But local firms are not being left behind as big names like Phuket Villa, Chao Fa Garden and Phanason stand ready to lunch new projects.
Phuket Real Estate Association president Thanan Tanpaiboon said the real estate market was growing and changing rapidly, both in term of the types of investments and the parties investing.
"Phuket's real estate market is 100 per cent dependent on tourism and when tourist numbers are good, the real estate market thrives," Mr Thanan said.
The foreign buyer market has recovered fairly well from the recent slump, with Russian buyers in particular helping to boost the market. Many Russians who have been regular visitors to the island are purchasing condominiums here as second homes.
North Phuket is favored by foreign buyers, with an area stretching from Cherng Talay to Mai Khao being particularly popular.
A group of Russian investors are building Mai Khao Dream, a development comprising a hotel, villas and homes worth billions of baht.
Also popular is Saiyuan Road in Rawai, where many foreign funded projects have sprung up in recent months.
"Right now the zones that are most active are the areas of Mai Khao and Nai Yang," said Mr Thanan.
"The old families of Phuket ar starting to sell of the land br cause the price is good. There are investors from Central Thailand coming in and sweeping up the land to invest in hotels, accommodation and condominiums in order to be ready for the Phuket International Convention Center project," he explained.
The Thai market is continually expanding, with many new projects being opened famous developers from Central Thailand such as Land and Houses, Supallai, Pruksa and Sansiri. These developments have had a good response from customers on the island, since the brands are trusted and able to deliver their projects on schedule.
Piya Prayong, deputy managing director of Pruksa Real Estate, siad that many more Bangkok developers were likely to invest in Phuket in the future.
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