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Branded residences, condo hotels, mixed-use projects, and vacation home rentals are becoming a significant player in Thailand’s hospitality space. As property developers, real estate investors, and property buyers are learning, this is a complex space that requires well-structured projects.

Join us for a unique 90-minute co-working lunch learning session about all the moving parts in this rising marketplace and how Thailand’s regulatory framework administrates these segments. We will be giving a commercial overview of the marketplace and going over frequently asked questions about Thailand’s Hotel Act, Land Development Act, and Condominium Act and how they apply to each specific hospitality component. Get insights into how to avoid the most common mistakes.

Other highly relevant topics include taxation for vacation rentals for developers and property owners, a dive into the processes involved in obtaining a hotel license, and how EIA’s (environmental impact analysis) are a key factor in developments.

The C9 Sessions is an ongoing initiative by C9 Hotelworks in providing educating the hospitality industry, inspiring change and advancing entrepreneurial thinking. We are proud to be supported by HOMA, Hughes Krupica, HLB Thailand, PropertyGuru Asia Property Awards, and Original Vision for this event. This session will be invaluable for developers of branded residences, condo hotels, mixed-use properties, and vacation rentals along with real estate brokers, hotel owners and management groups.

Event Schedule

Date: Friday 31st May 2024

Venue: HOMA Cherngtalay – Restaurant

Registration: 11:00 am onwards

Session: 1130 am to 1:00 pm

Understanding Thailand’s Branded Residence and Condotel Issues and Challenges
Bill Barnett, Managing Director, C9 Hotelworks

FAQ’s – Hotel, Condominium, and Land Acts for Mixed Use Projects, Branded Residences, Condo Hotels and Vacation Rentals
Desmond Hughes, Senior Partner, Hughes Krupica

Vacation Rental Tax Primer for Owners and Operators
Paul Ashburn, Co-Managing Partner, HLB Thailand

Hotel License Process and EIA Regime
Prasert Chanom, Director, Original Vision

Award Marketing for Brand Residences, Mixed Use Projects and Condo Hotels
Sumi Soorian, Chief Marketing and Commercial Officer, The Headland Cape Yamu

Attendance is complimentary. Advance registration is required and QR code from Eventbrite is required for entry.

HOMA is offering a special Grab n Go lunch option that can be ordered and paid for in advance. Parking is available and details will be sent out before the event.

Please click for free event registration HERE

Catch this special event this coming Friday 26th April with a special preview of the new MIRA Valley master-planned community in the heart of Phuket, Manik. This is an amazing opportunity to acquire a development plot in a larger high-quality community.

This will be of special interest to property developers looking for land parcels, investors. and brokers. The plots are suitable for luxury home estates, townhouses, and condominiums, private schools, medical and wellness facilities, commercial and sports projects. There are development plots from 9 to 30 rai and above, which can also be combined.

We will be holding three one-house introduction sessions led by Bill Barnett of C9 Hotelworks who will give an update on the changing island Phuket infrastructure and key demand generators. An overview of the project, available development parcels, and details will be available as a chance to meet directly with the owners who are a highly experienced property group.

Space is limited so please confirm the session and timing if you will attend. The link to reserve is below:

MIRA Valley Preview

MIRA Valley Preview

Given the backdrop of a booming Phuket real estate sector, one area that is often overlooked is the rental market. Despite a vibrant vacation short-stay segment, there remains a strong demand for extended and long-stay rentals across the island.

Rental demand coming out of the COVID19 pandemic experienced sustained uplift and has continued to perform well. Despite a return to seasonality for Phuket’s tourism sector, rentals have continued to post year-round gains.

Rather than simply asking what real estate brokers thought about rentals I took an opportunity to sit down with Brennan Campbell, Head of Brokerage at Thailand’s leading property portal Digging through data was the way to go and the idea was to look at full-year figures from 2023 and year-to-date 2024 to look for trends and changes. The figures may surprise you and no doubt give more insight on actual demonstrated demand.

Starting at the top and looking at the most popular real estate class for rentals, condominiums hold nearly 60% share, while detached houses in estates or projects make up over 20% share. Townhouses and stand-alone homes are both under the 10% marker. Comparing 2023 vs. 2024 condominiums are continuing to show growth.

Diving into specific condominium configurations in terms of popularity, one-bedroom units hit a share of over 40%, followed by two bedrooms at 20% and studios a similar number. Tracking year-over-year trends, smaller units that are lower priced are becoming more popular and there is a trading down of unit size due to pressure on prices.

On the house front, three-bedroom units stood at 55% demand in 2023 but became less attractive this year. In 2024, a quarter of rentals were four-bedroom homes.

Looking at the nationality of renters Russia tallied nearly one-third of the market in 2023, but this year has shifted downward to just 25%. Moving through the Top 5 sources of business are Thailand, the US, UK, and Australia.

Moving to submarkets, last year and this year have seen significant changes, though it’s important to note that 2024 is not full-year data. In 2023, the Top 5 submarkets were Cherngtalay, Patong, Kamala, Srisoontorn (inland). Kathu, Rawai, and Chalong also ranked well.

In 2024, Cherngtalay is at the top but again this is Q1 data and there is the winter snowbird effect. Rounding out the Top 5 submarkets are Kamala, Rawai,  and Patong/Kathu.

Rental tenure was a changing landscape last year and in 2024.  In 2023, the average term was just over 10 months while this year has slightly reduced to just over 9 months. Three-six-month terms are popular but not nearly as strong at yearly rentals which account for over half of the demand.

One surprising trend when reviewing 2023 rentals is that there for extended and long-stay terms, demand remains consistent throughout the year. There are not the same seasonal spikes as in tourism, but looking closer at peak season it appears renters are less inclined to enter into rentals, no doubt as a result of high prices of vacation rentals.

Tagging onto this is average market-wide rentals with a median monthly rental last year being THB68,000, and a similar number this year. This is an island-wide average and is for the overall condominium and house segments.

For buyers of Phuket property, taking a view on recurring yields is a good alternative to focusing on ‘the big flip’ of market appreciation. Real estate can be a wise long-term investment but removing as much risk at the acquisition stage is important.

The best advice is for buyers to do their homework and identify what are the most popular rental configurations, submarkets, and projects. Online sites now offer good historical data on rentals but this is just one element of buyer due diligence. Work through the numbers, and understand the difference between gross and net rentals, as often common area or maintenance fees are not factored in. Anticipate and plan longer-term maintenance expenditures, especially for houses and villas, these are capital-heavy investments and Phuket’s tropical weather takes its toll.

We do expect more ‘build to rent ‘property developments in Phuket in the coming years, though a key deterrent is underlying land costs that are skyrocketing. In the serviced apartment sector, we have seen HOMA with two open properties and a third coming in Chalong take a view on sustainable cash flow from rentals. As the island’s  story continues to mature and fragment, rentals remain an ongoing evolving storyline.













One of the most common questions I am asked these days is about a potential Phuket real estate bubble. While it’s a popular buzz term, so many who ask the question don’t understand what a bubble is.

The most notable real estate bubble in recent history was the subprime housing crisis in the United States in 2007. In other sectors, there have been bubbles like the crisis of 2000 and 2018’s crypto-crash.

Fundamentally bubbles are when valuations reach unrealistic numbers and underlying fundamentals of sustainable growth go awry. This typically results in a crash, and in real estate terms, that would mean a sharp drop in property prices.

In many parts of the world, especially the West, real estate is susceptible to a bubble as a result of being impacted by liquidity in the marketplace. When there is the absence of cash, loans or mortgages are more and more highly leveraged and the risk gap widens into a crevice. Enter the crash scenario.

Phuket’s real estate fundamentals are very defined and unlike any other market, I know of. They can best be summarized as –

  • The majority of property transactions are on a cash basis.
  • Resort-grade real estate’s total market value well exceeds domestic housing in absolute numbers.
  • Thai buyers who finance or borrow on properties represent a minority segment of the market.
  • Development of projects is often linked to phasing and actual sales, hence developer default remains low.
  • The geographic source of buyers on the island is spread across many countries, economic indicators, and currencies, which effectively mitigates single market risk.

That said, there are signs that Phuket is reaching the top of a property cycle and there are learnings from past events.

Just over a decade ago, the island saw an influx of small, low-priced condominium projects by Bangkok-based developers enter the market. With Asia one of the first regions across the globe to come out of the financial crisis and a growing middle class, we saw Thai buyers viewing this segment as its very own investment class.

Similar to Bangkok, and what at the time was termed as ‘Mickey Mouse’ flats that were small and cheap. Payment terms were back-loaded on completion and buyers often snapped up multiple units intending to flip on demand-led appreciation, before transfer (final bulk payment or mortgage kicking in).

To cut a long story short, this speculative phase eventually flattened as Phuket simply did not have enough end users for this volume of product, and buyer default rates rose often to 30-40 percent of total inventory or more. In the end, many of the Thai developers refocused back to Bangkok, and eventually over time the inventory was absorbed.

We are now experiencing a spike in two distinct segments – condominiums and villas. For condominiums, there is a key difference in the buyer profile though there has been a sharp rise in foreign buyers of these products. They are most cashed up and capable of closing so it’s unlikely the default rates will teach that of a decade ago. But, there are still a growing number who are looking to flip before completion so we are reaching a highly speculative market cycle on large-sized projects with low-priced condominiums.

For villas including resort-grade homes, the pandemic spurred a massive migration to Phuket led by urban flight, work-from-home changes, and a growing emphasis on quality of lifestyle. Couple this with a dramatic evolving geopolitical crisis in Eastern Europe and Phuket suddenly saw its legacy retirement or second home sector taken over by an influx of end-users.

Global migration has changed our world, and Phuket’s geography as a winter haven for much of the Western world is a strong driver of demand. Thailand’s government-mandated program including Thailand Elite pay-to-play long-term visas, retirement program, and international education guardian visa that extends to families are key factors in attracting real estate buyers.

But let’s move back to the Eastern European buyers who have become the leading force in Phuket’s real estate market over the past two years. This not only includes Russians but also investors from Ukraine, Kazakhstan and Uzbekistan. For tourism, we always say you can’t stay there if you can’t get there, but this also applies to property buyers as well. Anyone who has visited Phuket International Airport in high season can see the Eastern European airlines outnumber any other carriers.

For Russians in particular, the rise of their transactions in Phuket property can be linked to an increasingly restrictive environment in the  West towards banking, investment, and doing any sort of business. Given their domestic economic volatility and despite declining currency values, they view Thailand and in particular Phuket as a safe haven. Suddenly real estate is the new bank for Russians.

It’s hard to ignore the widespread growth of Phuket’s real estate sector which is challenging tourism as a key economic indicator. In the Greater -Bangtao area alone that covers Cherngtalay, Laguna, and Layan there are over 20,000 residential units either under development or in the pipeline. But, viewing those buying and investing, these individuals and groups are highly liquid, most paying cash and taking a long-term view of upscale premium properties.

I’m not going to even attempt to forecast global geopolitics, but there is little double that over the next 3-5 years we are in for a wide degree of turbulence, so for the most part buyer’s money is staying put in real estate assets. With minimal lending exposure, or a market retreat of buyers back to their own country, any form of crash is unlikely.

What we have learned from the past is there remains an ebb and flow, much like the ocean tide and property is a cyclical endeavor. Once we hit a high, there will be froth, and niche opportunities arise.  For resort property, below-market sales are usually mainly due to death, divorce, or personal financial problems so broad market movement is probably not going to occur.

What will happen as has in the past is that demand flattens, a rising secondary sector, and supply becomes competitive to new developments or primary sales. That’s perhaps a rational view of the low season in 2024.

But, and this is my opinion, is that in the big picture of worldwide upheaval, Phuket’s position as a safe haven real estate investment destination could buck the cycle. Growth in other geographical source markets, the return of China, and other geopolitical events will without a doubt spur more diversity in buyers and those migrating to Phuket. As for the bubble, I’ll leave that to the reader to decide.













Bangtao’s development pace keeps growing with noted Hong Kong entrepreneur Allan Zeman set to roll out a new project named Sudara.

Coming up as Phase 1 will be 220 luxury condominiums with one, two, and three-bedroom configurations.  There are plunge pools in some premium units.

Resort-living amenities include a 50-meter lap pool, fitness, yoga, co-working space, events space, and underground parking.

Andara Resort Management will provide owner services.

A second phase is planned. Zeman’s Phuket property track is strong, on the success of two of the island’s leading ultra villa estates – Andara and Andara Signature on Kamala’s Millionaires Mile.



Branded residences in Phuket have reached an unprecedented supply value of THB80 billion (approximately USD2.3 billion), setting a new historical high. The destination now has the highest value of leisure supply value globally and has joined the ranks of urban destinations Dubai and Miami as a world-class branded residences property hub.

Condominiums, which form 59% of the market, have recorded an average unit price point of THB 11.7 million. In stark contrast, the median price for villas is THB120 million. Despite villas representing a modest 6% of supply available in the primary market, they command a substantial 41% of the total value, underscoring their significant impact on the market’s luxury real estate segment.

The island’s branded residences supply stands at 27 properties with a collective 4,267 units which are currently for sale, or in the pipeline. The Cherngtalay sub-district on Phuket’s West Coast, encompassing Layan, Bangtao, and Surin, holds the highest concentration of branded properties on the island, totaling 14 properties with 2,352 units.

A key post -COVID19 trend is seeing more hotel developers taking to mixed-use models and branded properties. As land prices on the island are skyrocketing under high -demand conditions, a shifting economic model is putting pressure on hospitality development to include real estate elements in order to create higher investment returns.

Global brands entering the market include Rosewood and The Standard mark the next chapter for Phuket luxury real estate. With branded condominiums achieving a median price of THB160,734 per square meter and villas at THB179,260 per square meter, these high-profile additions are creating a prime global hub for affluent lifestyle property. Despite a strong recovery path for Phuket’s once tourism-dependent economy, the island’s real estate sector is now spurring a game-changing storyline to that of an international community.

To download and read C9 Hotelworks Branded Residences Market Review CLICK

The island’s largest developer Laguna Resorts and  Hotels PLC has announced a new hotel branded residences project named Garrya Phuket.

The mixed-use complex is on the site of the former Quest Adventure Camp, and will have a total of 150 keys, with 38 two-bedroom residences units now for sale.

With beachfront access pricing starts at THB34 million. Completion is expected by 2027.

Set to be a wellness-oriented product. ‘Garrya ‘ is part of the multi-hospitality brands of the Banyan Group.



Phuket real estate hit record highs in 2023 and as we move through this year overseas and domestic buying momentum is robust.  The resort island continues to be one of Asia’s leading resort destinations but is also turning into an international community.

One of the leading trends is branded residences, with more than half of Phuket’s hotel pipeline now being mixed-use developments. This event will be a great opportunity to understand the market from leading experts, get the latest data, and dive inside the numbers on advice and best practices in the sector.

Join us on Friday 29th March 2024 at the Amora Beach Resort Phuket, Bangtao for a fast-paced, candid, 90-minute primer on the latest in Phuket property with a special focus on branded residences. Organized by PropertyGuru Asia Property Awards and DD Property with HLB Thailand and C9 Hotelworks.  Registration opens at 3:00 pm, with the program running from 4:00- 5:30 pm. Networking cocktails to follow.

Introducing PropertyGuru 2024 Phuket Awards

Jules Kay, Managing Director, PropertyGuru Asia Property Awards


Inside the Data. Phuket Property Transaction Trends

Dave Apirakviriya, General Manager – Think of Living & Thailand Marketplaces, DD Property


Phuket Branded Residences Market Update

Bill Barnett, Managing Director, C9 Hotelworks


Tax Benefits of Long-Term Resident Visa for Foreign Property Owners

Paul Ashburn, Co-Managing Partner, HLB Thailand


A Developers Perspective – Branded Properties

Stuart Reading, Managing Director – Group Property Development, Banyan Group

Yana Chuvalova, Director of Sales and Marketing, Amal Development

Faheem Ahmed, Chairman, Mishari Limited

(Moderator) David Johnson, Chief Executive Officer, Delivering Asia Communications


Designing Branded and Managed Residences

Attasit Intrachooti, Architect & Developer, Botanica Luxury Villas

Marco Antonio Duran Mendoza, Senior Architectural Design Manager, Archetype

Freek Jansen, Branch Manager South East Asia, Dewan Architects + Engineers

(Moderator) Sumi Soorian, Chief Commercial and Branding Officer, The Headland Phuket

Attendance is free,  CLICK to register






Bali is back and tourism is booming. Did you know in 2023 5.3 million international visitor arrivals and nearly 10 million domestic travelers went to Bali? Read the latest on one of Asia’s best-known travel destinations in C9 Hotelworks and Horwath HTL Bali Hotel and Branded Residences 2024 report.

Top tourism source markets include Australia, UK, USA, and rising star India. Rates are staying high. For demand, with the market strong, Kuta, Legian, and Sanur have moved up the scale. Expectations for the year are strong on fundamental stability.

Turning to branded residences, the property market remains hot with a mix of both Indonesian and foreign buyers. Mixed-use properties and investment-oriented real estate are leading trends. We expect a new wave of international branded properties to be announced soon as projects are moving to the development phase.

To read the full Bali Hotel and Branded Residences 2024 report CLICK

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