Thailand’s thriving tourism industry is boosting the property market to new heights, with a notable rise in investments in residential-led hospitality developments. According to a new report from C9 Hotelworks, this growth is particularly strong in Phuket, where international arrivals have increased by 23% in 2024, reaching 8.65 million at Phuket International Airport.
The influx of long-term visitors and lifestyle investors is reshaping the Thai property market, creating higher demand for resort-style condominiums and branded residences. The report points out that regional investors, especially from Thailand, Singapore, and Hong Kong, are driving this trend, attracted by the promise of luxury living, high rental yields, and affordability.
One of the latest developments to benefit from this momentum is Sudara Residences Phuket, a project by Hong Kong’s Lan Kwai Fong Group. This residential project follows the success of the group’s ultra-luxury Andara Resort & Villas and marks a return to Phuket’s growing property market. Located in the highly desirable Bangtao Beach area, Sudara Residences will feature 220 resort-style units with upscale amenities and professional management from the Andara hospitality team. The project is expected to be completed by 2027.
Dr. Allan Zeman, Chairman and Founder of Lan Kwai Fong Group, highlighted the connection between Thailand’s real estate and tourism sectors: “Our journey in Thailand began with Andara, and now we’re coming full circle by integrating hospitality and residential living again. The steady growth of Thailand’s tourism industry is a key driver behind this shift in investment, with regional buyers playing a vital role in our success.”
A Growing Real Estate Boom Across Thailand
Outside of Phuket, Thailand’s real estate market is experiencing growth in several key regions:
- Bangkok: The capital remains the center for high-rise condominiums and serviced apartments, fueled by strong demand from expatriates and corporate investments.
- Phuket: Known as the top resort destination for long-term tourists and international buyers, especially in areas like Bangtao, Kamala, and Patong.
- Chiang Mai: A growing hub for digital nomads and retirees, with increasing demand for boutique residences and serviced apartments.
- Pattaya: A popular destination for holiday home investments, supported by new infrastructure projects and expanding tourism.
- Samui & Phang Nga: Emerging luxury villa markets attracting high-net-worth individuals seeking private beachfront properties.
This boom in the property sector is also helping to fuel Thailand’s GDP growth, with foreign investments in real estate playing an important role in the economy. The C9 Hotelworks report highlights that Thai properties are more affordable than those in other major Asian cities, which is driving overseas interest. For example, a five-bedroom pool villa in Phuket costs as much as a two-bedroom condominium in Singapore. Additionally, international school fees and luxury car prices are much lower in Thailand compared to other countries.
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