The economic storm and the business impact from the loss of foreign tourists caused by the virus outbreak have failed to stop enquiry from domestic investors and individual buyers about Phuket land, according to CBRE.

Head of Capital Markets for Investment and Resort Land at CBRE Phuket, Prakaipeth Meechoosarn, revealed there had been increased demand from Thai investors for the island.

“In the past, the Phuket real estate market has attracted more foreign investors than Thais as a region’s leading resort destination," she said.

"However, due to the travel restrictions, more local players are now eyeing Phuket land as potential investment and asset, especially if it has an attractive price tag.”

Records from CBRE’s Investment and Resort Land team in Phuket show that land enquiries from local buyers in the first nine months in 2020 increased by 50 per cent, compared to the same period last year.

Of the enquiries made, 62 per cent of the enquiries are from local developers mainly seeking plots for new development or private buyers looking for land to build vacation homes.

While the government has launched a Special Tourist Visa (STV) plan since 1 October 2020 for limited tourism aimed at high-end and long-stay tourists as part of an effort to reopen its doors to tourism and rebuild the island's economy, Ms Prakaipeth said foreign investors are not in a rush to purchase land in Phuket, apart from buyers who are well-acquainted with the region.

“In terms of supply, Phuket land that fits the conventional requirements for development such as beachfront and ocean view is still low in amount.

"However, more land plots have become available in the market.

"As the current situation is a buyer market, landowners are more open to price negotiations and willing to consider options."

She said despite the sluggish economy, the increased domestic demand signified that Phuket was now given a new opportunity to impress its Thai investors.

“In the buyer-market phase, Phuket land is a good option for investment as more land is offered at reasonable prices," she said.

"The market has not been this attractive since the pre-COVID-19 days.

"However, investors and buyers may have less time for decision-making for high potential plots due to the shortage of available supply."

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