With strategic connectivity to Phuket and Samui, expanding infrastructure, and growing tourism, Nakhon Si Thammarat is poised for long-term growth in luxury tourism and real estate. Its white sand beaches, natural attractions, and rich cultural heritage enhance its appeal, offering significant investment opportunities in beachfront properties and hospitality development, including the Banyan Tree Residences Sichon.
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NAKORN SI THAMMARAT TORISM PERFORMANCE
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Phuket tourism market in 2024 continues its trajectory toward full recovery, underpinned by significant growth in Russian and Indian arrivals, alongside government-led visa free travel initiatives. Passenger arrivals for the year reached 8.65 million, reflecting a 23% increase compared to 2023 and just 5% below the 2019 benchmark of 9.07 million arrivals.
PHUKET’S TOURISM MARKET STATISTICS
China, historically Phuket’s largest international source market, recorded 998,228 visitors in 2024, up from 566,961 by 76% in 2023, but still trailing the pre-pandemic peak of 3.12 million. The Thai government’s introduction of visa-free entry in late 2023 has been instrumental in driving this recovery.
The policy also extended to travelers from Kazakhstan and Saudi Arabia, further diversifying source markets. Russia led international arrivals with 1,069,597 visitors in 2024, representing a 26% year-on-year increase, while India recorded a notable 58% rise, contributing 481,478 visitors.
Collectively, Russia, India, and China accounted for 45% of Phuket’s total international arrivals. Phuket’s positioning as a luxury destination is evolving, with the island increasingly expanding its offerings from luxury real estate to premium lifestyle facilities and amenities. Emerging hotspots such as Bangtao/Cherngtalay and Kamala are driving this transformation, supported by a proliferation of high-end developments and lifestyle-oriented establishments. Notable examples include the newly opened Anantara Life Center Phuket and the upcoming Mucho Amor Beach Club.
Additionally, the removal of Phuket’s long-standing 80-meter building height restriction is expected to catalyze a wave of new upscale developments, reshaping the island’s skyline and further solidifying its appeal as a premier luxury destination.
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Zanzibar tourism industry is experiencing a remarkable resurgence, having successfully surpassed pre-pandemic visitor numbers since 2022. In 2023, the Zanzibar welcomed over 638,444 visitors from around the globe, marking a significant recovery. Projections for 2024 indicate a further 9% growth, with January to May arrivals reaching 255,408 compared to 234,444 during the same period in 2023.
ZANZIBAR TOURISM MARKET PERFORMANCE
The government’s comprehensive development plan for 2021-2026 aims to enhance Zanzibar’s infrastructure and economy, bolstering the tourism sector. A key milestone is the opening of the new Terminal 3 at Abeid Amani Karume International Airport, which now has the capacity to accommodate up to 1.3 million passengers annually. This strategic initiative underscores Zanzibar’s commitment to becoming a global travel destination.
The majority of visitors to Zanzibar in May 2024 stayed for 8 days, with 94.4% citing holidays as their primary reason for visiting. Hotel demand in Zanzibar varies seasonally, with an average occupancy rate of 62% in 2023. The Zanzibar tourism market is predominantly driven by European travelers, who account for nearly 60% of the total arrivals by sea and plane. The hotel pipeline indicates improved economic stability, with international hotel chains signing with five new properties including Anantara, Four Seasons , and Canopy by Hilton, primarily in the luxury and upper upscale segments. The number of hotels in the pipeline has doubled this year, signaling a positive outlook for the tourism industry. The introduction of these diverse, high-end properties is poised to attract a broader range of tourists, further enhancing Zanzibar’s appeal.
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In 2023, Samui tourism market recorded 3,541,821 visitors, evenly split between domestic and foreign travelers, marking a shift from the pre-COVID dominance of overseas tourists. The gap between airport arrivals and visitors at registered tourist accommodations reflects that many visitors came by ferry from the mainland. A domestic influx has been crucial in driving the recovery, with the total number of registered hotel guests surpassing 2019 levels by 1.5 times. Airport passenger arrivals trailed, closing the year at 94% of preCOVID level, with a total of 1,208,364 passenger arrivals.
SAMUITOURISM MARKEY PERFORMANCE
Diving into the international sources markets, lower volume of Chinese travelers, previously one of the key source markets, now constitute less than 4% market share. This has been replaced by increased travelers from Europe, USA and a re-emerging Israeli market. The new mix of foreign travelers has resulted in a longer average length of stay.
Samui’s tourism legacy was previously influenced by its limited gateway and reliance on Bangkok Airways, leading to higher travel costs compared to regional counterparts. Nevertheless, the limitations have also allowed the island to attract high-spending tourists which are favorable for hotel operators and maintain its position as a premium beach resort destination.
However, the cycle is expected to gradually shift as the government and Samui International Airport plan for expansion of the airport and adding a cruise terminal to increase traffic to the island. The entry of Scoot Airlines from Singapore and new routes promise further growth in the near future with an increased number of regional upscale travelers Looking at the current momentum, the island-wide 2024 Q1 hotel RevPAR has already outperformed 2023 and may close at a 5-year historical high.
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Phuket tourism industry is undergoing an ongoing rebound, with last year’s airport passenger arrivals edging towards pre-pandemic figures. While hitting 7 million, it was still short of the 9 million mark set in 2019. This year the tourism trend is continuing with 1.62 million arrivals to date in February, compared to 1.77 million recorded in the same period of 2019. The Chinese market is slowly recuperating, with last year’s figures at 650,000, still a stark contrast to the 2 million arrivals pre-pandemic. Nonetheless, the introduction of visa exemptions for Chinese and increasing flight connectivity is anticipated to bolster these numbers.
PHUKET TOURISM PERFORMANCE
Regional Southeast Asian markets are outperforming previous records, with Singapore’s arrival numbers doubling and Malaysia experiencing a 67% boost. These statistics underscore the potential of short-haul tourism in a world adjusting to post-pandemic travel norms.
Hotel metrics mirror this positive trajectory, with hotel occupancies soaring to nearly 78% in 2023. The Average Daily Rate (ADR) has reached a new historical peak, climbing 43% from the previous year. This uptick is attributed not only to returning tourists but also to Phuket’s ability to attract a higher-spending demographic.
The Phuket hotel sector’s development pipeline has slowed but is highlighted by 19 projects with 3,719 keys, among which 3 properties are hotel conversions with 821 keys. Branded properties represent 91% of the pipeline. According to C9 market research, incoming supply has been reduced by over 50%, as Phuket’s real estate market has seen land cost skyrocket and an overheated property sector. Many hotel owners and developers have shifted focus from greenfield projects to conversions and repositioning via renovations.
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Compared to many other Southeast Asian resort destinations, Bali has seen limited penetration of branded residences over the past two decades. Unlike Thailand, where Phuket, Pattaya, Hua Hin and Koh Samui have all seen rapid progression, Penang in Malaysia, the Philippines’ Cebu or virtually the entire coastline of Vietnam, Bali has witnessed developers focus on tourism and not real estate projects.
BALI BRANDED RESIENCES MARKET
A leading factor is that large Indonesian property groups prefer the scale of larger scale projects in Jakarta and other urbanizing locations. They consider Bali a tourism market and when investing in hotels on the island are hesitant to sell-off real estate that has long-term recurring revenue potential.
Another issue is the restrictive environment on property ownership for foreigners, which offers relatively short leasehold terms compared to other Southeast Asian countries. Even condominiums targeting overseas buyers limit freehold ownership to non-Indonesians who hold residency and/or work permits. The application of leasehold terms across Bali is localized and often lacks transparency or consistency.
Moving up the echelon to luxury properties, the recurring costs of single-use PMA companies to hold these assets, which legally can be owned by foreign-registered companies, have continued to increase.
That said, we believe there is a changing mindset of Indonesian developers to develop branded residences in Bali and our research indicates that within the next 12-24 months we will see new mixed-use developments highlighted by well-known international hotel brands such as Anantara
Ubud Bali Resort and Oakwood Hotel & Apartments Benoa Bali. During the pandemic and through the recovery Bali has witnessed a surge in real estate investment by Indonesians during the pandemic, and this is expected to grow to a wider scale among those seeking second or holiday homes. Once domestic buyers enter the broader resort-grade property market, we expect that impact to be a game-changer for branded residences.
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Post-pandemic, Samui tourism sector sees a slow recovery and emphasis on luxury hospitality while infrastructure and airport remain top two market challenges. As of Sep 2023, Samui International Airport experienced a significant increase in traffic, reaching 1.59 million passengers. This represents a 69% rise compared to the same period in 2022, with August 2023 witnessing the highest numbers in the past three years — 16,952 international and 197,594 domestic passengers.
SAMUI TOURISM MARKET UPDATE
Keying into the hotel market in Koh Samui, it presently has a supply of 25,075 keys. There is an expected CAGR of 0.3% in hotel supply from 2023 to 2025. This growth rate marks a slowdown from the pre-COVID era’s CAGR (2015 – 2019) of 1.4%. Notably, 57% of the upcoming properties are classified in the upscale and luxury segment, indicating a trend toward top-tier offerings.
Samui continues to attract tourists primarily from Europe, the U.S., and Australia. Despite visa-free travel for Chinese nationals, the resurgence of this market has been slower than anticipated, possibly affected by a slower expected return of Chinese travelers.
The future growth of tourism in Koh Samui hinges on improved air travel access. The limited expansion capacity of Koh Samui International Airport and the current reliance on Bangkok Airways is expected to challenge the island’s growth.
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In the first half of 2023, Phuket tourism market experienced a strong resurgence, signaling a promising path toward recovery. International and domestic flights both saw significant increases, representing 75% of the total flights in 2022. Airlines and travelers alike are eager to reengage with Phuket’s offerings. Passenger arrivals in the first half of 2023 already accounted for 87% of the previous year’s volume, highlighting the island’s rapid rebound.
PHUKET TOURISM MARKET 2023
This optimistic outlook is further supported by the addition of new direct flights from China. The reopening of Chinese borders led to a modest resurgence of Chinese tourists, particularly in the second quarter. Additionally, government plans to expand the list of visa-free countries, including China and India, are expected to further boost arrivals from these key source markets—an important driver of Phuket’s recovery.
Investment opportunities in Phuket are also on the rise, fueled by high demand for both hotels and branded residences, alongside the weakening Thai baht against major currencies. Foreign and Thai investors are increasingly targeting the Phuket region for new development projects.
Looking ahead, Phuket’s tourism and hotel market is on track to surpass both 2022 results and pre-pandemic 2019 levels. However, as the high season approaches, concerns over the island’s aging infrastructure are mounting. Upgrades will be essential to sustain long-term growth, and delays in critical infrastructure projects could present significant challenges despite the positive trajectory of the tourism market.
#PhuketHotelandTourismMarket #PhuketTourismUpdate #PhuketHotelPerformance
Southeast Asia has been making significant strides in the real estate market, particularly in the rise of hotel-branded residences with international hotel brands such as Aman, Four Seasons, and Banyan Tree. These hotel-branded residences span various segments, ranging from midscale to ultra-luxury. However, Cambodia’s residential market is yet to catch up with this trend, as such products are still limited in the market. In recent years, several large-scale property development projects have been observed in Phnom Penh and Sihanoukville, but Siem Reap has lagged behind, primarily due to its heavy reliance on tourism and lack of sector diversification.
CAMBODIA REAL ESTATE MARKET PRICE
The residential market in the city consists mainly of affordable landed properties. This is largely attributed to investment trends leading up to 2017, which saw most funds directed towards boutique hotels and restaurants, leaving larger residential developments on the backburner. The prime residential properties are situated around the hub of Pub Street, Sivutha Boulevard, and along the Siem Reap River. Properties on the outskirts of Siem Reap are not popular due to their remote locations, far from shops, hospitals, and schools.
However, the property market in Siem Reap is undergoing transformation due to political stability, government plans for a new city in the east of Siem Reap, the upcoming international airport, and massive improvements to the road network. These developments are anticipated to broaden the destination’s tourism appeal and energize the local economy, thereby elevating land prices and stimulating growth in the residential market. Notably, the city is witnessing the introduction of an upscale hotel-managed residence (Angkor Grace Residence & Wellness Resort) and mixed-use development projects. Moreover, residential projects are diversifying to include more mid-range options alongside ongoing affordable housing projects.
Despite the COVID-19 pandemic, the launch of new real estate projects continues, though sales performance remains subdued. Both local Khmers and buyers from other Asian countries are showing interest, presumably motivated by the discounts currently available. Cambodian buyers are favoring land investments, while foreigners are typically more attracted to condominiums, largely due to the ease of purchasing these strata-titled developments.
In terms of buyer preferences, the quality of the property has surpassed location and price to become the most crucial consideration. This change indicates that property buyers in Siem Reap are becoming increasingly discerning and financially literate, especially concerning the prerequisites for property purchasing in the Cambodian market. Currently, the majority of buyers are looking for second homes or investment opportunities.
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