New (and long awaited) developments in public infrastructure on Phuket, Thailand’s largest island and a premier travel destination, could positively impact the recovering local real estate market within the next few years, reports Property Report. Last year, the island witnessed a government-led “clean-up”, clearing coastal areas of illegal businesses. And with the recently approved, THB 23.5 billion new light rail mass transit system project, Phuket stands to benefit greatly in terms of attracting more tourists and investors.
As of now, the 60-kilometre light rail system project will feature 20 stops, beginning at Tha Nun, running through Phuket International Airport and ending at Chalong Circle. The project is slated to begin construction in 2021.
Local industry incumbents have commented that the light rail project is a “game changer,” which could become a “virtual magnet for retail, commercial and property offerings,” akin to an economic catalyst such as Bangkok’s BTS Skytrain project. The latter had a tremendous effect on the Thai capital’s real estate sector; it continues to drive up demand for new real estate developments (and reignite interest in existing developments) from local and international investors.
In Phuket, property experts predict that once the light rail project is completed, residential properties will become even more desirable to residents and visitors. Not only will they have seamless access to the airport, they will also be able to easily transit to and from the vibrant, and ever-evolving downtown area.
