Property News Weekly-Round Up, from Pattaya to Phuket

Looking for the latest updates on Thailand's property market? Look no further than FazWaz weekly round-up of the top news stories. From investors targeting high-class Pattaya hotels to Sansiri's latest sustainable projects, our journalists have gathered all the information you need to stay up-to-date on Thailand's thriving property industry.

Investors Target High-Class Pattaya Hotels

Pattaya, a city celebrated for its striking beaches and grandiose hotels, has become a hub for investors looking to take advantage of Thailand's flourishing tourism industry. With the surge in demand for upscale accommodations, hotel investors have been heavily investing in the development of sumptuous hotels in the city.

Pattaya, situated on Thailand's eastern coast, is a renowned tourist destination that attracts millions of visitors each year. A significant proportion of these travelers are high-end tourists seeking luxury hotels. The call for luxury hotels in Pattaya has been rising, with investors seeking to capitalize on this trend by constructing premium properties in the city.

As the demand for upscale accommodations in Pattaya continues to escalate, hotel investors are pouring significant funds into the development of luxury hotels in the city. These hotels offer unparalleled amenities, including private beaches, fine dining, upscale spas, and more. This trend has been attracting local and foreign investors alike, with many recognizing the potential for substantial investment returns. However, some hotels with high occupancy and room prices may not wish to sell their buildings. Their assessed worth is greater than the market average, and investors looking for a lower-than-market-average price would be unable to acquire them. According to property consultant JLL Thailand, hotel sales in Thailand will total 12 billion baht.

The surge of high-end hotels in Pattaya has had a significant impact on the local economy. The construction of these hotels has created job opportunities for locals, with many employed in the construction and hospitality sectors. The growth in tourism has resulted in an upswing in demand for local goods and services, providing a boost to small businesses in the area. Additionally, the emergence of luxury hotels has attracted affluent tourists, leading to an increase in spending within the local economy, thereby augmenting revenue for the city.

Thailand to Rope in Private Firms to Lure Wealthy Foreigners

To revive Thailand's economy, that's hit hard by COVID-19. Thai government is working with private firms to attract affluent foreigners to invest in Thailand. The strategy aims to offer more opportunities for high-net-worth individuals and specialized workers in the digital market space to do business and work in Thailand by providing them with enhance incentives such as long-term visa of 10 years.

The Thai government wants to encourage more foreign investors to invest in Thailand. To make it more enticing, they have implemented measures to reduce bureaucracy, simplify procedures and provide tax benefits. By partnering with private firms, the government plans to go further and offer even more attractive investment opportunities.

Thai government is also setting up a one-stop center where representatives from the public and private sectors will collaborate to assist investors and make the investment process more seamless. Thailand is aiming to become a hub for high-tech innovation in the Southeast Asian region by focusing on the high-tech industry and by being the content creator hub. The government plans to invest in this sector by 2025.

Furthermore the government is looking to increase foreign investment in the thriving tourism industry. It is planning to provide more incentives to foreign investors to contribute to the growth of the industry

Russians Make Thailand a Refuge as Ukraine War Enters Second Year

The ongoing conflict between Russia and Ukraine has led to an increasing number of Russians seeking refuge in Thailand. Many Russians see Thailand as a safe haven away from the conflict and instability in their home country. As the war enters its second year, the number of Russians seeking refuge in Thailand is expected to continue to rise.

Thailand has been a popular destination for Russian tourists for many years. However, in recent months, the number of Russians seeking to relocate to Thailand permanently has increased significantly. Many of these individuals are wealthy and are investing in property in Thailand, which is seen as a safe investment in an uncertain world.

The sunny and topical island of Phuket has been leading the way of Russian. Russians are spending half a million dollars or more on off-plan condominiums in Phuket, a popular tourist island, to simplify their move or to establish a landing pad for a future time when they may feel obliged to leave their motherland.

According to data from Phuket International Airport, more than 233,000 Russians landed in Phuket between November 1, 2022, and January 21, 2023, making them by far the largest group of tourists.

Phuket has always been a popular winter hideaway for Russians, but property purchases have increased since President Vladimir Putin ordered Moscow's first military mobilization since World War II in September, indicating that many visitors want to remain far longer than a regular vacation.

The influx of Russian investors has been welcomed by the Thai government, which is hoping to attract more foreign investment to the country. The government has implemented a number of measures to make it easier for foreign investors to do business in Thailand. These measures include reducing red tape and streamlining procedures.

Sansiri: Thailand's Leading Property Developer

Sansiri, leading property developer in Thailand, achieved consistent success and growth by offering innovative, sustainable and stylish living spaces. The property developer received recognition for its unique approach to development receiving several awards and accolades.

Sansiri's projects range to caters to a diverse group of customers, from luxury high-rise condos to affordable townhouses and homes. As part of its commitment to sustainable development, the company utilizes practices such as green materials and solar panels.

In 2023 Sansiri will launch 22 condominium projects for a total of $725 million this year, indicating a 151% increase over the previous year. The opening of Sansiri new luxury residences in sought-after midtown locales such as Ari and Ratchathewi is a highlight of 2023. Besides, the company's new condominium brand, "Cabanas Huahin," will presented, promising to be a one-of-a-kind project in Hua Hin. This year, Sansiri will also introduce two new lifestyle-brand residences in the Sukhumvit region.

The sales target for 2023 has been set at US$1.64 billion, with a revenue target of US$1.2 billion, both of which believed to be the largest in history, as well as the predicted net profit.Sansiri investment in technology and innovation contributed consistent growth. The company launched a mobile app that allows customers to browse and buy properties online. It also partners with tech firms to develop smart homes with advanced technologies like artificial intelligence and the Internet of Things.

Ready to find your dream home in Thailand? Whether you're looking for a luxury condo in Pattaya or an eco-friendly townhouse from Sansiri, our weekly round-up has got you covered. Explore our featured stories and take the first step towards making your Thailand property dreams a reality.