Phuket’s Real Estate Market
With countless pristine beaches, rain forests and other natural marvels, it is not only paradise on earth, but also a lucrative investment market in terms of real estate. Millions of visitors flock to Phuket’s shores each year, creating a lively business and investment hub for punters from across Thailand and the world.
Phuket’s real estate industry, particularly the luxury residential market, has flourished over the past twenty years to reach world class standards. Areas, such as the lively town of Patong, have paved the way for the rest of the Island and a bounty of areas along both the west and east coasts continue to be lined with luxury hotels, condominiums, villas and marinas. The commercial real estate market in Phuket has also seen phenomenal growth. At the same time, officials are taking measures to ensure the natural beauty of the Island remains intact. This growth of the real estate market has continued to stimulate the local economy and, in turn, the number of supporting businesses has risen. Basically, if you want anything from a world class diving experience or a round on a world championship golf course, to enjoying an evening of jazz or a sumptuous bowl of pasta just like it tastes in Italy, to a Shiatsu massage or hot yoga class – it’s as close to you as the nearest beach. Despite the current world economic climate, prices have only dropped slightly in Phuket because it is a cash market. At the same time, there are still some incentives floating around. A resale market is also starting to emerge. While the Phuket real estate market has slowed, the potential in investment or rewards in lifestyle mean people still want to purchase properties in Phuket – whether it be a While there are a number of Thai laws to follow in terms of purchasing a property in Phuket, it need not be a lengthy or overwhelming process. Local intermediaries make the process an easy one. Companies with vast local network power can not only find the ideal property or project for you, but also negotiate a fair price with due diligence and assist with correct local law procedures. The best part is their fee is charged to the seller so it doesn’t cost you a cent – or baht. There are a plethora of different reasons as to why people chose to live in Phuket, from business opportunities to a cheaper and higher standard of life in retirement. Others, of course, see it purely as an investment market. The main attraction for expats is the lifestyle itself – think smiling faces in a multi-cultural haven. For the lucky few, Phuket is no longer a holiday destination. Phuket is now called home in a tropical paradise. Giulio Genco is a long-term Phuket resident and Director of based in Patong. To see their list of properties visit Article Source: |
condominium, luxury villa or a hotel/resort. Plus, prices were affordable to begin with.