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The current COVID-19 pandemic has hit some places harder than others in Thailand. But one of the hardest-hit places is on the island of Phuket. But out of adversity comes opportunity. The result of this hardship is a great opportunity to buy land for sale in Phuket that was unavailable before now.
If you’re in the market for a condo to retire to in a few years, or you’re looking for property investments and are willing to wait out the pandemic, Phuket offers some great opportunities. There are residential condos that can be bought by both Thais and ex-pats and homes that can be bought by Thais only.
There is also commercial land for sale in Phuket. These consist of bars, restaurants, hotels and guest houses. They’re suitable for adding to your portfolio of businesses or fulfilling your dream of running your own business in paradise.
Residential Property
Residential land for sale in Phuket that is open for foreigners to buy consists only of condos. But with a lot of owners abandoning Phuket during the pandemic, prices for these condos have dropped, making them an excellent investment if you can ride out the pandemic financially.
Some of these condos are in exclusive developments that were sold out years ago. The exclusivity of the development and the luxury status of the units themselves make these investments certain to be worth their while in a few years.
For Thais, there are some definite bargains in villas and private homes on the island. Luxury homes in gated communities with swimming pools and access to fitness centres and tennis courts make living in these developments like a tropical dream come true.
Commercial Property
For adventurous investors who are well-funded and appreciate a challenge, there are many commercial properties and land for sale in Phuket.
These are not suitable for small business people on a budget. No one knows how long it will be until tourism recovers in Phuket. The fact that there have been multiple waves of COVID-19 in 2021 is discouraging to businesses operating on a shoestring. Hopefully, the ‘sandbox’ plan of opening up the island to vaccinated travellers will be successful, and businesses will be able to recover quickly.
This land for sale in Phuket, both condos and homes, will be snapped up before the end of the crisis in Phuket. Prices and availability will return to normal, so there is only a short window of opportunity. And particularly for commercial property, the buyer has to be able to handle the financial commitment with a probable reduced ROI for the foreseeable future.
But like the tsunami tragedy of 2004, Phuket will survive. The island is too beautiful and attractive to tourists not to expect their return. And the recent upgrades to the airport and road infrastructure won’t be wasted.
But with the end of the pandemic, you can expect opportunities for condos, businesses and land for sale in Phuket to become rarer as well. You should grab them while you can.
Photos and Web Content by Primal Co., Ltd.
