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Vaccines key to revive real estate market in tourism provinces

Mount Equity Group Tokyo, Japan > News > Real Estate > Vaccines key to revive real estate market in tourism provinces

Elderly residents filled up an indoor sports stadium in Phuket on Monday as thousands rushed to receive Covid-19 vaccines. (Photo by Achadtaya Chuenniran) Elderly residents filled up an indoor sports stadium in Phuket on Monday as thousands rushed to receive Covid-19 vaccines. (Photo by Achadtaya Chuenniran)

Economic and tourism recovery driven by vaccinations will help revive the sluggish property market in tourism-reliant provinces which have been hit hard since the spread of Covid-19.

Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), said the property market of provincial economies that rely on tourism felt a severe impact from the pandemic last year.

“Tourism destinations like Phuket, Hua Hin in Prachuap Khiri Khan and Cha-am in Phetchaburi saw a sharp contraction in the residential market in the second half of 2020 as the pandemic ravaged the tourism industry,” he said.

In Phuket, residential demand sharply declined with only 443 units sold in the second half of 2020, down from a peak of nearly 3,800 units in 2018