PHUKET, 18 December 2023: Global economic recovery have prompted soaring inbound migration to Phuket, creating one of Asia’s most dynamic and diverse international communities, according to C9 Hotelworks’ latest comprehensive investment report on the Phuket economy.
“With a fast-moving tourism and property market, we are now witnessing a rapid diversification of the economy into areas such as international education, health and wellness, retail, and marine industries,” said C9 Hotelworks’ managing director Bill Barnett.
The report covers key island economic data, including tourism, hotels, real estate, key demand generators, and infrastructure. It features key metrics and looks at the potential shift in Phuket’s development.
Phuket has experienced a remarkably sustained tourism growth trajectory over the past 40 years. Since the emergence of Asia’s tiger economies in the 1980s, its strategic geographic location and the rise of Thailand as one of the world’s major tourism destinations have created a strong service sector.
The island’s tourism journey has continued, starting with budget travellers and European snowbirds escaping the winter and onwards to market maturity. Throughout this time, Phuket witnessed the birth of iconic tropical pool resorts and was the starting point for two global luxury brands: Aman Resorts and Banyan Tree.
Within close proximity to two of Asia’s leading financial markets, Hong Kong and Singapore, Phuket’s hotel, tourism, and real estate sectors have accumulated considerable direct foreign investment over the years. Its strong and successful track record has continued to attract Thai institutional capital and overseas private equity, family offices, and publicly listed investors.
Moving through the global pandemic, the Phuket Sandbox was the starting point for Thailand’s international reopening, and Phuket was the first Southeast Asian resort market to welcome global visitors. Covid-19 also led to a boom in the island’s luxury real estate sector, as domestic and foreign high-net-worth buyers opted for a new lifestyle.
“We conclude that the island is entering a noteworthy new era of development that will create a platform for one of the region’s most desirable international destinations,” said Barnett.
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