A second home in Phuket? How the island’s real estate sector is showing signs of life

“Phuket is a truly exceptional option for high-end investors,” said Hachi Yin, CEO of Utopia Corporation. “The island’s exquisite natural beauty, easy accessibility and international services have attracted a lot of investment in recent years, especially from affluent Asian and foreign residents looking for a spectacular second home or a new life in the mountains. tropics. ”

One might expect a sunny outlook from a senior player at one of Phuket‘s leading development companies, one with many high-end projects around the island, and whose overarching focus is to sell investors on its expensive real estate.

But, after a cursory examination, his point of view seems abnormal with reality.

The pandemic has hit the tourism industry in Thailand. Phuket and other tourist destinations / second homes in Thailand like Koh Samui, Pattaya and Hua Hin have experienced a scorching spell since the start of 2020. Beaches, bars and hotels have remained largely vacant as the number of tourists in Thailand has fallen.

It was hoped that 2021 could see a temporary recovery, but successive waves of infection and ongoing stringent travel requirements have kept international visitors at bay.

Unsurprisingly, luxury real estate sectors across Thailand have been sidelined by the freezing winds of the pandemic. Phuket saw a 75% year-on-year reduction between 2019 and 2020. New launches on the island, meanwhile, have gone from torrent to trickle.

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