Tourist arrivals continued to be strong, with 3.4 million arrivals coming to Phuket in 2015, growing by 6% y-o-y. Chinese arrivals continued to grow faster than tourists from other nations, with growth of 35%y-o-y to 1.3 million. Chinese tourists now make up 38.5% of the total Phuket tourist arrivals, CBRE Marketview reports. Phuket is becoming more and more dependent on the Chinese economy, in similar fashion to the whole of Thailand. Russian tourists used to make up a significant portion of arrivals however in 2014 Russian arrivals declined by 36% y-o-y to 357,921. The decline in Russian arrivals resulted from the decline in the rouble and relative economic hardship in Russia.
In Q4 four new hotels opened. Wabi-Sabi located in Kamala has 38 mid-range rooms with an asking rate of between THB 2,500 to 4,500. Keemala also located in Kamala has 38 luxury grade rooms with an asking rate above THB 5,500 per night. Proud Phuket is a mid-range hotel with 101 rooms located in the Nai Yang Beach area. Lastly Dream Phuket Hotel and Spa is located in Bang Tao Beach and has 174 rooms with asking room rates of more than THB 5,500.
Sales performance weakened in Q4 2015 compared to Q4 2014. The weak performance was mainly due to a decline in sales of the entry-level (THB 5 – 15 million) sector. Four new projects were launched in Q4 2015.
Condominiums and apartments
Nearly half of the units sold in Q4 2015 came from two projects with a hotel management brand. Around 90% of the total units sold were studio and one-bedroom units with an average price of less than THB 5 million. Five new projects were launched in Q4 2015: four entry-level (less than THB 8 million per unit) and one high-end (THB 15 – 20 villion per unit).