Phuket Real Estate Market: how it works
Unlike many countries, the Kingdom of Thailand does not provide foreign investors with special visa conditions or preferences in obtaining a residence permit for staying in this wonderful country. However, this fact does not affect much those who are going to buy villa in Phuket and earn money renting it out further.
The style of the modern big cities life exhausts even the strongest and most energetic people. Permanent pursuit of wealth, material prosperity and high standard of living turn to emotional burnout, this way of life is far from harmonious and inner balance. For many people, this became the reason to choose the largest island of Thailand as a holiday destination or a place to settle down. Paradise tropical nature makes people mind soothed and relaxed, cheap living costs allow you to forget about huge amounts of money and gives you the opportunity to focus on yourself and beloved people.
Real estate prices in Phuket differ significantly from the European ones: here, in Phuket, you can buy a luxury multi-storey villa at price of one-bedroom apartment in New York, USA.
Annually increasing number of tourists cannot help affecting the price level in Phuket: cheaper than in their own countries accommodation in this paradise planet quite naturally attracted the attention of many foreigners wishing to invest in property in Phuket. Recent years, the average cost of property for sale in Phuket has increased to more than double, while maintaining a steady upward trend and keeping the investment attractiveness of the region.
Of course, the real estate market in Phuket is quite strictly regulated. It should be understood that according to the laws of the Kingdom the foreign citizen has limited rights to own land in Thailand. So far there are legal options for a foreigner - the purchase of leasehold buildings and premises, as well as the purchase of leasehold land, which means to get long-term lease for 30 years with possibility to extend lease up to 90 years. After getting this period expired, the contract should be renewed with another name holder. Citizens of other countries cannot own land, and have a share of over 49% of company charter capital. The same figures are determined by the total number of apartments in the condominium, which can be sold to foreigners. We highly recommend requesting a paper that confirms the unit is from foreign quota. This paper has to be shown in Phuket Provincial Land Office. In addition, the citizen of another state shall be obliged to transfer the full amount to his or her Thai bank account, as well as the buyer must represent this paper to Land Office .
If you still have questions related to the topic how to buy property in Phuket, we will be happy to answer all the questions on phone +66 81 956 8480 or via e-mail.