The fast recovery of the island province’s tourism industry is fuelling its economic recovery and hastening investment in new developments, the association said.

Association president Phattanan Pisutwimol said he expected the government’s decision to offer free visas for Chinese tourists from September 25 to bring even more foreign visitors to Phuket. “The real-estate sector will benefit from increasing business the longer foreigners stay in Thailand,” Phattanan said.

The biggest developer in Phuket, Sansiri – which was co-founded by the new Prime Minister Srettha Thavisin – has been buying more land in the province for new projects, he said.

Other developers – including Origin Property, Supalai, and Minor Group that have been in Phuket for decades – are also moving forward with the development of luxury properties that target high-spending foreign nationals and wealthy Thais, Phattanan said.

A massive surge of land buying by giant developers has caused prices in prime areas, such as Patong Beach, to jump to 150-250 million baht per rai.

“Apart from the free-visa policy, the 10,000-baht digital wallet policy will also likely increase consumption and further stimulate Phuket’s economy,” Phattanan said.

Sansiri chief operating officer Uthai Uthaisangsuk recently said the company is planning to launch a new condominium project near Central Phuket shopping mall in Muang district in November. Phuket is Sansiri’s second-largest market after Bangkok with more than 10 large-scale projects, he added.

Kree Dejchai, executive vice-president for residential business at Central Pattana (CPN), said Phuket’s real-estate sector had recovered quickly from the pandemic.

“Investors are pouring in to buy land for their own projects, or launch joint ventures with local entrepreneurs, making Phuket a hub for real-estate investment in the South with several billion baht in market value,” he said.

Kree added that Sansiri, Origin Property, and other developers are opening new projects near CPN’s Central Phuket, in anticipation of an increase in shoppers at the mall. The latest survey shows that over 3,000 residential units are already on sale in this prime location.

Credit: nationthailand.com