For the first time on record, Phuket has surpassed Bali in total foreign property transaction volume, on comparative transaction data for the quarter. Treat the comparison as directional rather than definitive: the two markets count transactions differently, and neither figure comes from a single official register.
In Q1 2026, foreign buyers transacted $1.82 billion USD worth of property in Phuket, versus $1.09 billion USD in Bali and the broader Badung regency. The gap, 67% in Phuket’s favour, represents a significant inversion of a trend that held for most of the 2015-2022 period, when Bali commanded the larger share of Southeast Asian leisure property investment.
The Numbers Behind the Shift
| Market | Q1 2026 Volume | Q1 2025 Volume | YoY Change |
|---|---|---|---|
| Phuket, Thailand | $1.82B | $1.34B | +36% |
| Bali, Indonesia | $1.09B | $1.18B | -7.6% |
| Ko Samui, Thailand | $0.34B | $0.28B | +21% |
Phuket’s volume growth of 36% year-on-year contrasts sharply with Bali’s 7.6% decline, which analysts attribute to Indonesia’s tightening of foreign property rules and increasing enforcement of zoning restrictions in Canggu and Seminyak.
Why Phuket Is Winning
1. Ownership security Thailand’s Condominium Act allows foreigners to hold Freehold title to up to 49% of a building’s units, a clear, enforceable legal right. In contrast, Bali only offers leasehold (typically 25+25 years) via Hak Pakai arrangements that require Indonesian nominees or foreign-invested company structures, introducing legal risk.
2. Rental yields, the comparison this section used to make cannot be made Two average gross yields stood here, one for Phuket and one for Bali, and both are withdrawn. Thailand keeps no letting register: no authority records what privately owned units let for, so there is no Phuket average to publish and nothing for a Bali figure to be measured against. The occupancy claim goes with them, for the same reason.
What survives the deletion is the part that was never a yield. Phuket’s tourist season runs on a documented arrivals calendar rather than an estimated one, and arrivals through Phuket International are published by Airports of Thailand. Demand and occupancy are not the same thing: a busy island can still hold an empty unit, but arrivals are at least counted by somebody, which is more than can be said for the two percentages that were here.
3. Infrastructure investment Thailand has committed $4.1 billion to Phuket infrastructure through 2030, including the Phuket Light Rail Transit (LRT) connecting the airport to Chalong, and the ongoing Phuket Smart City programme. No comparable island-wide investment plan exists for Bali.
4. Price entry point The average Phuket condo entry price in Q1 2026 was 4.8M THB (~$134,000 USD), offering a lower minimum investment threshold than comparable Bali villa leases, which typically require $150,000-$200,000 for a 25-year term.
What This Means for Investors
The shift in transaction leadership signals a structural rerating of Phuket’s position in the global leisure property market, not merely a cyclical uptick. International institutional buyers, who previously favoured Bali for its “alternative” positioning, have been directing allocations toward Phuket’s more regulated and liquid market.
For individual investors, the data suggests the window for entry-point pricing is narrowing. Projects launched in 2024-2025 are already 18-25% above initial list prices at resale. The Q2 2026 pipeline includes 14 new launches expected to price at 10-15% premiums over the Q4 2025 average.
Frequently Asked Questions
On Q1 2026 comparative transaction data, Phuket recorded $1.82B in foreign property transactions versus $1.09B in Bali, Phuket's first time leading in total volume.
Freehold ownership for foreigners within the 49% floor-area quota, no nominee structure required, and a $4.1B government infrastructure programme through 2030. The average rental yield this answer used to include is withdrawn: Thailand keeps no letting register, so no such average has been measured for Phuket or for Bali.
Neither can be quoted, and both figures this answer used to give are withdrawn. Thailand keeps no letting register, so no Phuket average exists to compare with anything; an Indonesian figure quoted beside it would be measuring one guess against another. The ownership and legal differences in this article are documentary and stand on their own.
MORE Group Editorial
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