Thailand: According to a report from hospitality consultancy C9 Hotelworks, the current supply of branded residences on the island of Phuket has topped USD$2.3 billion.
The top three locations in Phuket for branded residences, ranked by the number of current units and those in the pipeline, are Layan (1,322), Kamala (651) and Bangtao (605).
Wyndham holds the highest number of units in Phuket’s branded residences primary market – accounting for 46 per cent of market share. Best Western and Wanda are also featured in the top three.
New brands to enter the market include The Standard (scheduled to open in Bangtao, 2026) and Rosewood (opening in Kamala, date to be announced).
Managing director of C9 Hotelworks, Bill Barnett said: “Post-pandemic we have seen a flood of Thai-listed real estate groups return to Phuket, spurred by an accentuated return to trading of the resort market and stabilisation of tourism. Added motivation for developers though is soaring demand created by an influx of affluent overseas and domestic property buyers who are relocating to the island, or viewing investment in branded property as a safe haven.”
Thailand’s visa-free travel policies, as well as long-term retirement visas and the Thailand Elite program, are understood to be fuelling demand for property.
Barnett added: “This is not about the island changing, but how the larger world is undergoing unprecedented volatility coupled with the islands’ growing attraction as an international community.
“The appetite for branded residences reflects a notable change in buyer values and we expect not only more hospitality affiliations but a significant new addition of non-hotel brands such as those from the fashion, automotive and restaurant sectors. Phuket, with its record setting resort-grade branded residences property supply, now stands side by side with urban best-in-class destinations Miami and Dubai as billion-dollar marketplaces.”
To download C9 Hotelworks’ Phuket Branded Residence Market Review, click here.
