The beautiful resort island of Phuket has many amazing and attractive features which make it an alluring location to want to own property. Littered with beautiful beaches and marine attractions, this prime resort location is home to prime real estate. The west coast, most popular for resorts, hotels and condos, is the primary area for investors. This is because the beach front properties are most populous in this region of the island.
If you are looking to purchase a permanent or holiday home, the east and south coast are better suited for this type of purchase. Ongoing development and the addition of modern amenities increase the appeal of this area for home settlers.
What Factors Make Phuket a Great Place to Purchase Property?
- Phuket’s fast growing real estate market and its stability make it a shoe in for interest in purchasing property. The ever increasing number of premium properties also provides many options for making a suitable choice to suit your requirements.
- The environmental laws governing Phuket’s building specifications, ensure the preservation of its natural resources and beauty. This approach of using methods which have a low detrimental impact on the environment speaks to the kind of experience you can expect while residing or vacationing in Phuket.
- Being the richest province in Thailand, Phuket receives financial backing and support from Bangkok’s central government. This funding aids in the sustainability of tourism,trade and development on the island.
- The cost of living in Phuket is quite affordable in comparison with other areas across the region of Asia and in Europe, so maintaining livelihood is not a great challenge.
- The cost of travel regionally and internationally is also affordable, facilitated by reasonably priced connecting flights.
- There is access to good quality and affordable healthcare, which meets with international standards.There are two hospitals on the island.
- Schooling provided also meets international standards. Some schools have English language instruction available and you have the option to choose between the American or British teaching curriculum for your child or children’s education.
- The infrastructure is continuously developing, which means that many modern amenities and conveniences already are, or will become available in a timely manner.
What Property Options Are Available?
There are several types of property that you will find for sale in Phuket. The option you choose will be dependent on your reason for wanting to purchase.
- Villas are the main choice for housing by home seekers in Phuket. They are generally associated with resorts and many times come with the option to be used a rental home. This is often the case when it is being used as a vacation home. Alternatively, a property management service is a part of the sale agreement.
- Townhouses and semi-detached dwellings cost a lot less to purchase than a villa. They are spread across a number of areas and the prices will vary depending what obtains on the market for the respective areas in which they are located.
- Many of the condominiums in Phuket come as beach front property, so they are mainly found on the west coast. They offer excellent balcony views and usually have 2 or 3 bedroom accommodations.
- Resort properties for sale in Phuket are generally sold as business investments. Owners usually sublet them for rental or for use as a vacation home. The cost of these properties would make them ideal for ownership as a timeshare.
- Branded properties are also available for purchase. These are the resort type properties and are certainly a large investment.
What You Need to Know Before Purchasing Property
There are laws and stipulations that must be taken into consideration however, before property can be bought in Phuket. Under Thai law, foreigners may not own land. If you are a foreign national, the law allows you to hold ownership of a building, but not the land on which it is built. Some townhouses, condos and semi-detached dwellings may qualify for purchasing under this allowance for foreign nationals.
It is important to become acquainted with the various laws and acts governing the terms of sale of property in Phuket. Knowledge of the various terminologies, applicable taxes and codes is key to a successful sale and property acquisition transaction. Information related to the sale and acquisition of property in Phuket can be obtained from the tax administrative offices in Phuket or from their website.
Perhaps the most fool proof way however is to employ the services of an excellent real estate lawyer or a real estate consultant who will be able to provide guidance through the entire process. Having someone with intimate knowledge of Thai law as it relates to property procurement instils confidence and will help you get well on your way to owning your ideal property in exotic Phuket.
Author Bio – This guest article is a work of Pete Morten on behalf of CBRE Thailand, a market leader in real estate services in Thailand. If you’re on the lookout for a property for sale in Phuket, do get in touch with CBRE Thailand today.