early buyers who entered at lower price points are now offering competitive alternatives to new launches. As in all developed property markets, primary and secondary sales must coexist. In Phuket, familiar triggers for discounted resales—estate settlements, financial pressure, and life events—remain constants.
And then there’s the currency.
What about the baht? A strong Thai baht continues to work against foreign purchasing power and has become a quiet catalyst for buyers to seek discounts or alternative markets. There is currently little indication that the baht will weaken meaningfully in 2026, adding another layer of friction to demand—particularly for price-sensitive investors.
None of this signals the end of Phuket property. The fundamentals remain intact: international appeal, lifestyle-driven demand, and a balanced mix of end-users, investors, and second-home buyers.
But the rules are changing.
Developers will need to prioritize cost discipline, slow land acquisition strategies, and increasingly turn to lower-rise, risk-sharing joint ventures. Margin compression is no longer a future threat—it’s already underway. As Phuket continues to urbanize, its development economics will increasingly resemble those of Bangkok, rather than the exceptional outlier it once was.
2026 will not be a collapse—but it will be a sorting mechanism. The next phase of Phuket real estate will reward discipline, differentiation, and realism. The rest will struggle to adapt.
The newly released C9 Hotelworks Tourism and Property Market Review 2025/2026 highlights a pivotal shift underway in Niseko, where emerging submarkets are redefining the region’s development trajectory. The expansion of Hanazono and Niseko Village has become a central storyline, driven by rising international demand, long-term capital inflows, and robust infrastructure investment that continues to reshape Hokkaido’s most dynamic resort market.
Tourism performance remains a key catalyst. Visitor arrivals reached 3.2 million in FY2024/25, buoyed by increasingly diverse Asia-Pacific air connectivity through New Chitose Airport. Now linked by 44 airlines across 20 regional and international destinations, the airport continues to reinforce Niseko’s status as a gateway for global travelers and investors. Upcoming infrastructure upgrades—most notably the Hokkaido Shinkansen extension and New Chitose’s dedicated business jet terminal—are poised to further elevate accessibility and appeal in the years ahead.
On the property side, market activity is closely tracking Niseko’s tourism resurgence. Over the past five years, the residential landscape has shifted significantly as Hanazono and Niseko Village emerge as fast-growing development clusters. Hanazono’s momentum is particularly notable, with its share of total residential inventory rising from 22% in 2020 to 31% in 2025, reflecting sustained developer confidence and deeper international investment.
Despite this growth, Niseko remains a highly seasonal market. The December–March ski period continues to dominate both hotel performance and residential rental yields, with peak winter rates running two to five times higher than off-season months. However, both government and private-sector stakeholders are working to broaden year-round appeal. Increased investment in wellness offerings, outdoor recreation, and nature-based experiences is beginning to gain traction. The pronounced visitation spike seen in August 2025—driven by the Obon holiday period—underscores the potential for non-winter demand to extend operating seasons.
Looking ahead, the long-awaited Hokkaido Shinkansen extension, now delayed to 2039 due to geological complexities, is set to connect Tokyo to Niseko in approximately 4.5 hours. Once operational, it is expected to significantly enhance domestic mobility and become a game-changing catalyst for both tourism and real estate.
The C9 report concludes that while winter remains Niseko’s anchor, the market’s next chapter will be shaped by diversified seasonality, brand-led development, and the rise of new residential hubs—positioning Hanazono and Niseko Village at the forefront of the resort’s evolution.
To read and download the Niseko Tourism and Property Market Review CLICK
Proud Real Estate Public Company Limited has announced the launch of The Residences at InterContinental Phuket Resort, located in Kamala, Phuket. The project extends the growing number of branded residential offerings within Thailand’s resort property sector.
the development comprises two seven-storey residential buildings and one three-storey facilities building, totaling 111 units. Residences range from one-bedroom units (59–68 sq.m.) to five-bedroom penthouses (425 sq.m.), with selected configurations including private pools and corner layouts.
Facilities include a lobby and reception, library and game room, meeting room, Paradise garden court, Sala Pavilion (co-kitchen), 25-meter lap pool with hydrotherapy, kid’s pool, cabana pool deck, Technogym fitness center with Grohe AquaSymphony, and rooftop wellness and meditation areas.
The project reflects a growing interest in branded residences in Phuket, where hospitality-linked developments continue to attract both domestic and international buyers seeking long-term investment and managed living environments.
The Residences at InterContinental Phuket Resort are positioned alongside the existing InterContinental Phuket Resort, extending the brand’s footprint on the island and providing owners with access to a resort-managed lifestyle offering.
C9 Hotelworks has acted as advisors in the development and continues to lead Asia Pacific as branded residences experts.
Welcome to the Phuket Real Estate Forum 2025 – Inside the Rise: The Forces Driving Phuket’s New Real Estate Development. Hosted by C9 Hotelworks in collaboration with Delivering Asia, ThirdHome and FazWaz/Dot Property Group, this 90-minute session takes place on Thursday, 20 November 2025, at the SAii Laguna Phuket, Similan Ballroom. To register for the event, CLICK
As one of Asia’s most dynamic resort destinations, Phuket is undergoing a remarkable transformation — shifting from a purely tourism-driven economy to a thriving world community. What was once a market led by individual investors and lifestyle buyers is now attracting growing attention from institutional investors, establishing Phuket as not only a real estate hotspot but also a driving force in the broader Thai economy.
Through a series of thought-provoking discussions, participants will explore the fundamentals fueling new projects, the capital flows that sustain them, and the innovative models — from financing options to vacation homeshare and rent-to-own — that are reshaping property ownership. Added to this are new directions in serviced living and design that will define Phuket’s real estate future.
The C9 Sessions initiative is dedicated to educating, inspiring innovation, and encouraging entrepreneurial thinking in hospitality and real estate. The forum continues that mission by offering a front-row seat to the ideas and strategies influencing Phuket’s property market and its integration into the global landscape.
Organized by:
C9 Hotelworks in collaboration with Delivering Asia, and FazWaz/Dot Property Group.
About the C9 Sessions:
An ongoing initiative by one of Asia’s leading hospitality and real estate consulting firms, C9 Hotelworks. The session to educate the industry, inspire innovation, and promote entrepreneurial thinking.
Who Should Attend:
This session is invaluable for professionals in real estate development, brokerage, sales and marketing specialists, property and rental management, hotels and resorts, investment groups and financial services.
Event Schedule
Date: Thursday 20th November 2025
Venue: SAii Laguna Phuket, Similan Ballroom
Registration: 3:00 pm onwards
Session: 4:00 to 6:00 pm
Networking Drinks: 6:00 to 7:00 pm
Program
Beyond Tourism: How Real Estate is Redefining Phuket as a World Community
Bill Barnett, Managing Director, C9 Hotelworks
Phuket Property: What Keeps the Capital Flowing
Proudputh ‘Prou’ Liptapanlop, Executive Director, Proud Real Estate Plc
Titiwat Kuvijitsuwan, Founder and CEO, Capstone Asset
Charles Rubin, Managing Director, CG Capital Advisory
David Johnson (Moderator), Chief Executive Officer, Delivering Asia
From Confidence to Concrete: Why Phuket’s Fundamentals Fuel New Projects
Boon Yongsakul, Chairman, Boat Pattana
Poomchai “Palm” Mattayompoppinyo, Managing Director – Project Development Southern Thailand, Sansiri Plc
Omar Romero, Chief Development and Luxury Officer, Minor Hotels
Nuttawat Kuvijitsuwan, Managing Director, CG Capital
Adam Sutcliffe (Moderator), Director, Dot Property Group
Owning the Stay: Vacation Homeshare’s Impact on Real Estate
Wade Shealy, Founder, CEO and Chairman, ThirdHome
Giles Adams, Partner and President, ThirdHome
David Johnson (Moderator) Chief Executive Officer, Delivering Asia
Serviced Apartments & Co-Living: Redefining the Market
Pitinut Robbins, Senior Director Thailand, Marriott International
Luca Dotti CFA, Founder and Managing Director, HOMA
Adeline Phua, Managing lyf Partner, The Ascott Limited
Sumi Soorian (Moderator), Senior Advisor, Phuket Hotels Association
Rent-to-Own: A Disruptor in Property Ownership
Jessica Kimsap, Chief Business Officer – Alternative Finance. FazWaz
The Phuket Greenprint: Rethinking Design for Tomorrow
Martin Palleros, Director, Tierra Design
Clint Nagata, Founder and Creative Partner, BLINK Design Group
Sarinrath Kamolratanapiboon (Moderator), Executive Director, dwp – design world partnership
Event Co-Hosts
Adam Sutcliffe, Director, Dot Property Group
Phimlanya ‘Mimi’ Chuenpanichayakul, Account Director, Delivering Asia
Attendance is complimentary. Advance registration is required and QR code from Eventbrite is required for entry. Free registration link CLICK
Phuket’s real estate market is entering a new chapter, with C9 Hotelworks highlighting a set of defining trends that will shape the remainder of 2025. Rather than a booming surge, the market is resetting into a more competitive cycle, marked by changing buyer preferences and evolving investment drivers.
One of the most significant shifts is the growing influence of the resale market, which is tilting the scales of transactions as more buyers consider secondary properties alongside new developments. At the same time, Phuket’s north is emerging as a development hotspot, driven by land availability, demand generators, and more competitive pricing.
Developers and brokers face new challenges in lead generation, as rising costs intensify the battle for qualified buyers. Meanwhile, end-users are increasingly focused on interiors and design, looking beyond bricks and mortar to lifestyle-oriented living spaces that reflect their aspirations.
Adding a financial twist, Thailand’s liberalization of digital tokens is opening up crypto and alternative financing, creating new pathways for both investors and buyers.
Together, these five forces underscore a market in transition—shaping Phuket’s next property cycle into one that is more diverse, innovative, and increasingly competitive.
Phuket’s real estate market is entering a more competitive phase, with the resale sector gaining new weight alongside the island’s traditionally dominant off-plan projects. Fresh transaction data from Thailand’s largest property portal, FazWaz.com, shows how resale homes have begun to challenge new launches in both volume and value, creating a two-track market for buyers, developers, and investors.
The Value Gap Driving Change
The core driver behind the growing resale activity is what FazWaz describes as the “value gap.” In 2024, median off-plan prices reached approximately THB121,000 per square meter, while resales averaged just THB68,000 per square meter. The difference of more than 50% is significant, especially in an increasingly price-sensitive environment.
Unit sizes further amplify this divide. New condos launched in 2024 averaged just 44 sqm, while resale condos came in nearly double at 86 sqm. This gap in both size and cost per square meter has shifted buyer behavior. According to FazWaz, resale transactions overtook off-plan sales in 2023 and are projected to maintain momentum into 2025.
Investor Implications
For investors, the resale market offers immediate rental yield potential. One-bedroom resale condos—the largest segment at 48% of transactions—average THB3.15M at around THB86,000 per square meter. Such units are both affordable and rentable, particularly in established neighborhoods close to demand generators such as beaches, schools, and hospitality zones.
Larger resale villas are also commanding attention. Three-bedroom homes, representing 55% of villa transactions, have a median price of THB12.5M with indoor areas averaging 200 sqm on nearly 300 sqm of land. Locations like Choeng Thale (median THB18M) and Rawai (THB15.3M) are leading the way, reflecting their status as mature residential hubs with strong rental markets.
Developers Face a Competitive Landscape
For developers, the rise of the resale market signals a more competitive cycle ahead. While new launches are still selling—often supported by modern facilities, lifestyle branding, and deferred payment plans—buyers are increasingly weighing the resale option.
“Developers are raising the bar with design and amenities, but resales are winning on space and immediate returns,” says Brennan Campbell, Chief Revenue Officer of FazWaz, speaking at The C9 Sessions Phuket Property Reset: What’s Ahead? event. “This means developers need to differentiate more clearly—either through unique community offerings or creative financial models—to stay competitive against secondary stock.”
A Market in Balance
Rather than signaling a downturn, the data points to a market in transition. The off-plan sector continues to perform strongly, particularly among buyers seeking new design and developer-backed financing. Meanwhile, resales have matured into a credible parallel option, drawing both investors and lifestyle buyers who value larger footprints and established locations.
The result is a more balanced, two-speed market. For investors, the opportunity lies in identifying undervalued resale stock with strong rental potential. For developers, the challenge is to justify higher per-square-meter pricing with quality, community, and brand differentiation.
Outlook
Phuket is no longer in a single-track boom cycle. Instead, the island is seeing a more complex market dynamic where both resale and new developments compete for buyer attention. For investors, this creates more entry points and strategies—from off-plan bets on future appreciation to immediate income from resales. For developers, it underscores the importance of adapting to an environment where value, space, and delivery time are just as important as design and amenities.
As long as the gap between resale and new-build pricing persists, Phuket’s property market will remain competitive—and increasingly driven by data-backed decisions.
The C9 Sessions returns next month with an event titled Phuket Property Reset: What’s Ahead? Join Us on Friday, 22nd August 2025, at HOMA Cherngtalay for a dynamic lunchtime 90-minute session delving into the future of Phuket’s real estate market and how shifting trends, buyer behavior, and development changes are reshaping the island’s property landscape. Discover what’s next for buyers, sellers, and investors in this in-depth session presented by C9 Hotelworks.
What to Expect at ‘Phuket Property Reset: What’s Ahead?’
- Where Do We Go From Here?
C9 Hotelworks’ Bill Barnett sets the stage with a big-picture look at where Phuket’s property market is headed and what’s driving the next property cycle.
- Beyond New Builds – All About Resales
FazWaz’s Brennan Campbell examines why the resale sector is gaining traction and how it’s becoming a key driver of the market.
- The Developer’s New Playbook: Condominiums vs. Villas
Sansiri PLC and Over the Bridge Group break down the evolving strategies for developers navigating Phuket’s villa and condo markets.
- Breaking Ground: Insights Into Land Sales
CBRE Thailand’s Prakaipeth Meechoosarn reveals the trends and hotspots in Phuket’s land market.
- Beds, Bookings & Beaches: Island Vacation Rentals
Elite Havens’ Femke Beekers explores how vacation rentals are reshaping hospitality and property investment on the island.
- Who is Buying What: Russian & Eastern European Demand
Property Guru’s Sumi Soorian leads a panel with two market experts talking about the key foreign buyer segment fueling Phuket’s market momentum.
- Inside Out: How Interior Design Can Drive Property Sales
Led by acclaimed designer and developer Mary Pakamard, this session uncovers how innovative interiors and thoughtful design choices elevate property appeal, enhance value, and accelerate sales in a competitive marketplace.
- The New Rules of Property Ownership
Hughes Krupica’s Desmond Hughes unpacks the legal shifts and ownership structures shaping Phuket’s future.
- Decoding Phuket’s Development Map: A Changing Landscape
Original Vision outlines how zoning and development changes will redefine investment and growth opportunities.
Event Schedule
Date: Friday 22nd August 2025
Venue: HOMA Cherngtalay, Mingle Eatery
Registration: 11:00 am onwards
Session: 12:00 pm to 1:30 pm
Program
Where Do We Go From Here?
Bill Barnett, Managing Director, C9 Hotelworks
Beyond New Builds – All About Resales
Brennan Campbell. Chief Revenue Officer, FazWaz
The Developer’s New Playbook: Condominiums vs. Villas
Michael Aumock (Moderator), Managing Director, Over the Bridge Group
Poomchai “Palm” Mattayompoppinyo, Managing Director – Project Development Southern Thailand, Sansiri PLC
Breaking Ground: Insights Into Land Sales
Prakaipeth Meechoosarn, Head of Phuket Property Sales, CBRE Thailand
Beds, Bookings & Beaches: Insights on Island Vacation Rentals
Femke Beekers, Cluster Country Director – Thailand & Japan, Elite Havens
Who is Buying What: A Closer Look at Russian & Eastern European Buyers
Sumi Soorian (Moderator), Founder, Mrs B Group and Head Judge – Phuket, Property Guru
Thailand Property Awards
Leonid Ustinov, CEO, Kalinka Thailand
Anna Baranova, Founder and Managing Director, InDreams Phuket Real Estate
Inside Out. How Interior Design Can Drive Property Sales
Orawan ‘Ora’ Pimbley (Moderator), CEO and Founder, Kingdom Real Estate
Mary Pakamard, Managing Director and Principal Designer, M2 Plus & Lead Designer and Developer, Punyisa Villas
The New Rules of Property Ownership
Desmond Hughes, Senior Partner, Hughes Krupica
Decoding Phuket’s Development Map. A Changing Landscape
Prasert Chanhom, Associate Director, Original Vision
Attendance is complimentary. Advance registration is required, and QR code from Eventbrite is required for entry. To register for the ‘in person’ free event CLICK
