Reasons are abundant why Phuket is an ideal location for your permanent base, holiday home or place of retirement. It’s estimated that approximately 115,000 foreigners already call Phuket “home”. They are drawn to Asia’s premier resort island for several reasons: incredible natural beauty; idyllic beaches; fantastic diving; first-class hotels and spas; magnificent golf courses; yacht marinas; countless fine dining restaurants; vibrant nightlife scene; excellent shopping; international-standard school; world-class healthcare and so on. If you are thinking of moving there, you can either rent or buy land for sale in Phuket. Let’s now look at the top 5 reasons you might want to purchase land and build your dream home.
1. Market growth
The property market in Phuket is expanding rapidly, thanks to immense interest from regional and international investors alike. Indeed, Phuket is one of the fastest-growing property markets in the world, not just Thailand. It has an ever-increasing number of high-end projects being built by reputable local and global real estate developers.
Since the early 2002s, condominiums (apartments) have been the preferred property investment choice for nationals from China, Hong Kong and other Southeast-Asian countries. Whereas Australian, Americans and Europeans prefer to purchase houses.
2. Cost of living
When compared to key overseas destinations like America, Europe, Australia, Hong Kong and Singapore, the cost of living Phuket is relatively low. Indeed, Phuket is continually ranked in the top five as a place where people can retire and “live like a king on your savings”.
For younger folk, the island charms are pocket-friendly when compared to other marquee cities in Thailand like Bangkok and Chiang Mai, where the cost of living is escalating year-on-year. Nowadays many young families are opting for a sea change and moving to Phuket to escape expensive, crowded and polluted city life.
3. Investment Return
Rental returns on villas remain high on Phuket as more and more holidaymakers opt for the privacy and space of a hire property over a hotel room. As annual visitor numbers on the island are now more than 9 million, the demand for holiday rentals doesn’t show any signs of abating.
The market is so buoyant that suppliers like Hotel Managed Condos are willing to offer owners up to 10% guaranteed rental return for 15 years. Factor in capital growth and you can expect a very healthy return on your investment, in both the short and long-term.
4. Infrastructure, Services & Amenities
Infrastructure, services and amenities continue to develop at a fast pace on the island. One of the biggest changes afoot is the building of a new international airport in Phang Nga, just 20 minutes north of Phuket on the mainland, set to open in 2024.
With two international-standard medical facilities – Phuket International Hospital and Bangkok Hospital Phuket – on the island offer quality healthcare at a fraction of the cost in the West.
There is an abundance of top international schools that follow the British or American curriculum on the island too, with ISP, UWC, KISP, BCIS, QSI being the top five choices for expatriate families.
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