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In 2026, Phuket's housing market is expected to moderate from the strong momentum seen in 2025, reflecting continued uncertainty surrounding the global and Thai economies

In 2026, the housing market in the six major provinces1/ is expected to slow in line with Thailand’s economy

The Thai hotel industry is expected to continue expanding over 2026-2028, supported by a gradual recovery in international tourist arrivals,

The hotel industry will continue to see improving conditions over 2024 to 2026, helped by ongoing government support for the industry and the annual foreign arrivals returning close to their pre-pandemic level of 38-40 million by 2025. Meanwhile, domestic tourists are also expected to be making 200 million trips annually by 2025

The housing markets in the 6 major provinces will continue to strengthen over 2023-2025, helped by: (i) the gradual recovery of the Thai economy; (ii) progress on the public infrastructure investment, which will then encourage an uptick in economic activity; (iii) recovery in the tourism sector, with foreign arrivals now expected to return to their pre-Covid-19 level by 2025; and (iv) government efforts to stimulate property sales by cutting fees for registering mortgages and transferring ownership

The hotel business is expected to continue growing well during 2019-2021, with foreign and Thai tourists expected to expand

The hotel business will enjoy a steadily improving outlook over the next three years. However, recovery will remain only sluggish through 2022 given the limited number of tourist arrivals, and in particular the continuing depressed state of the Chinese market, where the government is still strictly implementing Zero-COVID policy. In addition, the global economy is facing significant headwinds as a result of the outbreak of Russia-Ukraine war, and this too is weighing on the industry. Nevertheless, the number of foreign arrivals should build at an accelerating rate through 2023 and 2024, and by 2025, the industry is expected to return to its pre-COVID level of 38-40 million arrivals annually.

In 2021, housing sales in the 6 major provinces will likely remain flat or drop slightly from 2020 levels as COVID-19 continues to hurt the economy. In response to the prevailing weak business conditions, developers have been trying to run down existing stocks of unsold properties. Looking at 2022 and 2023, conditions should improve along with stronger economic growth, while government stimulus measures will help to lift consumer purchasing power. But there are still several headwinds weighing on the property market. Household debt would continue to trend up, which would reduce affordability and simultaneously lead to tighter credit conditions. In addition, demand for housing has been mostly absorbed in 2020, when developers had cut prices to run down inventories, reflected in the mild drop in house ownership transfers. Also, demand from foreigners will continue to be capped by restrictions on international travel.

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