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Is Phuket still a great place to invest in vacation homes? Big Chili caught up with Mr. Micah Tamthai, COO of Lifestyle and Real Estate at Minor International to learn more. The group just launched their latest project in Phuket, Kiara Reserve. Read more about it below.
1. Does Phuket still remain a desirable destination for purchasing vacation homes?
Absolutely. Phuket is still one of the region’s most competitive real estate markets with good short- and long-term returns driven by high demand and a strong history of land and villa capital appreciation. We are seeing a lot of interest from buyers looking for a second home in Phuket, especially in the luxury segment.
The trends that emerged during the pandemic – a preference for remote working, landed properties, and resort-branded residential projects – are still going strong. What is different today is that whereas during the pandemic Phuket’s market for luxury real estate was mainly driven by domestic demand, today we are seeing many more first-time or returning overseas buyers, resulting in a more balanced mix between domestic and foreign demand.
Another reason why Minor International remains bullish on Phuket is the province’s commitment to significant infrastructure investment in anticipation of future growth, and that’s in addition to the island’s reputation for international-standard healthcare and education, a mature hospitality market and a myriad of leisure activities. Phuket is also re-establishing itself as a travel hub, with an international airport that offers easy access to the rest of Asia, the Middle East, Europe and beyond.
1. Does Phuket still remain a desirable destination for purchasing vacation homes?
Absolutely. Phuket is still one of the region’s most competitive real estate markets with good short- and long-term returns driven by high demand and a strong history of land and villa capital appreciation. We are seeing a lot of interest from buyers looking for a second home in Phuket, especially in the luxury segment.
The trends that emerged during the pandemic – a preference for remote working, landed properties, and resort-branded residential projects – are still going strong. What is different today is that whereas during the pandemic Phuket’s market for luxury real estate was mainly driven by domestic demand, today we are seeing many more first-time or returning overseas buyers, resulting in a more balanced mix between domestic and foreign demand.
Another reason why Minor International remains bullish on Phuket is the province’s commitment to significant infrastructure investment in anticipation of future growth, and that’s in addition to the island’s reputation for international-standard healthcare and education, a mature hospitality market and a myriad of leisure activities. Phuket is also re-establishing itself as a travel hub, with an international airport that offers easy access to the rest of Asia, the Middle East, Europe and beyond.
2. Many luxury brands have launched real estate projects in Phuket in recent years. How does Kiara Reserve stand out?
Firstly, Kiara Reserve’s location couldn’t be more exclusive – it joins a boutique collection of luxury residences in Layan Bay, in Phuket’s highly sought-after ‘Millionaire’s Mile’, only 20 minutes from Phuket International Airport. Here, your neighbours are the uber-exclusive Layan Residences by Anantara and Avadina Hills by Anantara. Privacy is another point of difference, with only 42 villas and condominiums in development, so that guests are guaranteed seclusion.
Also, the amenities are second to none. With 100 rai (40 acres) of prime beachfront land, this exclusive enclave is designed for luxury island living, with a residents-only swimming pool and fitness centre, Thai and international restaurants, Anantara Spa, beachside dining and rooftop bar at Beach House, sport and leisure facilities at Layan Active Zone, and an on-site helipad and yacht tender jetty. Currently in development are an eight-berth marina, a new culinary destination featuring Thai fine dining, a cooking school and first-of-its-kind rooftop observatory, and a new wellness clinic.
And lastly, being managed by experts in luxury, Kiara Reserve will boast service standards on par with the world’s finest hotels and resorts, delivered by a dedicated residential management team. Minor International and its long-standing joint-venture partner Kajima Corporation are committed to further developing Layan Bay as a world-class destination, which will stand owners of Kiara Reserve in good stead to capitalise on future gains for the years to come.
3. What are luxury buyers looking for when looking for real estate investment?
Our customers typically look for world-class, personalized residential management that delivers a seamless home ownership experience. We call it “arrive and enjoy, leave and forget”. Other non-negotiables include a private and exclusive location in close proximity to amenities, superior quality finish from construction and design to materials, and, for Thai nationals, properties with freehold title.
4. What are your future plans for more projects? Any other destinations other than Phuket?
In Thailand, we are most bullish about Phuket, where we see the most potential for growth. We will continue investing in real estate and hospitality projects here in the immediate future.
Firstly, Kiara Reserve’s location couldn’t be more exclusive – it joins a boutique collection of luxury residences in Layan Bay, in Phuket’s highly sought-after ‘Millionaire’s Mile’, only 20 minutes from Phuket International Airport. Here, your neighbours are the uber-exclusive Layan Residences by Anantara and Avadina Hills by Anantara. Privacy is another point of difference, with only 42 villas and condominiums in development, so that guests are guaranteed seclusion.
Also, the amenities are second to none. With 100 rai (40 acres) of prime beachfront land, this exclusive enclave is designed for luxury island living, with a residents-only swimming pool and fitness centre, Thai and international restaurants, Anantara Spa, beachside dining and rooftop bar at Beach House, sport and leisure facilities at Layan Active Zone, and an on-site helipad and yacht tender jetty. Currently in development are an eight-berth marina, a new culinary destination featuring Thai fine dining, a cooking school and first-of-its-kind rooftop observatory, and a new wellness clinic.
And lastly, being managed by experts in luxury, Kiara Reserve will boast service standards on par with the world’s finest hotels and resorts, delivered by a dedicated residential management team. Minor International and its long-standing joint-venture partner Kajima Corporation are committed to further developing Layan Bay as a world-class destination, which will stand owners of Kiara Reserve in good stead to capitalise on future gains for the years to come.
3. What are luxury buyers looking for when looking for real estate investment?
Our customers typically look for world-class, personalized residential management that delivers a seamless home ownership experience. We call it “arrive and enjoy, leave and forget”. Other non-negotiables include a private and exclusive location in close proximity to amenities, superior quality finish from construction and design to materials, and, for Thai nationals, properties with freehold title.
4. What are your future plans for more projects? Any other destinations other than Phuket?
In Thailand, we are most bullish about Phuket, where we see the most potential for growth. We will continue investing in real estate and hospitality projects here in the immediate future.
