HVS Market Pulse: Phuket, Thailand

Midscale hotels registered a healthy performance level in 2017 and 2018; however, a significant decline in occupancy levels was seen in 2019 with a drop of approximately seven percentage points. Hotel supply has historically remained stable with modest growth over the last few years.8% between 2020 and 2025. Twenty-five hotels with approximately 6,600 keys will be added to the overall room inventory. The average rate among midscale hotels also registered a drop of 6.5% when compared to 2018.2% between 2018 and 2019.9% per annum. Renowned international operators will manage much of this new inventory.2% of the overall new supply. Notable projects are listed in Figure 9. More initiatives have been taken rather seriously to support the growth of the market as the tourism infrastructure on the island has reached capacity. There is a steep decline in occupancy, as well as a large number of cancellations with a sluggish booking pace. Growing concerns about the oversupply of hotels and overdevelopment of the island continue to play a factor, with numerous hotels in the pipeline. Several new hotels in the pipeline are also selling to individuals who seek investment opportunity by offering rental programs. In the long run, improved infrastructure with light rail and ultimately, the opening of a second airport would expand the existing market and potentially attract new demand from new segments that are previously unexplored. Given the scale of the tourism industry and the province’s dependency, it may be an opportune time for more strategic thinking among the key decision-makers.

1128-Kata-Penthouse-2Nevertheless, the total passenger movements grew at a rate of 8.7% per annum between 2013 and 2019. In 2015, the number of guest arrivals at accommodations establishments increased by 10.5%, reflecting the country’s recovery from the political crisis. In 2019, the number reached 12.9 million, up 0.7% from 2018, indicating slower growth in comparison to 2.7% in 2018 and 4.0% in 2017.3% compared to the impressive 76.6%-growth recorded in 2015.9% during the second half of 2018.3% over the same period in the previous year.9% increase in 2019, recorded at almost 2.0 million, doubling the amount over the past five years. The upscale hotel market performance fluctuated over the past few years. Between 2017 and 2019, the average rate experienced a minor drop of 1.2% per annum, mainly due to a decline of 6.7% per annum.6%. Between 2017 and 2019, the average rate recorded a minor increase of 0.6% per annum while occupancy levels hovered near the mid-70 percent mark. Occupancy dropped by 2.8 percentage points between 2017 and 2018 and increased by 0.6% per annum over the same period.

As the number of travel advisory continues to heighten, concerns over air traffic and tourism spending are increasing among the public as people are reluctant to travel. The THB6. The new pier is expected to dock a maximum of eight boats at a time, which will set a daily cap. The THB11. Other features include smaller lookout terraces, new seating areas, bathroom facilities, and food and drink kiosks. In recent years the island developed a good roadway network providing easy access to all parts of the island. Phuket enjoys good access by air, road, and sea. A small number of metered taxis provide services from the airport; however, these are rarely found at other places throughout the island. In order to support the tourism industry, the local authority is planning to set aside a budget for the improvement of public utilities system and infrastructure. Plans are also in progress for the much-anticipated 41. The bidding for construction is expected to take place by mid-2020.

Cloudy Day Beach Camp OutA condominium building, or as it is colloquially known, a “condo” or “condo buildings”, is a type of real estate that is split into multiple units. Each of these units that are owned separately, but the building’s common areas are owned jointly. But unlike apartments, which are leased by their tenants, condo units are owned outright as personal property. Additionally, as mentioned, the common areas of the condominium building are owned collectively by the owners of the individual units. Residential condos are frequently constructed as apartment buildings. There can be no single legal ownership of communal areas. They have to be shared. These common areas include walkways, hallways, gyms, pools, laundry rooms, etc. This also includes common utilities and amenities such as elevators, water, and electricity. There is no way to differentiate between an apartment and a condo simply by visiting the building and looking at it. Technically, a condominium is a collection of common areas and individual home units, as well as the land upon which they sit. A condo and an apartment complex differ only legally. Condos have rules, restrictions, conditions, and covenants that determine how the individual unit owners are to share the condominium building.

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