Record year for tourism — disastrous for investors
The year 2024 will go down in Phuket history as the most successful year in the last decade. More than 10 million tourists visited the island, bringing about $14 billion into the economy. Russians became the absolute leaders — 1.75 million people against 978 thousand Chinese.
At the same time, the real estate market is experiencing a real boom: prices increased by 10-15% in 2024 alone, which was a record high in the entire modern history of the island. In the first half of the year, 1,285 new villas came onto the market with a total value of 36.3 billion baht, more than in the whole of 2023.
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At the same time, the real estate market is experiencing a real boom: prices increased by 10-15% in 2024 alone, which was a record high in the entire modern history of the island. In the first half of the year, 1,285 new villas came onto the market with a total value of 36.3 billion baht, more than in the whole of 2023.
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The paradox of a successful market: why do owners remain in the red?
With such impressive figures, it would be logical to expect that all property owners are making strong profits. But the reality turned out to be radically different.
According to our study of 312 property owners in Phuket, 68% of owners do not achieve the yield promised at purchase. Moreover, 23% are operating at a loss or zero profit.
According to our study of 312 property owners in Phuket, 68% of owners do not achieve the yield promised at purchase. Moreover, 23% are operating at a loss or zero profit.
Why is this happening?
Main reasons for losses:
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- Opacity of reporting — 41% of cases
- Hidden costs — inflated by 25–30%
- Fictitious downtime — especially in high season
- Lack of occupancy control
- Fraudulent schemes of management companies
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True stories: when a dream becomes a nightmare
Case No. 1: "Disappearing guests"
Vladimir from Moscow bought two apartments for 5 million baht each in 2022. The management company reported 65% load, but real electricity bills showed active consumption even on “idle” days.
Result: instead of the promised 12% per year, Vladimir received 4%, and in 2023 he went into the red by 350,000 rubles.
Result: instead of the promised 12% per year, Vladimir received 4%, and in 2023 he went into the red by 350,000 rubles.
Case No. 2: “Repair scams”
Elena from Novosibirsk owned a villa in Bang Tao. Every month the managers found “urgent breakdowns”: either the air conditioner, or the swimming pool, or furniture. Over the course of a year, “repairs” consumed 420,000 rubles with an income of 680,000.
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Anatomy of deception: how they steal your money
Scheme No. 1: “Virtual downtime”
Managers show empty days in their reports, but electricity meters work. Guests live, pay money, but the owner does not know about it.
Scheme No. 2: “Ghost expenses”
Every month fictional expenses appear: “repairing a lock — 15,000 baht”, “replacing curtains — 8,000 baht”. No receipts, just “trust us.”
Scheme No. 3: “Two sets of books”
Some guests book officially, others through off-the-books channels. In the second case, the money ends up in the managers’ pockets.
Scheme No. 4: "Underreported rates"
Your apartment costs $150/night, but the report says it's $80. They take the difference for themselves, explaining it as “discounts” and “seasonality”.
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The Technology Revolution Against Fraud
The crisis of trust has given rise to a game-changing technology solution: smart locks with complete transparency.
How does this work:
- Each check-in is recorded automatically — no one will slip past the checkout counter.
- Unique passwords for each reservation prevent unauthorized access
- Owner dashboard in real time — you see everything: reservations, payments, expenses
- Hotel standards — bathrobes, slippers, welcome kits increase repeat bookings
Result: Average income growth of 79% when switching to a transparent management system.
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Who won from the 2024 boom?
Winners:
- Professional managers with transparent reporting — their clients earned an average of +127% compared with the previous year
- Owners using smart control systems — average yield of 11.23% per year
- Owners who replaced dishonest managers with technology-driven ones
Losers:
- 68% of owners with non-transparent management
- Investors who “bought and forgot” — losses of up to 700,000 rubles per year
- Owners working with small freelancers without reporting
Forecasts for 2025
CBRE Thailand experts predict that prices will continue to rise by 10-15%. The tourist flow from Russia could reach 2.2 million people.
But the main trend of 2025 is the technology-driven property management. Owners are moving en masse to systems with full control, while non-transparent managers are losing clients.
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What to do if you recognize yourself?
Immediate actions:
- Request complete reports with copies of all documents
- Check meter readings against declared downtime
- Check access to booking systems
- Consider moving to tech-savvy managers
Modern solution:
The transition to systems with “smart locks” and owner dashboards radically solves the problem of opacity. 100% of transactions are recorded automatically, eliminating the possibility of fraud.
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Conclusion
2024 has shown that market success does not guarantee investor success. With tourism and real estate at record levels, most property owners continue to lose money due to opaque management.
There is a solution: technological control systems put the power over income back into the hands of the owners. Those who make this transition now gain a competitive advantage for years to come.
Don't be one of the 68% losers. Study successful cases, apply modern technology and control every ruble of your income.
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- Help calculating the real yield of your property
- A checklist for checking property management companies
- Cases of transforming loss-making properties into high-yield assets
- Direct access to experts for consultations
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The article was prepared based on analytical data from CBRE Thailand, Colliers Thailand, Knight Frank, Exotic Property and our own research of 312 property owners in Phuket.