In a press release by Knight Frank, it was reported that Phuket has continued to be a global attraction for holiday makers as well as for those renting private villas instead of staying in hotels. Last year villas and condominiums on Phuket witnessed an improvement in rental demand during the high-season. Now lessees are coming from a greater variety of countries, with Hong Kong and Singapore’s expatriates plus Russians, Koreans, and Indians coming in beside Europeans as key markets investors.
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Thailand Property – Phuket rental market shows healthy demand
Mr. Nattha said that the variety of buyers this year are found in Phuket, for instance Asians and Russians. Russia is also threatening to overwhelm Europe as Phuket residential buyers. One reason for the dramatic increase in numbers is simple, the severe weather in the Euro-zone, notably Eastern Europe, has shaken up many people about the need to relocate to safer, better homes. The busiest time is between October to April when the weather in Europe is really cold.
Another reason is that it’s never been easier for the international tourists to get to Phuket. There are many charter airlines now run direct flights between many big and small cities in various parts of the world to Phuket. Previously, Russians were visiting places like Turkey and Egypt, but due to the political unrest in those areas, and the cost being the same, they have turned to come to Phuket. However, there are two main classes of tourist which are the lower middle class and ultra-wealthy tourist. Phuket is abuzz with talk of these new buyers.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
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