Property consultants the Agency for Real Estate Affairs say that the average price per rai on Phuket rose 384 percent in that remarkable decade.
Patong on the holiday island's popular west coast was the leader with the price per rai zooming up from 40 million baht a rai in 2004 to 180 million baht a rai in 2014.
According to AREA's Dr Sopon Pornchokchai, the boom is likely to level off in 2015.
''Those kinds of rises are unsustainable,'' he said. ''The political front and the lacklustre Euro are likely to see a levelling.
''But if Phuket gains self-government and improved infrastructure, we could see another growth spurt at any time.''
Unsurprisingly, Phuket's west coast, with its beaches and resorts, is more pricey than the up-and-coming east coast with its better seascapes.
As for the tsunami, Dr Sopon believes it had no real effect on property prices because buyers are confident it was a once-in-100-years event.