Phuket Property News Weekly Update for July 17-21, 2023

Phuket's Tourism Surge Spurs Landmark Health Center Project

Thailand's tourism sector, particularly in Phuket, is witnessing a significant surge, with an estimated 28 million visitors, primarily from China, expected in 2023. This has positively impacted the hotel and related service industries. In line with the government's strategy to establish Thailand as an "International Health Center," the Prince of Songkla University, Phuket Campus (PSU), is set to complete the Andaman International Health Center project by 2028. Recently, MBK Resort Public Company Limited donated six plots of land in Kathu Sub-district, Phuket Province, to PSU for the construction of the 500-bed Songkhla Nakarin Hospital, part of the Andaman International Health Center project. This initiative aims to enhance healthcare for the southern population, promote health tourism, and stimulate economic expansion. The project is expected to commence around 2025 or 2026 and be completed by 2028.

Further Details: https://mgronline.com/stockmarket/detail/9660000031998

ASW Unveils Strategic Expansion in Phuket, Targeting Three Prime Locations to Harness Foreign Investment Worth Ten Billion Baht

Asset Wise (ASW), a leading real estate company in Thailand, is expanding its footprint in Phuket by acquiring shares in Rompho Plc. Property (TITLE). This strategic move will facilitate the development of nine real estate projects, valued at 14,000 million baht, across three prime locations in Phuket. These projects, planned for completion by 2026, include five in Nai Yang Beach, such as the TITLE HALO1 and TITLE X, three in Bang Tao Beach, including TITLE MORI 1, and one in Rawai Beach, namely TITLE RAWAI 4. These developments are expected to generate an income of 10,000 million baht within three years (2024 - 2026). This ambitious plan aligns with ASW strategy to leverage the recovering tourism industry and foreign purchasing power, particularly in high-priced premium real estate segments.

Further Details: https://www.thansettakij.com/real-estate/571091

Phuket Successfully Rebounds as Tourist Destination Following Covid-19 Crisis

Phuket, a renowned tourist destination in Thailand, has successfully rebounded from the challenges posed by the Covid-19 pandemic, reclaiming its status as a popular vacation spot. Through determined efforts and effective government strategies, Phuket has witnessed a substantial revival in tourism activities, attracting visitors from around the world. The implementation of the Phuket Sandbox project, allowing fully vaccinated international travelers to enter the island without quarantine, has been instrumental in boosting tourist arrivals and stimulating the local economy. Stringent health and safety protocols, including mandatory vaccination and comprehensive testing, have been put in place to ensure the well-being of both residents and tourists. With its pristine beaches, cultural attractions, and world-class hospitality, Phuket has once again emerged as a premier destination, showcasing the resilience and adaptability of its tourism industry.

Further Details: https://www.bangkokpost.com/thailand/general/2612661/phuket-bounces-back

Phang Nga Urgently Requires an Airport to Foster Economic Growth

Phang Nga, a province in Thailand renowned for its natural beauty, is facing a pressing need for an airport to foster economic growth. Without an air gateway, the province struggles to attract tourists and facilitate trade, hindering its competitiveness with neighboring destinations. The establishment of an airport would serve as a vital infrastructure link, providing direct air access for domestic and international visitors. Such a development would bolster the tourism industry, create job opportunities, and drive economic prosperity. Recognizing the urgency, the government is actively considering plans for constructing an airport in Phang Nga, aiming to enhance connectivity, unlock business potential, and propel the province towards a brighter future for its residents.

Further Details: https://www.bangkokpost.com/learning/easy/2612757/phangnga-airport-needed

Phuket's Real Estate Market Flourishes as Foreign Investment Soars: Thai Government Policies and Island's Appeal Drive Growth

The Bangkok Post has reported a significant uptick in foreign investors acquiring property in Phuket, Thailand. Phuket's robust tourism industry, strong economic growth, and appealing lifestyle primarily drive this surge. The Thai government has actively facilitated this trend, implementing policies that ease foreign property ownership restrictions and offering attractive incentives to international investors. These actions have invigorated Phuket's real estate market and are expected to make a substantial contribution to the island's broader economic prosperity. Phuket's strategic location, vibrant culture, and lifestyle continue to attract global attention, establishing it as a prime investment destination. The anticipated long-term positive effects of this influx of foreign investment on the island's economy will further enhance Phuket's appeal to international investors.

Further Details: https://www.bangkokpost.com/property/2613985/why-foreigners-are-acquiring-thai-property