Demand for Branded Residences in Bangkok Phuket and Pattaya surges

Branded Residences News

All roads are leading to Bangkok Phuket and Pattaya for the real estate sector these days driven by the purchasing power of tourists who have been pouring into Thailand since the Covid-19 situation eased.

Phuket’s rapid recovery in 2023 brought in 388.017 billion baht in tourism revenue from a total of 11,300,498 tourists. Its situation has been enhanced by the government’s plans to enhance Phuket’s potential, including infrastructure development for transportation along the Andaman coast.

In the first quarter of this year alone, major real estate conglomerates have poured over 56 billion baht into investments in Phuket, Pattaya, and Hua Hin.

Prasert Taedullayasatit, president of the Thai Condominium Association, describes the status of the real estate business in tourist cities as “global property”.

Branded Residences Phuket
Banyan Tree Grand Residences Phuket

In the first quarter, the real estate market in Pattaya too showed signs of recovery, with three new projects launched, comprising 4,493 units valued at 16 billion baht. It is expected that in the remaining three quarters of 2024, over 3,000 new condominium units will enter the market, potentially bringing the total number of new units launched this year to over 7,000, the highest in the past five years.

On the hospitality side, Wallapa Traisorat, CEO and managing director of Asset World Corp (AWC), stated that the company is currently developing more than 8 hotels in Pattaya, with 5 of them located within the mixed-use Aquatique project in downtown Pattaya. The total investment for these projects exceeds 20 billion baht. The aim is to promote wellness tourism, water sports, and large-scale entertainment-retail complexes.

Read The full article from, The NATION below

https://www.nationthailand.com/business/property/40038338

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