The Phuket Property Market is booming. Properties here continue to change hands regularly as international investors and high-end buyers increasingly want a piece of Phuket. The days of undiscovered paradise are long gone, and now the market has settled. For investors with genuine interests to develop on the back of a robust and maturing infrastructure, Phuket is the perfect tropical destination.
As a well-established destination in the foreign property investment market for many years, Phuket boasts a large number of qualified and experienced real estate agencies. Generally, Phuket offers two types of luxury condos or apartments; those in line and affiliated with international brands, or those with local brands.
The housing market in Phuket is robust, often times relying solely on the strength of villas sold as second homes. However, there are also several residential house projects, or gated communities, which appeal greatly to the local market. Once you meander away from the popular tourist areas, there are many houses and plots of land for sale. Buying houses and land in Phuket is also a solid sector of the property market, but limited to a privileged few.
The property market in Phuket is booming, and villas are the most popular investment for foreigners due to Phuket’s lush, tropical paradise setting. The island has gorgeous beaches and a hilly interior that not only provides stunning views but also lucrative opportunities for secluded developments. Encouraging factors include the choice of location, style, functionality and luxury for those thinking of buying villas in Phuket.
Thai law allows foreigners — both foreign natural and juristic persons — who meet certain criteria to purchase and own condominium units in Thailand. This eligibility is, however, subject to the overarching directives of the Condominium Act, which stipulates two unwavering legal requirements.
Phuket is the land of honey when it comes to land sales. Phuket is an island roughly the size of Singapore, with many premium land plots still undeveloped. Due to Phuket’s hilly interior, there are plenty of opportunities for sea views further back from the beach. Many people are realizing that the cheaper land away from the island’s most desirable areas is just as suitable for second or retiree homes.
The devastating 2004 Indian Ocean tsunami has thankfully not affected land prices in Phuket. During the course of the last ten years, land prices in Phuket have tripled due to buoyant tourism on the island.