Condominium market in Phuket in 1H 2020 showed that the supply of new launches decreased by 2.46% y-o-y to only about 833 units. The sales rate has slightly increased as there was a decrease in foreign tourists especially tourists from China. This was due to the COVID-19 outbreak, causing the purchasing power for both Thais and foreigners to slow down. As a result, the total absorption rate in the first half of the year dropped to 1.4%, reflecting the slower sales ability.
Colliers International Thailand predicts that the outlook for real estate market in the Phuket area after the opening of the country in 2H 2020 may improve as Thailand has the ability to control the situation of the COVID-19 epidemic. This has caused the foreign tourists to become more confident to return to Thailand. Therefore it is believed that foreign purchasing power will recover quite quickly after the province is opened for tourists to travel in - out as usual. However, developers should adjust during the period when investors and foreign tourists are still unable to enter Thailand by focusing more on online sales or expand the Thai market buyers in order to support the business to be able to move forward. Full Report in Thai >> DOWNLOAD
Colliers International Thailand predicts that the outlook for real estate market in the Phuket area after the opening of the country in 2H 2020 may improve as Thailand has the ability to control the situation of the COVID-19 epidemic. This has caused the foreign tourists to become more confident to return to Thailand. Therefore it is believed that foreign purchasing power will recover quite quickly after the province is opened for tourists to travel in - out as usual. However, developers should adjust during the period when investors and foreign tourists are still unable to enter Thailand by focusing more on online sales or expand the Thai market buyers in order to support the business to be able to move forward. Full Report in Thai >> DOWNLOAD
