{"id":25663,"date":"2021-11-03T14:58:16","date_gmt":"2021-11-03T07:58:16","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25663"},"modified":"2021-12-08T14:24:52","modified_gmt":"2021-12-08T07:24:52","slug":"second-home-investment-destinations-take-the-spotlight-in-thailand","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/second-home-investment-destinations-take-the-spotlight-in-thailand\/","title":{"rendered":"Second-home investment destinations take the spotlight in Thailand"},"content":{"rendered":"

The pandemic has hit Thailand\u2019s second-home destinations hard, but a surge in interest from domestic buyers and fundamentals of sun, sea and sand provide hope for the future<\/p>\n

\"\"
Thailand\u2019s prime tourist locations retain their visual appeal despite witnessing little footfall during the pandemic. HuwPenson\/Shutterstock<\/figcaption><\/figure>\n

Turn the clock back to early 2020 and Phuket\u2019s beaches buzzed with peak-season holidaymakers soaking up the island\u2019s signature mix of sun, sea and sand.<\/p>\n

Honeymooners lounged under resort cabanas, families set sail for snorkeling trips and kids cut loose in the cerulean waters.<\/p>\n

Since the pandemic shuttered Thailand\u2019s borders, however, those same shorelines have fallen silent, devoid of international arrivals\u2014and homebuyers.<\/p>\n

Unlike other Thai resort destinations, Phuket\u2019s residential property market has historically relied on overseas investors.<\/p>\n

In 2019, foreigners purchased 90 percent of new 5,471 condominium units, according to global real estate consultancy Knight Frank. Most hailed from China, Hong Kong, and Singapore, buoyed by rental yields and second-home opportunities largely off-limits in their native countries.<\/p>\n

Yet with travel restrictions still in place\u2014in primary investor markets in Phuket and the rest of Thailand\u2014the pandemic has hit the island\u2019s property market hard. Knight Frank notes that only 1,862 units from seven condo projects hit the market last year, an annual drop of 66 percent.<\/p>\n

Some developers have chosen to bite the bullet and pause marketing efforts. Others have slashed prices and started getting creative with their services, offering value-adds such as bespoke furniture packages and even long-stay visas like the Thailand Elite Card. But one of the most significant trends to emerge from the past 20 months is the rise in demand from the domestic Thai market.<\/p>\n

\u201cThe pandemic has caused a dynamic shift in the second home market,\u201d says Bill Barnett, managing director of Phuket-based hospitality consultancy C9 Hotelworks and chairperson of the PropertyGuru Asia Property Awards (Greater Niseko) judging panel. \u201cWe have seen an entirely new segment of luxury domestic Thai buyers. Call it urban angst but lifestyle property for Thais is hot again.\u201d<\/p>\n

International travel restrictions, worsening pollution in Bangkok, and workplace uncertainty are just some of the factors behind this surge in interest for resort properties. Wealthy urban investors are also looking to escape the city and enjoy a healthier lifestyle.<\/p>\n

\u201cIf you look back five years, island real estate was focused on investment-type condominiums, but today, it\u2019s single-family homes or second residences,\u201d adds Barnett.<\/p>\n

Hua Hin is primed to cater to this domestic investment resurgence. A two-and-a-half drive from Bangkok, the coastal town\u2019s combination of high-end villa developments, world-class golf courses, and watersport-orientated lifestyle activities has long been a hit with international investors and retirees. Over the last 12 months, however, the domestic market accounted for 64 percent of total transactions in Hua Hin.<\/p>\n

One Hua Hin development already benefitting from this new wave of investment is The Banyan Thailand. The resort community is best known for featuring one of Thailand\u2019s top golf courses\u2014designed by renowned local architect Pirapon Namatra. It is home to bespoke villas and plots, ranging from THB14m (USD429,053) to ultra-luxury options around THB80m (USD2.45m).<\/p>\n

Most residents traditionally hail from Western Europe. But in recent years domestic investor interest has surged, with Bangkokians leading the way. Although the pandemic has inevitably accelerated this trend, the resort\u2019s CEO Tjeert Kwant also credits it to shifting perceptions of Hua Hin.<\/p>\n

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Hua hin\u2019s proximity to Bangkok enhances its appeal to second home investors who live in Thailand’s capital. BuntoonRodseng\/Shutterstock<\/figcaption><\/figure>\n

\u201cThe town was often viewed as a sleepy retirement destination, but the pandemic in a way has done a lot to change that image,\u201d he says. \u201cFor instance, some highly influential bloggers, who probably wouldn\u2019t have come if it weren\u2019t for the border closure, visited last year and loved it, which goes to show how much it has to offer now.\u201d<\/p>\n

Heartened by the heightened demand for Bangkok-friendly holiday homes and the absence of foreign buyers, The Banyan tweaked its marketing strategy in mid-2020 to focus primarily on the Thai capital. As Tjeert explains: \u201cMe being from the Netherlands, having Bangkok on your doorstep is the equivalent of a neighbouring target market the size of Belgium.\u201d<\/p>\n

Property developers on Phuket are also adapting product offerings to cater to the new demographic. Large condominium blocks filled with small studio units have been the market default in recent years. And while a number of these project types remain in the pipeline, mixed-use properties featuring upscale lifestyle amenities are now coming to the fore.<\/p>\n

\u201cWe expect developers in the future to focus more on high-quality, low-density developments that offer privacy and focus on space, health and wellness as key selling points,\u201d says Tomas Noren, managing director of Phuket property firm Resava Real Estate and former member of the judging panel at PropertyGuru Thailand Property Awards.<\/p>\n

More: Korean President flinches as reelections near, ruling afflicted by towering real estate prices<\/strong><\/a><\/p>\n

Utopia Corporation, one of the island\u2019s most prolific developers in recent years, has already demonstrated that the pile-them-high approach is waning in Phuket. In addition to a focus on largely low-rise residential properties, one of the company\u2019s unique selling points has been its ability to thematically differentiate its offerings. The recently launched villa development Utopia Thalang, for instance, takes aesthetic inspiration from Japan while Utopia Yamu features Moroccan design elements.<\/p>\n

These themed properties have long been a hit with Utopia\u2019s investor base in China. But CEO Hachi Yin believes its diverse product mix is poised to appeal to Thai buyers.<\/p>\n

\u201cWe started thinking about how we can start opening up to the Thai market, as we\u2019d never targeted it before,\u201d he says. \u201cThe Thai market is now one of our priorities for 2021, but the challenge is that, unlike in China, nobody here really knows us.\u201d<\/p>\n

The long-term outlook for Phuket remains positive simply because the fundamentals have not been affected by the pandemic. Property prices are still very affordable compared to many other countries and often offer great rental returns<\/p><\/blockquote>\n

This may change with the launch of its latest project. Located on Phuket\u2019s sunrise coast overlooking Phang Nga Bay, the Bay of Icons is a 20-rai (3.2 hectares) development surrounding Ao Po Grand Marina. Utopia has plans to transform the area over the next five years into a master-planned lifestyle and leisure enclave. It will feature exclusive residences and Southeast Asia\u2019s first Tonino Lamborghini-branded hotel. Other perks include a 300-berth marina and a private helipad, designer retail boutiques, and upscale dining destinations.<\/p>\n

As with most new launches over the last two years, the true litmus test for Utopia\u2019s ambitious lifestyle destination will be the eventual reopening of the island, buoyed by the Phuket Sandbox scheme. The program, which allows vaccinated foreign tourists to enter the island, has proven relatively successful since its unveiling on July 1. Although travel concerns and ongoing quarantine requirements in other countries will limit visitor numbers, it is at least a light at the end of the tunnel for Phuket\u2019s property industry\u2014and indeed other key resort markets in Thailand.<\/p>\n

More: Beijing\u2019s call for \u201ccommon prosperity\u201d cools down property prices in major cities, emerging markets<\/strong><\/a><\/p>\n

\u201cThe long-term outlook for Phuket remains positive simply because the fundamentals have not been affected by the pandemic,\u201d Noren says. \u201cProperty prices are still very affordable compared to many other countries and often offer great rental returns.<\/p>\n

\u201cLet\u2019s not forget that this is still a fantastically beautiful place to live with extraordinary natural resources for its residents to enjoy.\u201d<\/p>\n

The original version of this article appeared in\u00a0Issue No. 168<\/a>\u00a0of\u00a0PropertyGuru Property Report Magazine<\/a>.
\nWrite to our editors at\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The pandemic has hit Thailand\u2019s second-home destinations hard, but a surge in interest from domestic buyers and fundamentals of sun, sea and sand provide hope for the future<\/p>\n","protected":false},"author":9,"featured_media":25664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[97,92],"tags":[2067,528,394,512,133],"class_list":["post-25663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazine","category-news","tag-homes","tag-market-update","tag-news","tag-residential","tag-thailand","news_country-thailand","news_author-liam-aran-barnes"],"acf":[],"yoast_head":"\nSecond-home investment destinations take the spotlight in Thailand | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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