According to new research from Plus Property, there are signs of revival for real estate located at coastal locations in Thailand close to tourist hubs as the sector continues to grow. Both Thai and foreign guests flock to the country’s beachside spots and this makes for a bright condominium rental market.
“The destinations are good long-term investments, especially in the Hua Hin-Cha-Am areas and Phuket, which are tourism destinations with good infrastructure,” Anukul Ratpitaksanti, deputy managing director, Plus Property, said. “These areas show continual growth in tourist figures due to expansion of flight routes into Thailand, whether from China, India, or Pakistan. Moreover, the destinations have good transportation which supports expectations that tourism real estate will grow well in the next 3-4 years.”
There has been a slight slowdown in Hua Hin-Cha-Am this year, but research shows the tourism outlook here is still good. More than three million Thai and foreign tourists visited Hua Hin in 2015, an increase of three percent from the previous year and this resulted in a good market response.
“Hua Hin and Cha-Am are highly favored destinations among Thai and foreign travelers, due to beautiful geography and continual development of new tourism attractions,” Anukul pointed out. “Tourism is therefore helping drive the local economy, with positive impacts to the real estate market.”
Phuket is also showing signs of a turnaround when compared to the start of 2016 when things were trending downward. Plus Property noted that there is a positive future trend with property developers targeting high-end customers. This will likely continue until the mid- and low-end segments start to rebound throughout Thailand.
“High-end buyers prefer to purchase real estate as family assets, vacation homes, or rental property,” Anukul stated. “The flat market still allows for continual investments, especially in the city center. In addition, there are many supporting factors for the expansion of the Phuket market, including megaprojects such as Blue Pearl (The Mall) and Central Phuket.”
