- Photo: The Nation/ANN
BANGKOK: Phuket is witnessing an unprecedented transformation into a global luxury living destination, with property analysts projecting the market to reach US$4.1 billion (150 billion baht) by 2025, representing a compounded annual growth rate of 7.8% from 2023.
The island's evolution from a mere tourist haven to a sophisticated residential paradise is epitomised by developments such as Gardens of Eden, a luxury residential project that recently celebrated its first anniversary.
The development has achieved sales of 2.8 billion baht across its initial phases, primarily attracting Russian buyers and Singaporean investors.
"Phuket is establishing itself as a prime location with immense potential for luxury residential projects," says Yana Chuvalova, director of sales and marketing at Gardens of Eden. "The combination of natural beauty — forests, mountains, and sea — alongside the warmth and friendliness of the Thai people creates an incredibly welcoming environment for foreigners seeking a second home."
Recent research by SCB Economic Intelligence Center (SCB EIC) confirms Phuket's growing appeal, highlighting a diversification in the island's visitor demographic. The study reveals an increasing influx of high-net-worth individuals from emerging markets such as Kazakhstan, Saudi Arabia, the UAE, and Israel, contributing to year-round property demand and challenging the traditional seasonal patterns.
The evolution of residential preferences is further illuminated by LWS Wisdom and Solution's analysis of 2025 mega-trends, which identifies three key drivers shaping development: well-topia (focusing on healthy living environments), universal design (emphasising inclusivity and sustainability), and technology and environment integration.
Their survey revealed that 70% of potential buyers strongly favour properties incorporating advanced technology and environmental considerations.
Gardens of Eden has dedicated 70% of its 73-rai (11.7 hectares) site to green spaces, lakes, and gardens. "Luxury is not merely about opulent finishes," Chuvalova explains. "It's about experiencing nature and creating sustainable communities. We prioritise low-density development to ensure residents can truly connect with their surroundings."
Ravi Chandran, Amal Group's corporate affairs adviser, emphasises the development's holistic approach: "Gardens of Eden transcends traditional property development; we're creating an integrated community complete with wellness centres, hotels, and world-class amenities. The project reflects Phuket's potential to rival Singapore in terms of lifestyle quality."
The development's success appears well-timed, as Phuket's property market shows remarkable resilience. Market analysts predict luxury property values to appreciate by 15-20% annually over the next five years, driven by limited land availability and increasing demand from international buyers seeking safe haven investments.
The surge in demand is particularly notable in the luxury segment, where the "Work From Anywhere" trend has catalysed interest from digital professionals and entrepreneurs. Gardens of Eden has responded to this shift by incorporating dedicated business centres and smart home technologies throughout the development.
Construction of the first phase of Gardens of Eden is underway and completion is expected within three years.
Industry experts note that Phuket's property market is maturing beyond traditional holiday homes, with an increasing focus on year-round residences. This transformation is supported by continuous improvements in infrastructure, including international schools, world-class hospitals, and enhanced transportation links.
However, the island faces challenges in balancing growth with sustainability. Currently, only 4% of Phuket's accommodations hold sustainability certifications, highlighting the importance of developments like Gardens of Eden that prioritise environmental consciousness and community integration.
As Phuket continues its evolution into a luxury living destination, developments that successfully blend opulence with sustainability appear to define the island's future. - The Nation/ANN
