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Phuket And Samui Resort Markets Outlook 2008

Recent growth in tourism creates the market for resort real estate and increases in tourism bring in both more buyers and fuel demand which in turn creates price rises, according to international property consultant CB Richard Ellis. 2007 was a year of robust growth for the tourism industry in Thailand's resort markets. Arrivals to Phuket alone totaled 5.47 million, a third of total tourist arrivals to Thailand. Samui, Asia's emerging "boutique" resort island, is also seeing significant growths. In 2000, there were only 600,000 visitors to the island compared to 1.5 million in 2007.

Phuket has outperformed itself in terms of hotel occupancy and arrivals even in last year's low season. From a highly seasonal tourist destination, worldwide appeal has transformed Phuket into a year-round destination, with a 70% average annual hotel occupancy. This high season is undoubtedly one of the busiest Phuket has seen. Phuket International Airport currently handles up to 287 international flights per week, while many hotels and airlines remain fully booked until March this year.

Samui, Phuket's boutique rival, has also experienced an inflow of visitors as the island's accessibility has improved resulting from Bangkok Airway's expansion. The airline now operates daily direct flights to Hong Kong and Singapore and twenty flights to Bangkok. Further growth is expected as higher capacity aircrafts are now able to land in Samui. THAI Airways planes will also be able to operate two daily flights between Bangkok and Samui and opening Samui Airport to two main carriers. The aircraft seat capacity on international flights is expected to rise by 62% to accommodate the increasing demand. This could produce over 2 million airport arrivals in 2008.

"The improved airlift in Samui will be a key factor in supporting the growth of its property market. CB Richard Ellis expects increased demand for homes here," said Ms. Prakaipeth Meechoosarn, CB Richard Ellis Samui Manager. CB Richard Ellis remains confident in the long term prospects of the Thai resort property markets. In 2007, CB Richard Ellis opened two new offices in Samui and Pattaya as part of our plan to expand our resort property network throughout Thailand.

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