Phuket's 2025 real estate market leads Thai provinces with 176.5 billion baht in sales value across 806 projects, driven by foreign investment (Russians, Europeans, Chinese) buying vacation villas and condos. The market shows 85% sell-through on 90,597 units valued at 705 billion baht, with an average unit price of 12.8 million baht—significantly higher than Bangkok or industrial zones. Vacation properties dominate (52% of inventory), while Thai domestic housing remains a smaller, fragile segment. Developers should note the concentration risk: new projects average 10 million baht (villas 32 million), bulk in Thaland district, with 19.2-month remaining absorption if no new launches occur.