Travel revolution and digital nomads

The recent news about the collaboration between the Thai Ministry of Tourism (TAT) and the globally renowned Californian online booking platform Airbnb in the "Live and Work Anywhere" project has gained widespread attention and public approval.

It has been two years since the COVID-19 pandemic began, two years that have been a turning point for the whole world, and two years that have forever changed our perception of life, work, and travel. For the first time in history, people around the world have the opportunity to live and work anywhere on the planet.

The world is changing, and over the past five years, new remote professions have emerged. After COVID-19, many companies have gone online, providing employees with the opportunity to work from anywhere in the world, without being tied to an office. As a result, millions of so-called digital nomads have emerged, people who work remotely, employees of large companies, or successful business owners who were previously forced to transfer their entire work process to an online format and work from home during the pandemic. And now they are searching for the perfect place to live and comfortable conditions for remote work.

According to a study by Harvard Business School:

"Finally, digital nomads might play a key role in fostering entrepreneurship and the creation of technology clusters around the world."

International companies, such as Proctor & Gamble, Dropbox, Amazon, and including Airbnb, have provided their employees with the opportunity for fully remote or hybrid work processes, which has become a worthy example for the entire corporate world.

It is noteworthy that the Land of Smiles is already a second home and a regional hub for many international corporations and one of the main tourist destinations. (More details in our article "Why buy property in Thailand and Phuket")

What is "Live and Work Anywhere" and why is it important?

"Live and Work Anywhere" is a project by Airbnb aimed at developing comfortable conditions and attracting remote workers from all over the world.

To become one of Airbnb's partners in the project, a country must meet certain criteria:

• transportation mobility, affordable cost of living, and a visa system that promotes long-term stays in the country (more than 4 weeks)
• comfortable conditions for online work: strong Wi-Fi signal, fast internet, and the availability of coworking spaces (offices, cafes, where you can temporarily or permanently work)
• conditions for integration into the local society and immersion in the culture, such as visiting local attractions, the opportunity to learn the language, cuisine, and so on.

In July of 2022, Airbnb included Thailand in the list of 20 destinations that provide the best conditions for digital nomads. This means that work will be carried out over the course of several months to develop the country as an international tourist hub for long-term travel and remote work.

It is not surprising, as the Thailand has all the advantages for conducting an online business: fast internet, stable economic situation, developed infrastructure, accessible transportation system, favorable climate, hospitable and friendly atmosphere, and visa policies that allow for long-term stays in the country.

“Thailand has long been a top destination for remote workers and long-term travelers globally. Strong local infrastructure, community access and a wide variety of unique accommodation for longer stays continue to attract visitors around the world, as well as our warm hospitality and unique culture. As we look to rebuild the country’s tourism sector and accelerate recovery, we are honoured to partner with Airbnb on its global Live and Work Anywhere initiative to attract long-term travelers to Thailand.” - shared Thapanee Kiatphaibool, Deputy Governor for Domestic Marketing, Tourism Authority of Thailand.

What has changed in the real estate market as a result of the travel revolution?

According to Airbnb, the number of search requests for the first quarter of 2022 exceeded 2019 figures for the same period by 50%. There has been a significant increase in demand for longer stays of 28 nights or more. Airbnb notes that since 2021, every fifth user of the platform is a remote worker.

Amanpreet Bajaj, Airbnb's General Manager for India, Southeast Asia, Hong Kong, and Taiwan, noted in an interview with The Nation Thailand news outlet that there is not only a trend towards longer vacations of 1-2 weeks to 2-3 months or more, but also a shift in the seasonality of vacations.

While there isn't a clear seasonal pattern in Phuket, the period from May to October, known as the "monsoon season," has traditionally been referred to as the “low season" due to the lower number of vacationers compared to other months. However, the current scenario is quite different, with a noticeable influx of foreign tourists at the beaches, shopping centers, and night markets, despite the absence of a mass Russian-speaking and Chinese tourist flow. This trend indicates that people are now opting for longer, more immersive travel experiences, which is likely to significantly impact the real estate market.

The priorities of tourists have undergone a significant shift since 2019, and a clear trend is emerging in the real estate market for properties that offer not only a place to "relax," but also a comfortable space to "live" and "work" in. As a result, there is a growing demand for larger living areas, spacious rooms, a fully-equipped kitchen, and essential amenities like a pool or infrastructure that allows for relaxation and a change of scenery without leaving the place of residence. According to Airbnb, there has been a remarkable 73% increase in demand for comfortable workspaces compared to 2019.

Keeping up with this new trend, developers are actively striving to offer the best possible conditions for remote work. A prime example is the Harmony investment condominium by the reliable developer EVG, known on the island for successfully executed projects such as Calypso Garden Residences, Calypso Condo, and Pandora Residences. These properties are not only functioning successfully and providing stable income, but they also boast high occupancy rates, even during the pandemic.

In short, the market demand for real estate has undergone a significant change, and the property buyers are seeking out homes that offer a comfortable living and work space. The developers are keen to meet this demand by providing high-quality properties that cater to the new requirements of a remote work environment.

Harmony Club Apartments is a boutique premium-class condominium with 5-star service and a stunning view of the Andaman Sea.

The facilities of the complex are designed to accommodate remote work, including a well-equipped coworking space with a conference room, a stunning infinity pool and lounge bar offering sweeping sea views, a gym and sauna, a serene garden area, and advanced smart home technology.

Nestled in the heart of the vibrant Rawai district, residents can take advantage of a host of amenities, such as international schools, kindergartens, a charming children's park, upscale shopping centers, picturesque waterfronts, breathtaking beaches, scenic observation decks, and a lively culinary scene, as well as several convenient coworking spaces, all detailed in our comprehensive article, "Overview of Resort Locations: What is Phuket, Which Areas, Pros and Cons".

Do you have any further inquiries?

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