Tourists-turned-expats are some of the most prominent investors for new development projects in Thailand, and as some specific areas have been experiencing an influx of tourists, local property prices are increasing. This is true in Phuket, which during high season has experienced a 7% increase in the local real estate market. As a result, families on average are also enjoying 3% more income annually.
The significant increase of tourists to the island of Phuket, some of whom become expats, has driven real estate prices up. Other areas in Thailand, such as Udon Thani, have looked toward the success of Phuket and are following suit. One strategy behind Phuket’s tourist success is to send tourism executives to various tourism fairs and working in collaboration with the Tourism Authority of Thailand. The new president of Udon Thani’s Tourism Business Association plans on attending these events throughout his two year term to introduce the region as a place with unspoiled nature, culture and lifestyle.
For a tourist to turn into an expat, the person must become so charmed by their surroundings that they decide to rent an apartment instead of staying in a hotel. Once getting to know the region, the tourist-turned-renter will begin to invest in real estate and eventually will contribute to the growing population and economy of that region. This is the goal for Udon Thani Tourism, which aims to put the province on the world’s tourism map over the next few years and promote it as one of the major destinations in Northeastern region.
