Project investment: Phuket welcomes luxury residential development again

The stagnant tourism market due to the pandemic is expected to experience a strong recovery in 2024, driving a rebound in tourism real estate investment. Recently, Banyan Tree Group announced that it will develop another residential project worth $1 billion in Phuket, Thailand in the next 2-3 years. It is expected that 15000 new residential units will be built in the next 5-10 years in Leghorn and Leghorn Xihu Yajing, Phuket. Banyan Tree Group believes that there is a strong demand for new homes in Phuket, driven by factors such as people fleeing the city, working from home, and geopolitical issues. Additionally, the local high-quality housing prices are lower than those in Hong Kong, Singapore, and other places in China, attracting many international buyers. Previously, the annual sales of residential properties in Phuket increased from $65 million to $70 million before the pandemic to over $200 million in 2023, a 300% increase.