Investing in and buying a property is one massive decision, there are multiple factors which comes into consideration when it comes to property. There are ample of questions that arise when you go out and start looking for a property as it is looked upon as an asset. One must be absolutely clear about the needs and requirements when it comes to investing in property. It has been noted that more and number of investors are turning towards east when it comes to investing or buying a property and one such best location for the same is Phuket, after all, who would not like to own a house in the amazing resort island that offers lush green nature, beaches, spas, eateries, nightlife, shopping and much more.
Phuket is located in the south of Bangkok; the area is comparatively larger than Singapore, it’s an elite tourist destination, serving tropical island location and tropical climate, all these factors attracted many international investors to properties in Phuket. Lately, many property development projects have been carried out at the location such as Laguna village and Royal Marina that offers premier lifestyle, natural beauty, waterside living, and congenial environment.
Phuket is one of the only places in Asia that remained unaffected by the Asian economic crisis and 2004 Tsunami. The cost of living on the island is very low when compared to Europe and the return on investment is also high due to demand for the holiday rentals. The demand for rental apartments and villas is consistently high due to the number of holidaymakers opting for the private rental accommodation and opting out of hotels.
Who can Buy a Property in Phuket?
According to Thai law, an outsider cannot buy a freehold land but they can purchase a freehold title for the building that’s being built including a 30-year lease on the land. Property legislation also differs in Thailand for investors when it comes to purchasing the condominium, wherein a purchaser can be offered both freehold and leasehold options. As per the property law in Thailand, a freehold ownership can be given if an outsider purchasing condominium must be within the allowed range of 49% however; if the range is above 49% leasehold can be offered with the option of extending the lease twice for 30 years.
The property market in Phuket is already gaining grounds, but it still has a course of steps to go, properties Phuket has options for every budget and requirements thus making it even more demanding and lucrative. It doesn’t end here; you will be surprised to know that Phuket is the wealthiest province of Thailand and also considered the jewel in the crown of Thailand’s tourism industry, thus getting top-level security and investment from the Bangkok government.
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Interestingly and good to know fact about the place is that Phuket is rated as one of the top five places to retire by fortune magazine as mentioned in an article “Paradise Found: Where to Retire Abroad”.