The real estate market in Phuket has been popular for investment for many years especially when it comes to purchasing resort property on the west coast. Most buyers tend to gravitate toward this end of the island because it known for magnificent beach views and can fetch top dollar. With the saturation of that particular location however, many developments are now taking place on the east and south coasts of Phuket. These areas appeal particularly to people wishing to purchase a home or use residential property for rental purposes.
If you really want resort property, it is still possible to find available condominiums and resorts for sale on the west coast. Barring this, many of the resort and condominium developers have started to put in beautifully landscaped golf courses in lieu of the beachfront views.
Below is the range of property types available for purchase in Phuket:
Branded Resort Properties
If you wish to acquire resort property for investment purposes several are currently under construction through various developers.
Smaller Resort Properties
You can purchase resort villas in Phuket as an investment option to use for rental income property. Alternatively, you may choose to use these resort villas as a vacation home whenever you visit Phuket.
Residential property in Phuket generally comes in the following categories:
Many times these are linked with a resort or hotel however they are commonly used as vacation homes or even as time shares.
Townhouse or semi-detached homes
Phuket offers a few of these options although the demand for villa type property tends to be greater. On the plus side with these types of property is the fact that they are significantly more affordable than residential villas.
Apartments and Condominiums
These properties tend to be more commonly located on the beachfront and so if this is what you are in the market for you are best served looking around on the west coast.
With all these property options available to you, there are a number of other important things you need to be aware of before buying property in Phuket. This information will equip you to experience a much easier transition during the buying process.
Thai Laws and Regulations
Under the laws of Thailand, foreigners cannot directly own land in the country. This is why it is important to become acquainted with Thai laws if you are seriously considering investing in property in Thailand. While it may not be possible to directly own land, there are other options which you can make use of to come into ownership of property. The laws of Thailand allow you to own a building separate from the land, a unit within a building or hold property on a long term basis by means of a 30 year registered leasehold.
Bear in mind that if you do use your registered Thai limited liability company to acquire ownership of property, you are limited to 49% ownership in a condo development and also cannot own more than 49% of the shares in the said company.
One of the best recommendations to begin the process is to seek the expert advice and assistance of an experienced and highly reputable lawyer. They will have intimate knowledge of the legal process in Thailand and will be able to give you the right kind of advice in directing the sale.
Additional Reasons to Purchase Property in Phuket
Apart from the breathtaking beauty of the resort island, Phuket has several other convincing reasons and advantages to purchasing property there.
The protective environmental laws give the assurance that the value of your property will not depreciate since these laws must be strictly adhered to during development to preserve the environment. The Thai government takes very seriously the sustenance and protection of their natural resources.
Despite the fact that Phuket is primarily a resort area, the cost of living is surprisingly affordable and the availability of modern amenities and other conveniences makes it an appealing choice for a tourist or residential location. This means that schooling and modern healthcare which is in keeping with world standards is readily available if you are looking to settle in Phuket.
Due to the rich tourism background of Phuket, the government has taken keen interest in maintaining this province so that it can continue to meaningfully contribute to and help to sustain the country’s economy. The governmental contribution in this way guarantees that if you purchase property in Phuket, you are assured of having made a lucrative investment.
In keeping with the demands of tourism and international dictates, Phuket continues to experience the benefits of ongoing development to enhance their tourism product and to bring the province up to date with what visitors from all over the world would expect from an exotic resort destination.
Author Bio – This article is written by Jon Smalling specializing in promoting Phuket real estate agents.