When it comes to buying a property here on “The Pearl of the Andaman” there are a range of options and prices. The deciding factors are obviously A) the size of your bank balance and B) your required style of living. You could purchase a small condominium, starting anywhere from as little as 1 million baht, or at the other end of the scale you could purchase a multi million baht luxury property which would include a mooring for your luxury yacht, which is probably the size of someone else’s condominium.
However, due to the fact that the cost of living here is very low, the option of buying a property on Phuket, whether it is as a holiday home or a main residence is a wonderful option to have. Once you’re here you can enjoy many luxuries that you probably wouldn’t have been able to afford or do in your home countries. You can eat in good restaurants at a fraction of the price of restaurants back home; you can enjoy spa treatments which you probably only dreamt of having before, and for those who want to skip the daily chores of home life, it’s even cheap to have a live in maid who will take care of all the things you hated to do around the house before you came here.
Due to the fact that Thai law dictates foreigners are prohibited to own freehold land, property on Phuket is usually purchased on a leasehold basis. When buying a property it is usual for it come with a land lease term of 30 years. However, this can be extended for an additional 30 year term, giving a total lease of 60 years.
One of the best things about buying a property as a holiday home in Phuket is that it is always easy to rent it out to other holiday makers when you are not in the country, which can often earn you some good returns. Phuket is still an extremely popular holiday destination that attracts returning visitors year after year, so investing in a property to rent will be perfect for these visitors and yourself.
Buying property in Phuket is more than just buying a house. It is an investment in a lifestyle change. It opens the doors to Thailand’s legendary hospitality, stunning vistas and ancient culture. It is also a wonderful place to invest in a property. Its low cost makes it a prime investment opportunity.