Buying Phuket Property
Monday, August 11th, 2008 Subscribe To Our Feed
Phuket is a small province of southern Thailand, lots of people call Phuket an island, it isn’t in the strictest sense, it is actually joined to the mainland. For a long time now thanks to outstanding natural beauty and some of the most glorious beaches on the planet Phuket has been seen as one of the hottest holiday spots in all of south east Asia, an appeal that has reached foreign nationals who are now looking in great numbers for an investment. Phuket has a booming property market, early adopters are seeing ever increasing property prices and a great investment opportunity, even now prices are still increasing although there are plenty of opportunities to buy an affordable second home in paradise.
The question is though can you buy Property On Phuket? The answer is yes if it is one of the following. A unit in a registered condominium. A building itself (but not the land), or any of the various types of land titles for a lease up to 30 years. Fortunately for foreign investors extension and purchase options make land purchase of the 30 year lease “almost” equivalent to freehold purchase. It’s important to note though that if you are a foreign national you won’t be allowed to own either freehold land directly or more than 49% of the shares in a Thai company that owns freehold land. Unless you are independently wealthy or have a small business that you can transfer with you the purchase of property on Phuket as a permanent home is not really a popular option, in truth there are limited employment opportunities for the average foreigner. The majority of people looking to buy property on Phuket are looking for a long term investment combined with a holiday home, the quality of life as well as wealth of modern resources on Phuket makes it an superb option in this regard.
The legal process can be a complicated one but luckily there are now many property developments and developers that can help with the whole process. For foreigners looking for an investment this is the best way to go, not only do these modern developments provide help with the property buying process but they also offer all the modern conveniences in a secure location. Unsurprisingly beach front developments on Phuket are extremely popular, most offer a large selection of property types including different types of villas, apartments and even town homes. Property can range in value from under $100,000 (US) to well over $5,000,000 but the recent trend for price increases does give you a great chance of making money on your purchase, whatever the cost.
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