Investment Insights

Weekly Thailand Property News Update , EP 4 , 2023

BY Kittipong Kongthanarung

1.Phuket Property , became popular greatly among foreigners which affected land Prices Soar by 20-30%.


Phuket real estate is desired on the Pa Sak-Kok Tanod Road. The land’s location is now being sold and changing hands to the Pull Villa, with prices increasing by 20-30% to 14 million baht per rai. After COVID, Russia is taking over and Chinese agents are starting to move.

March 29, 2023 – “Phuket” Thailand’s Andaman Pearl, did not experience strong heat today, only in the tourist areas – hotels that are recovering from foreign tourists, leading to a severe shortage of “labor” in the service sector. However, the reputation of “Phuket Sandbox” during the Covid-19 pandemic has transformed Phuket from an international tourist destination to a world-class “residential city.”

It has both beautiful natural scenery and outstanding healthcare facilities. From this trend, it has led to a change in the real estate sector that is worth noticing in the post-Covid era. As the tourism heaven is becoming the top investment destination with high returns and the potential of a golden location that cannot be found elsewhere, leading to significant land price fluctuations.

Russia takes the lead as the top buyer in Phuket.

From the perspective of Nattaya Khapnun, Managing Director of Knight Frank Thailand, a well-known real estate consultant, the first factor comes from the strong demand of foreign buyers, especially Russians in the Villa Market, where prices are soaring. This is evident in the news of “construction complete, but unsold” villas in the Pullman Villa market. This trend has been evident since Covid-19 occurred between 2020 and 2022, with both demand and supply rising, reaching its peak in 2022 when Phuket villas sold up to 3,595 out of 4,375 units, with a sales rate of 82.1%, the highest in the past 10 years since 2013.

Interestingly, Russians have become the number one buyers of Phuket’s real estate, accounting for 50-60% of the market, up from only 15-20% before. Most of the transactions were made in US dollars and Euros, reflecting the fact that Russians are trying to escape the threat of war by moving their families to safer locations. Due to the ongoing conflict between Russia and Ukraine, a large group of Russians are seeking to relocate their families to safer areas.

In addition to purchasing property for their children and future family members, Russians are also visiting Phuket during high season and showing a growing interest in renting out their properties, generating returns of 8-10% per year.

Land prices in Phuket soar by 20-30% due to strong demand. In addition to driving up the prices of villas by 15-20%, the demand has also caused changes in the land prices. The hottest locations are mainly on the west coast, including Kata Beach, Karon Beach, Patong Beach, Kamala Beach, Bang Tao Beach, Laem Ka Beach, and Nai Thon Beach. However, the area with the highest increase in land prices is located at the coordinates of the Pa Sak-Khok Ton Nun Road, where many plots have been sold and transferred to the pool villa project. The land prices have increased by 20-30%, from 10 million baht per rai to more than 14 million baht per rai. Overall, the province’s land prices have increased by 3-5% per year.


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2. The digital asset “RealX” announced an investment in a luxury condominium development.


“Token X” merges with “Real Estate Xponential” to sell “RealX” digital tokens, a new condominium investment model with a 10-year lifespan, after the success of the Green Line’s first lot of 19,230,769 tokens sold at a price of 182 baht per token. The project leads the way in the “Park Origin” initiative, with three prime locations.

On April 5th, 2023 – Ms. Jittinan Chatrisiracha, CEO of Token X, a company under the SCBX Group, revealed that the company has partnered with Real Estate Xponential Co., Ltd., the issuer of digital tokens, to create a significant development in the digital token market by introducing Thailand’s first Condo-Backed Token, named “RealX Investment Token.” The new investment model is aimed at providing a new option for new generation investors to invest in high-quality condominiums in the CBD areas that are difficult to obtain. The digital tokens will be sold as “RealX” investment tokens.


SEC approved to sell “RealX”

After submitting the digital token offering information and the draft of the prospectus to the Government Lottery Office (GLO) to propose the initial coin offering (ICO) of RealX to the public, with a maximum of 19,230,769 tokens at a price of 182 baht per token, with a total value not exceeding 3.5 billion baht, has now been approved by the GLO. The project has a duration of 10 years to invest the money in the Revenue Sale and Transfer Agreement (RSTA) contract to obtain revenue streams from the project’s assets from Real Estate Solution and Technology Innovation Co., Ltd. (Real Estate Innovation), which will hold the ownership rights of three condominium projects developed by Origin Property Public Company Limited (ORI). The funds will also be used as transaction fees, to pay off debt from fundraising, and as circulating capital for the token issuer. Investors who pay first will receive allocation priority on a first-come, first-served basis.

“Individual investors can invest in TKX Chain, which is an Ethereum-based blockchain in the form of a public permissioned blockchain that places security as its top priority, with transactions secured by smart contracts. Investors can invest up to 300,000 baht and be assured of the safety of their transactions through smart contracts on the TKX Chain blockchain network. In addition, Inspec Limited is the company that verifies the smart contracts, while CIMB Thai Asset Management is the trustee. Currently, TKX Chain is in the process of registering for trading in a digital asset exchange that has been approved by the Ministry of Finance under the supervision of the SEC to support trading in the secondary market.”


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3. Rayong has increased by 7%, making it an attractive location for property investment.


TERRA BKK points out “Rayong” as the main industrial city of the New S-Curve, attracting strong investment in services and apartments, while condominium prices have risen by up to 7% in the past 5 years.

On March 29, 2023, Rayong was identified as one of the strategic areas of the Eastern Economic Corridor (EEC) project, which has led to the development of several mega-projects such as the EECi innovation district covering over 3,500 rai in Wang Chan district, and the Smart Park industrial estate supporting the New S-Curve industry.

This will create 7,400 jobs, a high-speed railway connecting three airports over a distance of 220 kilometers, and the Map Ta Phut port (Phase 3) linking the potential of the Thai industrial sector, which will elevate the potential of the area, making Rayong the future hub of industrial estates for companies in Thailand and abroad.

According to TERRA BKK, a real estate data analytics expert, these factors are creating potential demand for real estate investment in the future, especially high-quality apartments for middle to top management personnel from Thailand, Japan, China, and South Korea who will be working in these industrial estates and require both short- and long-term accommodations.


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