Phuket enjoys the rise of Indian travellers
Chinese tourists continues to slow down from last year
A slowdown in the growth rates of Chinese travellers allows the city to welcome more travellers from other destinations than before.
TTG Asia reports that C9 Hotelworks has forecasted a slowdown in the growth rates of Chinese travellers Phuket has witnessed in recent years, with Indian travellers now becoming the main competitor to Chinese.
“Despite negative industry sentiment of a continued drop in the period of August through October, a soft landing ensued in the final two months of the year driven mostly on rates, and by year-end the new normal kicked in,” commented C9’s managing director and one of the judges of the PropertyGuru Thailand Property Awards, Bill Barnett.
More: Rental returns drive Phuket market
Moving into 2019, Jesper Palmqvist of hospitality intelligence group STR added, “when looking at the long-term historic trend, the pipeline of new supply but conversely also the increased competition in the region for Chinese demand, it is plausible that this recent pressure on Phuket performance will continue into the second half of the year.”
C9 Hotelworks also reported that in 2018 Indian inbound travellers recorded a 56% year-on-year increase as direct flights to the island were opened from Mumbai, New Delhi and Bengaluru. With more airlift coming in 2019, The numbers are also expected to increase with more airlift coming in 2019.
Recommended
Philippine real estate sees growth in regional markets despite challenges in Metro Manila
Amid pressures, developers and investors are capitalising on a range of opportunities to drive growth in the nation's real estate sector
Bali leads the charge in Indonesia’s rental boom while other regions struggle to keep pace
The rental market is soaring in Bali due to its rich cultural heritage and island charm, while other regions of Indonesia are experiencing less success
Rental markets surge in Asia as digital nomads find new opportunities with visa reforms
As countries in Asia roll out customised visa programmes, rental markets are thriving with the influx of remote workers
China’s hospitality market thrives as developers sell off assets to spark recovery
China’s indebted developers are divesting hospitality assets to generate growth and enhance the outlook of the country’s real estate market