Phuket is an Exotic destination which the sea is kissing the sky, and the real estate market reflects its active power. To the people who are willing to venture into this exciting industry, it is worthwhile to know how this special island is able to balance such expensive living with colorful cultural experiences stormphuket.com/properties-for-sale-in-phuket/.
The property market in Phuket has been thriving in the recent years. An ever-increasing real estate market has been formed due to a combination of beautiful beaches, good weather, and the increasing attraction of international interest. Phuket is also gaining attraction as the second home destination, vacation rental, and even retirement property by investors across the globe. The prices have been rising and so is the possibility of good returns on investment particularly in prime locations such as Patong, Kata and Kamala.
However, there are no smooth sailing roads in the way of purchasing property in Phuket. To the foreign purchaser, the regulations may resemble a maze. Although foreigners are not allowed to have own land, they can find loopholes in this such as purchasing it under a leasehold agreement or by establishing a Thai company. A fair lawyer and some patience will do the trick here. Local know-how is a very valuable asset.
There is also division of the markets based on properties. There are the upscale villas right in the beachfront, as well as the cheap apartments in the beautiful hills, and all of these are available to all budgets. The luxury seekers tend to be attracted to the west coast where the ocean views and the five star services are a norm. The east coast, on the other hand, is more relaxed and serene, which would be attractive to those who want a peaceful life.
Nevertheless, not every property is equal. Careful research is critical. You will be interested in seeing beyond the glossy photos and thoroughly examining the legal status of the property, its closeness to amenities and the existence of hidden costs. Ensure that the developer is well reputed. Since, it is a fact that nobody wants to get trapped in an unfinished half-built or unfinished development.
The Phuket property is promising, though one should not get over-enthusiastic. The market is dynamic and always evolving and therefore, it is important to stay ahead of the trends. New development is occurring in places such as Rawai as places that have not been given much attention are getting recognized. The prices of property in these areas can only continue to increase as more resorts, shopping centers and other infrastructure projects are opened up.
However, there is a twist to this story, Phuket is not only about the real estate. It’s the lifestyle. In investing in property here, you are buying a lifestyle too. The island presents a combination of the latest facilities and the ancient culture. There are world-class restaurants, lively night markets and an expat community that thrives just to mention but a few. The island can cater to it, be it in water sports, hiking or just relaxing on the beach.
Naturally, there are certain difficulties. Prices may change, the market may be difficult to be maneuvered in and the competition to the most sought after property is fierce. But to those who are free to put on their sleeves and work, Phuket is the place of infinite opportunities.
Ultimately, the real estate market in Phuket has opportunities, whether you are buying a condo right on the beachfront or a peaceful hilltop villa. It is just a matter of being aware and being aware of what you are getting into. It could be the best investment you have ever made with a bit of effort and adventure, your Phuket property.