The clearest division in the current Phuket market is between land-constrained villa stock and unit supply that can still be added. They are not moving together, and averaging them produces a number that describes neither.
Supply
New branded-residence and condominium schemes continue to launch along the west coast and in Kamala. Villa supply is materially flatter, constrained by the availability of buildable, road-accessible plots with permission.
Buyer behaviour
Buyers are arriving with the ownership question already researched and are asking for the quota or lease position earlier in the conversation than they did two years ago. Enquiries that reach a viewing are converting at a higher rate; enquiries in total are more price-sensitive.