How Thai mega-villa buyers have reignited Phuket’s luxury real estate market in the downturn

The following story was submitted by Bill Barnett, founder and managing director of C9 Hotelworks.

Phuket’s sizable mega-villa property sector has experienced an unexpected surge in multi-million-dollar sales over the past year as Thai buyers sought refuge in the global Covid-19 crisis. Over 5 billion baht (approximately $167 million USD) in primary and secondary high-end properties transacted at the height of the pandemic.

According to new market research from Thailand consulting group C9 Hotelworks, transactions in 2020 in top tier real estate hit its highest level in five years despite flat trading levels in the broader marketplace. Expansive tropical island mansions with four, six or more bedrooms have struck a chord with wealthy Thai’s who have been unable to travel overseas and are fatigued by mounting air pollution issues in the nation’s capital.

Speaking about the…