Japan sets record high number of tourists in June, and other headlines

For PropertyGuru’s real estate news roundup, Japan set a fresh record high for monthly visitors in June, with the number of foreign visitors for business and leisure reaching 3.14 million. In other updates, tourism industry leaders had high expectations following a bilateral meeting between the Cambodian and Thai tourism ministers. Finally, the South Australian property market continues to show unprecedented strength as it once again posts record median prices.

Japan sees record 3.14 million visitors in June as weak yen fuels tourism boom

Japan set a fresh record high for monthly visitors in June, official data showed on Friday, as the weak yen fuelled a tourism boom that is becoming a key economic driver.

The number of foreign visitors for business and leisure was 3.14 million for that month, exceeding the previous monthly record set in March and up from 3.04 million in May, data from the Japan National Tourism Organization (JNTO) showed.

According to CNA, the 17.78 million travellers through June was also a record for a half-year period, and on pace to smash through the previous annual high of 31.9 million in 2019 before the COVID-19 pandemic shut global borders.

Spending by visitors is estimated to reach JPY8 trillion (USD50 billion) this year, Prime Minister Fumio Kishida said on Friday, adding that the government needed to guard against so-called “overtourism”. The tourism industry is on pace to become Japan’s second-biggest export sector, behind automobiles and ahead of electronic components.

Tourism leaders optimistic about the meeting between Cambodia’s tourism minister and Thai counterpart

Tourism industry leaders had high expectations following a bilateral meeting between the Cambodian and Thai tourism ministers. They urged Thai tourism operators to encourage international tourists who visit the neighbouring country to extend their tour to Cambodia.

Minister of Tourism Sok Soken met with his Thai counterpart Sermsak Pongpanich in Bangkok, Thailand. Their July 17-18 meetings were the third such bilateral ministerial meetings since their cooperation was forged ten years ago.

According to the tourism ministry, the discussions were held in the spirit of the implementation of a memorandum of understanding (MOU) on Tourism Cooperation between Cambodia and Thailand.

Talks focused on an exchange of views on the tourism development of the two countries, as well as updates to the Joint Action Plan on Tourism Cooperation 2023-2025. The two sides were expected to enhance the implementation of bilateral tourism cooperation and set new directions, following the recommendations of their respective heads of government.

The Phnom Penh Post also reports that a bilateral meeting between the newly established Cambodia Tourism Marketing and Promotion Board (CTB) and the Tourism Authority of Thailand (TAT) was also held. It aimed to promote further collaboration by the private sectors of the two nations and will lead to the setting out of a joint action plan to boost tourism flow between both countries and attract more arrivals from other countries.

South Australian metro market update – REISA

The South Australian property market continues to show unprecedented strength as it once again posts record median prices of AUD708,250 and AUD785,000 across South Australia and metropolitan Adelaide respectively, The Real Estate Conversation reports.

The volume of sales across South Australia and metropolitan Adelaide also rose 16.86 percent and 21.40 percent from the previous quarter.

Following the release of the Valuer-General’s price data for the June 2024 quarter, Andrea Heading, CEO of the Real Estate Institute of South Australia (REISA), said that despite the ongoing struggle to curb inflation and continuing high interest rates, the property market continued to show strength and resilience.

While the increases in the median price demonstrated that buyers were still willing to pay premium prices, the increase in sales volume also showed that more people were entering the real estate market and were willing to pay transparent prices.

The Property Report editors wrote this article. For more information, email: [email protected].