Connect with us


Property market in tourism areas relying on vaccines for recovery



An abandoned condo development in Phuket. PHOTO: Flickr/

Tourism destinations in Thailand are pinning their hopes on Covid-19 vaccines to revive their decimated economies, including in the real estate sector. Vichai Viratkapan from the Real Estate Information Centre says the property sector’s recovery will be driven by the rollout of vaccines, particularly in tourist destinations that have borne the brunt of the economic devastation.

“Tourism destinations like Phuket, Hua Hin in Prachuap Khiri Khan, and Cha-am in Phetchaburi saw a sharp contraction in the residential market in the second half of 2020 as the pandemic ravaged the tourism industry.”

According to a Bangkok Post report, demand for residential property in Phuket has plummeted, with just 443 units sold in the second half of 2020. By contrast, the number of units sold in 2018 peaked at 3,800. New residential developments were also affected, with only 423 units launched in the second half of 2020. In 2018, 3,900 new units were launched in the first half of the year.

Phattanan Phisutvimol from the Phuket Real Estate Association blames poor sales on the pandemic, which has resulted in many people losing their jobs or having their salaries cut.

“Most people in Phuket had lower incomes, while banks took a cautious approach to approving loans for mortgages. This led to a phenomenon of a scramble for customers.”

In terms of the revival of the tourism sector, Phattanan is not very hopeful that Phuket’s re-opening on July 1 will make much of a difference. He points out that Thai tourists may be put off visiting the island, as vaccinated foreign tourists can still spread Covid-19.

“When Phuket welcomes foreign tourists, we are not confident that Thai travellers will remain as everybody knows that vaccinated people can still get infected.”

But he admits that as Thailand is considered an at-risk destination by many other countries, the demand from international tourists remains uncertain.

SOURCE: Bangkok Post


Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

A seasoned writer, with a degree in Creative Writing. Over ten years' experience in producing blog and magazine articles, news reports and website content.

Follow Thaiger by email:

Politics13 hours ago

6 months in, Bangkok Governor Chadchart rated highly

North East13 hours ago

Bloody end to innocent celebratory nap

Crime14 hours ago

Officials seize 25 tonnes of illegal meat from Chon Buri factory

Pattaya15 hours ago

Raid roundup: Pattaya pubs, cannabis shops scrutinised

Crime16 hours ago

Loan shark sends goons to attack man in hospital and steal his car

Election16 hours ago

‘Big Joke’ goes back to school to hunt visa crooks

Join the conversation on the Thaiger Talk forums today!
Insurgency17 hours ago

Insurgent bomb derails train in Songkhla

Bangkok17 hours ago

Fire at Bangkok’s CentralWorld mall sends shoppers scurrying (video)

Video18 hours ago


Transport18 hours ago

Disruptive Phuket-bound passenger thrown off flight in Karachi

Tourism19 hours ago

Air Canada’s Vancouver-Bangkok flight touches down Thailand

Bangkok Travel1 day ago

Ari All Link is a must-attend skill-up workshop for Ari people

Cannabis News2 days ago

Anutin responds to photo of cannabis smoking kids on Pattaya Beach

Education2 days ago

Thai student allegedly raped by Hyderabad U professor

Tourism2 days ago

Phuket welcomes 6,730 flights in December

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11