Phuket Property News: Spotlight week of October 16 2023

Thailand's Real Estate Surges Amid Global Tensions: Charn Issara's 8 Billion Baht Expat-Focused Ventures.

In the wake of ongoing geopolitical tensions, including the Russia-Ukraine war and the Israel-Palestine conflict, Thailand's tourism and real estate sectors have seen an uptick. Mr. Songkran Issara, CEO of Charn Issara Development Public Company Limited, announced the launch of three new projects in Bangkok, Hua Hin, and Phuket, valued at 8 billion baht, in Q4 2023. Among these is The Issara Sathorn, a 37-floor, 270-unit project on Chan-Sathorn Road, priced between 5.59-36.66 million baht per unit, targeting local residents, expat investors, and digital nomads. While 90% of the sales are from Thais, the remaining 10% are foreign buyers. Mrs. Nalinrat Charoensupong, Managing Director of Nexus Property Marketing Company Limited, emphasized the evolving consumer preference for condos that offer convenience, lifestyle spaces, and larger room sizes, especially in prime city locations near international schools and office zones, catering to the expat community.

Further Details: https://www.bangkokbiznews.com/property/1093138

Sansiri's Bold 2023 Vision: Aiming to Shatter 39-Year Record with 22 New Ventures & Luxury Condos in Prime Bangkok Spots

Mr. Uthai Uthaisangsuk, Chief Operating Officer of Sansiri Public Company Limited, has announced ambitious plans for the company in 2023, aiming to break a 39-year record with projected profits of 4,280 million baht. This optimism stems from the company's recent performance, with the past nine months' profits matching the entire previous year. Sansiri is set to introduce 22 new projects in the fourth quarter, valued at 36,000 million baht, comprising 13 horizontal projects and 9 condominium ventures. Noteworthy launches include the "Bukan Rama 9-Mengjai" low-rise development and the "Via Ari" and "Shush Ratchathewi" luxury condominiums in prime Bangkok locations. Additionally, the company is targeting the student and young professional demographic with its 'D Condo' brand, launching three projects near major universities and employment hubs. Sansiri also eyes the provincial and tourist markets, with projects like "The Base Bukit" in Phuket and "Way Ayutthaya" near Central Ayutthaya.

Further Details: https://www.bangkokbiznews.com/property/1093339 

Phuket Takes Center Stage in Thailand's Real Estate Revival: 2024 Market Surge Anticipated Amid Global Challenges

The Housing Business Association, Thai Condominium Association, and the Thai Real Estate Association anticipate a resurgence in the real estate market by 2024, in line with an expected 4% GDP growth. Despite a tumultuous 2023, marked by governmental changes and the aftermath of Covid-19, there are indications of a market rebound. External factors, such as the Israel-Hamas conflict, might escalate construction costs, hinting at a potential 5% hike in housing prices next year. To stimulate year-end sales, these associations are organizing "The 44th House and Condo Fair" from 2-5 November at the Queen Sirikit National Convention Center. Significantly, economic cities, including Phuket, are prominently represented, accounting for 30% of the showcased projects, underscoring Phuket's pivotal role in Thailand's real estate sector.

Further Details: https://www.bangkokbiznews.com/property/1094446

Prime Minister Unveils 100 Billion Baht Plan to Elevate Phuket as a Global Hub Amidst Post-COVID Recovery

Prime Minister "Seththa Thaweesin" has unveiled an ambitious 5-year plan, investing 100 billion baht to transform Phuket into a world-class hub. This initiative, set between 2023-2027, aims not only to boost tourism but also to diversify Phuket's income streams, targeting seven key areas including gastronomy, health and medical tourism, sports tourism, international education, digital technology, marine tourism, and tuna processing for the ASEAN region. The strategy also emphasizes infrastructure development, notably the expansion of three Andaman coast airports and the introduction of the "Muang Mai-Koh Kaew Kathu-Patong Expressway Project". This comprehensive approach is in response to the economic challenges Phuket faced during the COVID-19 pandemic, where tourism, its primary revenue source, was severely impacted. The plan underscores the government's commitment to ensuring Phuket's sustainable economic growth and its prominence in the Andaman region.

Further Details:https://www.thansettakij.com/business/tourism/578497

Phuket's Veg Fest to Elevate Thailand's Vegan Tourism Revenue by 9 Billion Baht

The Tourism Authority of Thailand (TAT) projects Phuket's Veg Fest will augment nationwide revenue to 9 billion baht. As Phuket evolves into a nexus for vegetarian and vegan enthusiasts, the festival presents an eclectic array of experiences. Participants can partake in workshops centered on plant-centric culinary techniques. Vegetarian and vegan stalls will display diverse plant-derived meals. Integral seminars will underscore the eco-friendly and wellness advantages of such diets. Through this endeavor, TAT seeks to establish Phuket as a foremost hub for vegetarian and vegan visitors, underscoring Thailand's commitment to sustainable, health-oriented tourism.

Further Details: https://www.bangkokpost.com/thailand/general/2662494/veg-fest-to-generate-b9bn-tat