Good start to 2024
Thailand recorded 5,981,234 overseas visitors from January to February 25, generating approximately 290.92 billion baht for Thai entrepreneurs. China led the pack with 1,114,316 arrivals, followed by Malaysia, Russia, South Korea , and India in the first eight weeks of 2024.
Waived Visa
Expectations are high for increased foreign arrivals in Q2 due to a permanent visa waiver deal between Thailand and China. Starting March 1, Thailand and China have mutually waived visa requirements permanently, replacing the previous visa-free policy.
Revenue 2024
This initiative follows the government's visa-free policy, which began in September 2023 with a 5-month visa exemption for visitors from China and Kazakhstan, and later extended to India and Taiwan in November 2023. The Ministry of Tourism and Sports has set a revenue target of 3.5 trillion baht for 2024, with an estimated 2.3 trillion baht expected from around 40 million foreign arrivals.
Real Estate
This surge in tourism is expected to correlate with increased interest in investing in Thai properties, particularly in main tourist cities like Bangkok, Phuket, and Chiang Mai. With the influx of visitors and rising revenue, the real estate market in these areas is likely to see heightened activity and investment opportunities for both local and foreign investors.
Moreover, this trend is anticipated to impact the rental market significantly, especially in tourist hotspots. Cities like Bangkok, with its diverse attractions and vibrant lifestyle, are likely to attract a large number of renters seeking accommodation. Additionally, beach destinations such as Phuket and cultural hubs like Chiang Mai are expected to experience increased demand for rental properties from both tourists and expatriates looking for temporary or long-term housing options. Investors may find lucrative opportunities in purchasing properties for rental purposes in these cities to capitalize on the growing demand.
Source: MOT & The Nation
