With continuous investment in infrastructure, relaxed visa policies, and vigorous government promotions, Phuket's tourism industry witnessed exponential growth. By the end of the third quarter of 2023, tourist arrivals to Phuket surpassed 6 million, a significant increase from the 3.9 million in 2022 and 1 million in 2021, resulting in substantial economic benefits for Phuket.
During Phuket's peak tourism season, hotel occupancy rates reached 100%, with demand far outstripping supply. It is anticipated that Phuket's tourism industry will continue to experience an upward trend in the coming years. The resurgence of tourism has also brought robust momentum to other sectors, particularly the real estate market.
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Phuket's real estate market was vibrant in 2023, with data from CBRE Thailand revealing that Phuket achieved a record-breaking sales volume of 1,486 units in the first half of the year alone, marking the highest sales volume in nearly a decade. The total number of new properties launched throughout the year exceeded 3,000 units, representing an 8.9% year-on-year increase.
Foreign buyers, primarily from Russia, China, the UK, the Middle East, and India, expressed strong interest in Phuket's unique tourism resources and distinctive investment environment. New developments primarily focused on Bang Tao Beach, with major developers rushing to launch luxury villas and condominium projects, keeping Phuket's real estate market in a continuous state of activity.
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The sales of Phuket properties also benefited from targeted leasing management plans and luxurious residential amenities, meeting the demand of buyers for quality living. CBRE Thailand's data on Phuket property transactions showed a 113% increase in transaction value by the end of the third quarter of 2023 compared to the entire year of 2022, with a 50:50 ratio between Thai and foreign buyers.
Different regions of Phuket boast unique features and charm. Popular investment locations include Patong Beach, Bang Tao Beach, and Kamala Beach. High-end resort areas like Kamala are favored by high-net-worth individuals for their stunning mountain-to-sea landscapes and luxurious facilities. Phuket Town offers well-equipped facilities and relatively affordable prices, suitable for a relaxed lifestyle. Rawai and Nai Harn, as emerging development areas, present vast investment prospects with stable property prices and abundant seafood resources, attracting investors' attention.
