Phuket Property News Weekly Update of June 26, 2023

Escalating Foreign Interest and Policy Advocacy in Thailand's Real Estate Sector

Amid escalating international interest in Thailand's real estate sector, property developers and consultants have appealed to the new government to foster foreign investment, reports the Bangkok Post. Key among the proposed initiatives is lengthening leasehold periods to bolster the appeal of Thai property to overseas buyers. A striking 79% year-on-year increase in condo unit transfers to foreigners in Q1 2023 evidences the market's burgeoning appeal. Developers, including Proudputh Liptapanlop of Proud Real Estate Plc and Thongchai Busrapan from Noble Development Plc, anticipate continued growth, particularly with the potential return of Chinese investors, leading to record-breaking sales. Phuket, a leading tourist locale, has seen a surge in real estate activity, further fueling this optimistic outlook. The call to the government not only advocates increasing foreign property ownership, but also emphasizes the necessity of tax incentives and the assurance of safety and liveability to attract and maintain foreign investment.

Further Details: https://www.bangkokpost.com/business/2599390/call-for-more-real-estate-incentives

Cissa's Major Investment Boosts Phuket's Resurgent Tourism and Real Estate

Cissa, a Thai development company, is capitalizing on the resurgent international tourism industry in Phuket, Thailand by investing billions of Thai baht into wellness hubs and theme park projects. Given the international demand, particularly from Russia, the Middle East, and Europe, Cissa has allocated over 10,000 million Thai baht for the development of medical wellness hubs and pool villas, with an eye to attract affluent Russian investors. The company's investment plan, amounting to a total budget of 9,500 million Thai baht, includes the Wyndham Grand Nai Harn Beach Phuket project and the under-construction Nai Thon Medical Center and Resort. Amid the Thai government's push to promote Thailand and Phuket as an international health center, Cissa's investments are poised to cater to the increasing interest of foreigners in residential properties in Thailand, stimulating growth in the real estate sector.

Further Details: https://www.bangkokbiznews.com/property/1075453

Phuket's Real Estate Market: Condominium Demand Rises Amidst Overall Housing Slowdown in 2023

The real estate market in Phuket has shown mixed signals in the first five months of 2023. Although the overall housing demand has fallen by 13% since January, the condominium sector experienced a 10% rise in demand, standing out as the only growing residential type. Conversely, low-rise housing, including detached houses, saw a sharp decline of 26%, and townhouses decreased by 15%. A noteworthy pattern was observed in the price range of the most sought-after properties, which stood at 1-3 million baht across all housing types. This range saw an increase of 7% in condominiums but witnessed a drop in townhouses and detached houses by 4% and 62%, respectively. The stability of the Phuket housing market in May, compared to the preceding month, suggests a potentially cautious optimism among investors and homeowners.

Further Details: https://www.bangkokbiznews.com/property/1075833

Standard Gears Up for Launch of Exciting New Residential Projects

Standard International, a hotel chain, has announced plans to launch two residential projects in Phuket and Hua Hin, alongside opening five new hotels across Thailand during 2023-2026. The first residential project, slated for launch in the fourth quarter of 2023 in Laguna, Phuket, aims at primarily attracting foreign buyers, particularly Chinese and Russians, with a rental pool programme under consideration. The second project will begin in Hua Hin in 2024's first quarter, featuring residences at record-breaking prices for the area. The company's aggressive expansion follows the success of their first residential project in Miami. The five hotels, set to open between 2024 and 2026, will be split between The Standard and The Peri brands, underscoring the firm's pivot from dependence on Chinese tourists to a more diversified clientele​.

Further Details: https://www.bangkokpost.com/property/2601643/standard-readies-new-residential-projects

Phuket Heats Up: Supalai Unveils 'Ville Ratsada Phuket,' Offering Diverse Home Options to Fulfill Rising Demand

Supalai Public Company Limited has launched a new residential project named "Supalai Ville Ratsada Phuket" in Phuket, Thailand. The development encompasses over 14 acres of land and is valued at approximately 416 million baht. The project aims to cater to various housing needs by offering six different types of homes, including single-detached houses and twin houses, with prices starting from 4.89 million baht. The development is strategically located near Phuket town and offers easy connectivity to other locales. It is specifically designed to accommodate the diverse lifestyle preferences of both Thai and international customers. With 76 exclusive units, the project offers a mix of expansive spaces and comprehensive functionalities, making it an ideal choice for starting or expanding families looking for a residence in Phuket​.

Further Details: https://www.bangkokbiznews.com/property/1076026