There is no such thing as universal appeal. What makes a given property more desirable to one prospective buyer may be a turn-off for another.

Someone may be attracted to Phuket for its greenery, and actively seek out peace and solitude. That person would likely be put off by crowds, shops and nightlife (which could be the main attraction for someone else).

People with children generally want to be in the proximity of an international school. This can override all other considerations when choosing a home.

Astute buyers will always concentrate on the single most important locational attribute when choosing a property, and this will largely determine what constitutes good value for money.

A new or even a mature property may look beautiful, but the materials and workmanship underneath the plaster may be a mystery. Buyers should be inquisitive, and even do some of their own research into the materials used to build the foundations, walls and roof, as well as looking closely at the windows and indoor finishings.

A development which employs the best architectural talent can usually expect not only design quality, but build quality. Good architects are artists, and they do not want to put their name on something substandard. The materials they use, the fixtures, the furniture, the kitchen and all the finishing touches will demand a premium price.

Ask yourself the question: was this property built to a standard that will keep it in good shape for many years to come?

Everyone always wants the best deal possible, and in Asia this usually means finding as many square metres as possible for the desired price. The price per unit of space definitely makes a difference, and quite often this drives the final decision.

A buyer who goes in search of a new home in Europe, Australia or North America does not necessarily pay the same attention to square footage (or metreage) as we do in Asia. It’s just not that important. You either like the property, or you don’t. It either fits your needs, or it doesn’t. It’s either on par with surrounding properties, or it’s not.

In Phuket, however, this little dimension can have an out sized importance for potential investors. In most cases it is easy to determine why a THB 32,000/m2 property costs so much less than a THB 200,000/m2 property. But it is sometimes harder to ascertain why one property is significantly more expensive than comparable properties in a similar area.

It stands to reason that high demand across the broader real estate sector will push prices higher, but there are other factors which need to be considered.

In Phuket, the developer of a new build will set the price per unit based not merely on the demand for those units, but also to achieve what they consider to be a satisfactory profit. Furthermore, developers who pride themselves on the use of high-end fixtures and finishings (especially fully equipped western kitchens) will typically demand a premium over those who do not.

Sometimes, however, the price/m2 may seem entirely random. That is when demand is driving the price. If new units are flying off the shelves like Cabbage Patch Dolls, then the price/m2 may be perfectly valid. With a new build, developers have even been known to raise prices during the various stages of the initial offer period, in order to take advantage of this high demand and improve their margins.

At present, most developments seem to have no problem with sales, but some certainly sell faster than others. Ultimately, the properties will either sell for the asking price or they won’t. If the price is set too high to attract demand, the developer will have to accept a smaller profit.

Some condos are aimed at entry level investors, so land costs are obviously going to make a difference. The geography of Phuket Island means that you are never far from the sea, but the general rule of thumb is that the more inland you are, the lower the price per square metre, so you get more for your money. The differences are noticeable.

While proximity to key attractions can be important, the major price differences will be between urban, rural, beach and sea view. Phuket Town (which attracts more locals than foreigners), has a lower price per square metre than Patong, which has one of the higher averages, as does most of the West Coast.

But there is not really one area that has just low prices, or another with only high prices, unless we isolate individual West Coast hillside developments, with their stunning views and superior architecture. While condominium prices will vary, the average price on the West Coast is around THB 100,000 m2, but beach and sea view will almost always be more expensive.

When calculating the average price per square metre of properties in a given area, scarcity and density must also be taken into consideration, otherwise any indicative price range can be misleading. Two similar condominium resorts may have 50 and 400 units for sale, respectively. The average weighting will obviously be skewed towards the development with the higher number of units, meaning there is no reliably accurate way to determine an “average” price per square metre for the area.

Furthermore, the data for some properties may not be included in the figures, or it may be falsely represented. There are areas which are mostly undeveloped, but may have one or two high end resorts, thus giving the impression on paper that the area is far more expensive than elsewhere in Phuket. Yet land prices in that area may be cheaper than in other parts of the island, which will ultimately fuel further development of better-value condominiums or villas.

We have seen the latter dynamic frequently, whereby a high price/m2 is being demanded in areas where the land has traditionally been cheaper, such as the East Coast. The “island mentality” suggests that a finite quantity of land justifies these higher prices, but there is still a fair amount land left for development. Land in high-demand areas is becoming increasingly difficult to find, but this does not necessarily justify “high-demand” prices in other areas of the island.

Buyers should be aware that some properties exaggerate their floor sizes, making the price per square metre lower than what it should be. Such instances are rare, but do exist. If you are in doubt, ask for the floor plan and take a tape measure with you on the viewing. If a developer is misleading buyers about the price per square metre, it begs the question: “What else could they be misleading investors about?”

Villa buyers or investors should also establish whether the price per square metre is for the living area or for the entire land plot, which can be somewhat more difficult to ascertain than sizing up a condo. For example, does it include patios, veranda, gazebos, terraces and balconies, or even car park spaces, garages or car ports? A large patio area (or in the case of a condo, a large balcony) could considerably lower the price per square metre but may not actually add to “living area”.