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Phuket Property Market Analysis: Key Trends and Insights

Posted by SEOWriter on April 24, 2024

Over the past few months, there have been noticeable changes to the Phuket real estate market, including a steady rise in property values and an increase in activity. Let’s examine the most recent patterns, crucial signs, and tactics that sellers can use to be successful in this changing market.

Surge in Asking Prices

This month, the average asking price for newly listed houses increased by 1.1% to ฿16,307,457. As a result, the market is now very close to the May 2023 record high. At 1.7%, the annual rate of price growth is at its highest point in the last 12 months. Demand for larger homes in the top-of-the-ladder sector, which is experiencing its best start to the year since 2014, is a major factor driving this steady rise.

Sectoral Differences

In spite of this overall increasing tendency, there are indications of market volatility in several areas. First-time buyers and second-steppers are two mortgage-dependent categories whose growth in prices and activity is slower. This discrepancy emphasises how crucial it is to price and market each type of property differently.

Rebound in Market Activity

Last year’s quiet Spring was followed by a huge market recovery. In comparison to the previous year, there have been 12% more new sellers entering the market, and 13% more deals that have been agreed upon. With a 20% increase in sales agreements and an 18% increase in new sellers, the top-of-the-ladder industry is leading this recovery. This comeback indicates a rising level of market confidence, propelled by advantageous circumstances and consumer demand.

Window of Opportunity

A busy summer filled with athletic activities and an impending general election may cause home movers to become distracted more than usual. This gives people who are thinking about making a move a window of opportunity to act right now. Given how sensitive the market is to price, dealers need to set reasonable prices and refrain from getting carried away. Sales can happen more quickly and with more success when prices are accurate and reflect local market trends.

Key Considerations for Sellers

To capitalize on the current market conditions, sellers should focus on the following:

  • Realistic Pricing: Setting an appropriate asking price based on local market trends is critical. Overpricing can lead to longer sales cycles and fewer interested buyers.
  • Quality Marketing: High-quality photos, virtual tours, and detailed property descriptions can make a significant difference in attracting buyers.
  • Professional Guidance: Partnering with a reputable property management company ensures that you receive expert advice and support throughout the selling process.
  • Timing and Strategy: Consider the timing of your listing, taking into account the busy summer period and potential market fluctuations due to the upcoming General Election.

Inter Property Phuket: Your Trusted Partner

With a special Net Promise for consistent monthly income, Inter Property Phuket provides full property management services. Property owners are guaranteed a hassle-free experience because of this dedication to transparency and individualised care. Navigating the Phuket real estate market with confidence is possible if you have faith in our tried-and-true procedures and commitment to your property’s success.

Inter Property Phuket offers the knowledge and assistance you need to reach your objectives, whether you’re wanting to buy, sell, rent, or manage your property. We assist you in taking full advantage of the present market conditions while guaranteeing a seamless and fruitful property management experience, all while putting a strong emphasis on customised services and open communication.

Here are 10 frequently asked questions (FAQs) for a property management company in Phuket:

  1. What services does Inter Property Phuket offer?
    A wide range of property management services, including as rental management, upkeep, housekeeping, marketing, and tenant interactions, are offered by Inter Property Phuket. In addition, we provide a special Net Guarantee for steady monthly income.
  2. What is the Net Guarantee, and how does it work?
    Property owners are guaranteed a fixed monthly income under the Net Guarantee, even in the event of market changes. This guarantees stability and financial security, enabling you to depend on a steady flow of income from your real estate.
  3. How do I get started with Inter Property Phuket?
    To get started, contact our team for an initial consultation. We’ll discuss your property’s needs, assess its potential, and develop a customized property management plan. Our goal is to understand your objectives and deliver tailored services that meet them.
  4. What types of properties do you manage?
    We manage a wide range of properties, including villas, apartments, condos, and luxury homes. Our expertise covers various property types, allowing us to offer personalized services for each unique property.
  5. How do you ensure the security of my property?
    We take property security seriously, with strict access controls, regular inspections, and comprehensive insurance coverage. Our team works closely with local security providers to ensure your property is safe and secure.
  6. What is your approach to marketing rental properties?
    We use a multi-channel marketing strategy to maximize your property’s visibility. This includes online listings, social media campaigns, high-quality photography, virtual tours, and partnerships with local and international real estate platforms. Our goal is to attract the right tenants quickly and efficiently.
  7. How do you handle property maintenance and repairs?
    Our team coordinates all maintenance and repairs, from routine upkeep to emergency situations. We work with trusted local contractors and service providers to ensure high-quality work and timely responses to any issues.
  8. What makes Inter Property Phuket different from other property management companies?
    Our unique Net Guarantee sets us apart, providing property owners with a stable and predictable monthly income. Additionally, our personalized approach ensures each client receives tailored services that meet their specific needs, and our commitment to transparency fosters a positive and trusting relationship.
  9. Can I monitor my property’s performance and income?
    Yes, we provide regular reports and updates on the status of your property, covering things like occupancy rates, rental income, and maintenance schedules. For further information or to address any concerns, you can get in touch with our team whenever you’d like.
  10. What should I do if I have a question or need assistance?
    Our customer support staff is here to help with any inquiries or provide support. We can be contacted by phone, email, or our website. Our goal at Inter Property Phuket is to make sure you have a seamless and stress-free experience by offering timely and supportive assistance.

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