Chinese buyers eyeing property, investment in Thailand's post-pandemic Phuket
May 23, 2021
Phuket [Thailand], May 23 : In a bid to expand their business across countries, Chinese buyers are eyeing property and investment in Thailand's popular island, Phuket, which is gearing up to reopen on July 1 for Covid-19 vaccinated foreign visitors.
According to South China Morning Post (SCMP), Phuket registered a record number of coronavirus cases of infection since the start of the third wave of Covid-19 in March, with more than 36,000 cases detected in April and 51,000 more during May 1-19. Yet, the island is adamant about reviving its status as the region's top holiday destination.
Phuket is accelerating the vaccination programme for locals and tourism workers on the island and will allow quarantine-free entry for vaccinated travellers from July.
In a report released this month, Shanghai-based property technology company Juwai noted that Chinese buyer inquiries for Thai property increased 38 per cent in the first quarter of 2021 from a year earlier.
Nasupha Suwansri, vice-president of real estate agency IQI Phuket, said that hospitality businesses on the island, which had to shut their doors last year, were also up for sale. Shuttered small and medium-sized companies such as hostels, guest houses, bars and restaurants were sought after by buyers and investors from China who were looking for businesses that had the potential to be revived within three to five years, she said.
Phuket has experienced a year of coronavirus-induced economic setbacks, with its beaches, bars and hotels left largely vacant as tourist numbers slumped by 80 per cent last year, reported SCMP.
Phuket-based real estate developer Hachi Yin also said a significant number of Chinese buyers had been snapping up brand-new properties.
The feedback from his Chinese clients was that they did not want to quarantine once they returned to the mainland if they flew to Phuket in the near future, he said.
