Rise in Tourism Propels Phuket’s High-End Real Estate – Major Boost for Local Economy

Phuket’s tourism industry is experiencing a significant recovery, fuelled by affluent Chinese and Russian visitors. This resurgence has triggered a flourishing high-end real estate market on the popular Thai island, a fact that was brought to light on a 5th March 2024 report by VnExpress International. Interestingly, Asia holds a significant share of the branded residence market globally, exceeding 20%. Phuket stands out as a leader in this sector, boasting a staggering 22 projects, as highlighted by U.K. real estate consultancy, Savills.

Prominent hospitality brands like Anantara, which also operates several resorts on the island such as Anantara Mai Khao Phuket Villas, are capitalising on this trend by offering luxury villas for sale.  Furthermore, as reported by Thai newspaper, The Nation, new high-end developments are being planned in popular areas like Patong and Cherng Talay. The robust tourism recovery and popularity of holidays at Phuket resorts, coupled with Thailand’s visa policies catering to wealthy individuals seeking investment and relocation opportunities, is continuing to drive the island’s high-end real estate market. This surge in investment, alongside increasing tourist arrivals, is delivering a significant boost to the local economy too.