Bangkok’s Suvarnabhumi Airport handled about 62 million inbound travellers in 2024, of which approximately 38 million were foreign visitors. Bangkok has a population of 11 million. Phuket International Airport welcomed 11 million travellers last year and the local population is estimated at 460,000 in the last census. Taken spade for spade, it’s a 1:5 ratio in Bangkok and a 1:24 ratio in Phuket.
Of course, the 62 million people travelling through Suvarnabhumi are vastly different from the Phuket number because Suvarnabhumi serves 75 provinces and Phuket Airport serves essentially two. But just break down the numbers for a minute. Each local is serving 24 tourists per year. Where is the opportunity?
The local population has to grow at a rate about 10 percent every year between 2025 to 2034 to reach 1 million which will be a critical mass needed to service the growth of tourism to a projected number of 19 million tourists per year by 2035. The biggest numbers of these non-organic workers will invariably come from Myanmar because there are not enough Thais moving to Phuket to serve this growing market.
The growing tourism sector is attracting new businesses like the Lotus Arena in Bangtao, which opened in 2024. It has already hosted over 20 concerts in the last nine months, serving primarily the Russian and Ukrainian community in Phuket.
My own take on the biggest growth story in Phuket is Bangtao in Cherngtalay district, where I suspect will see by 2030 in a 40 square kilometre radius:
• 6 Starbucks
• 10 Top Charoen
• 6 Tops Daily
• 10 7-Eleven stores
• 10 supermarkets (of various brands)
This location marks the bigger single growth opportunity in Thailand in terms of valuations. Prices currently trade at THB 25,000 to THB 100,000 per wa, whereas Nana/Asoke/Phrom Phong trade at THB 500,000 to THB 2 million per wa. The gentrification of Bangtao, with a mix of Chinese, Indians, Russian, Ukrainian, and South East Asians, have seen prices double over the years. Year 2000 to 2008, doubled. Year 2009 to 2015, doubled again. Year 2016 to 2024, you guessed it. And it will double again from year 2025 to 2032.
This location is the crypto of property. Take HOMA, originally in Bangtao as a co-living space targeting tourists at ADR THB 1,000 to THB 1,500 per night is currently achieving nothing less than THB 2,500 to THB 5,000 per night. HOMA’s entry into Bangkok, in the Nana/Asoke location, will also shake the market as rates in Sukhumvit Soi 12 are expected to start at under THB 1,500 per night on opening.
Phuket marks an opportunity for all who seek a new beginning for one reason: 80% of land is still rural... Still agrarian. Sold in rais (1 rai is equivalent to 1,600 sqm), not in square yards or square metres. This is your opportunity.
For advice on entering the Phuket market, give me a call +660816165987. Find me on social media.