How luxury villas became hospitality’s quiet winner after Covid

When Covid 19 tore through the world’s economies, the hospitality industry crumbled in its wake, sparking the end for many hotels, bars and restaurants dependent on foreign tourists. But for the villa market, the opposite was true.

“It marked a big change,” says Samujana resort’s CEO John Dopéré. “After Covid big groups started coming to us instead of mixing together.”

Once the preserve of a select few travellers, luxury villas have become one of the strongest performing properties in the hospitality industry in recent years.

Thailand’s luxury travel market generated USD12,137.4 million in 2025 and is expected to reach USD25,841.0 million by 2033, according to Grand View Research, a consultancy.

In Koh Samui, John says there were some 500 independent villas on the island in 2014. Last year, there were 5,700.

Founded in 2009 by a group of friends who had been living in Hong Kong, Samujana was one of those that bet early on the villa market in Thailand. The group had bought the land for the resort in the mid-90s when luxury villas were a relatively new concept in tourism.

Related: A conversation with ThirdHome founder Wade Shealy

During Covid, Samujana never closed, attracting visitors who wanted to stay in large, private spaces without the kinds of restrictions found elsewhere, says Samujana’s property sales manager, Diah Intan Maulidya.

“We were still quite new at the time but were in peak operation. Everyone wanted to quarantine and people were concerned about their health,” says Diah.

The company’s villas are priced between roughly USD1 million and USD5 million and offer sweeping views of the island. In the high season it’s often full booked.

One of those that’s been seduced by the numbers is ThirdHome, a luxury home swapping club founded in the US.

In June the company expanded its partnership with Samujana to make more of its villas available to ThirdHome members.

The company, which operates an exchange programme for people with a second home, recently ventured into Asia after signing up tens of thousands of members in the US and Europe. The average value of the properties in its portfolio is now USD2.5 million.

“We’re here ready to really expand in Southeast Asia. We probably have around a thousand properties [we’ve partnered with so far],” says Wade Shealy, ThirdHome founder.

While luxury visitors make up a small percentage of the total number who travel, they are more resilient to economic shocks.

According to McKinsey, luxury travel is growing at about 6 per cent a year, two percentage points faster than the broader travel sector.

This bodes well at a time when tourism to Thailand is lower than it was before Covid.

Around 16.2 million international visitors travelled to Thailand as of July 4, compared with around 20 million during the same period before the pandemic. The war in Iran and weaker demand from key markets such as China and Malaysia have all contributed to the downturn.

Yet for Samujana, the downturn is largely confined to the mass market and not luxury, says John, citing a similar situation during the financial crash of 2008.

“The luxury market is still here.”

“We’re not as busy as we were two years ago because Thailand is down, but I’m happy.”

How the market performs could be key in deciding whether he and his team go ahead with plans to add their 27 villas.

Right now, they are still discussing the project, but his outlook is positive. Even with the popularity of places like Vietnam and Cambodia, Thailand remains a favourite among tourists.

“They will always come back to Thailand and to Samui. Samui is unique,” says John.

For more about ThirdHome, please visit ThirdHome.com