The headline numbers on Thailand in 2025 will stop you — and they should. Foreign tourist arrivals fell 7.23% year-on-year. If you're reading general news, the alarm looks real.
Here's what those headlines leave out. Thailand still closed 2025 with nearly 33 million international arrivals and 1.53 trillion baht in overseas visitor spending. For 2026, TAT projects 34.9 million foreign visitors. A market that attracts 33 million visitors in a down year isn't in structural decline — it's in a correction cycle. That's a different thing entirely for a buyer with a 5–7 year horizon.
Phuket specifically didn't follow the general trend. International transaction volume grew +10% in 2025 — driven by USD-denominated rental income, limited land supply, and a tenant base that flies in from Europe, the US, and the Middle East.