Dreams die hard, even in a pandemic. But for thousands of Phuket property buyers who invested in the promise of a tropical dream with endless sunsets, the stone-cold reality of failure is just starting to hit home. Amidst a backdrop of rusting steel, decaying concrete, and empty construction sites lays the dark side of the island’s real estate trade.
To better understand the sheer size of the market, based on C9 Hotelworks latest research report shows there are currently 22 projects offering hotel-managed properties in Phuket with 6,529 units. As to how significant this is to the larger incoming pipeline of hotels, 55% of all new hotel developments have real estate components.
Digging deeper beyond the hotel-managed or branded condos and villas segment is an equally large number of pure residential developments that promote the promise of guaranteed returns or rental income….
