Someone let the cat out of the bag on Layan. For years, it was the beach that real estate agents brought up almost as an afterthought, an afterthought of “oh, and there’s Layan too buy condo in phuket, if you want something quieter.” Now, it’s usually the first thing they highlight.

Geography did much of the legwork here. Sirinat National Park is to one side, and it’s difficult to build more high-rises when one edge is protected from development by park boundaries. This means there’s limited capacity-what’s there now, near Layan Beach, is essentially what you’ll find in ten years. The lack of growth makes scarcity a more defining characteristic, and this limited capacity boosts prices in only one direction.

Prices have, naturally, increased. Newly released condos close to Layan can compete, on per-square-meter pricing with comparable developments in Kamala. Two-bedroom apartments offering partial sea views now often go for a price point that seems quite unrealistic just five years ago. Buyers here aren’t primarily purchasing luxury facilities and a vibrant nightlife scene (which there really aren’t any of); they are buying real estate on a short coastal strip that, by definition, cannot be duplicated after the last piece of land there has been bought.

The buyer base divides between two broad groups. Europeans, many of whom are retired, want quiet and tranquil surroundings after several decades of bustling life in the cities. The other segment consists of investors based across various parts of China, Hong Kong and Singapore. To them, a Layan property represents not a purchase to enjoy, but an opportunity to profit-they treat it more as a yield play.

A significant component of the value proposition for both groups is Thailand’s unique foreigner ownership rights in condominium projects. Foreign nationals are permitted to outright purchase up to 49% of the total floor area of a building, and Layan’s new constructions are generally quick to fill that percentage. Occupancy doesn’t dip dramatically during the low seasons either.

The golfer crowd is enough to fill spaces even during the wet months, and there’s a steady influx of expatriate remote workers who prefer a tranquil setting to a buzzing one.

Landlords discuss steady yield rather than outstanding figures, but steady is generally solid and will pay the mortgage just fine.