*This is a collaborative guest post
In 2023, the demand for housing in Thailand has doubled. For foreigners, investing in real estate in Phuket and other resorts is becoming more and more attractive. Citizens of different countries are also more willing to invest in Thai villas than before. In 2022, the sale of investment villas in Phuket increased by 29% compared to pre-pandemic years. And the number of applications for selecting real estate – by 280%. In the article, we will consider why the resort is so attractive.
Fast recovery after lockdowns
Compared to other resorts, Phuket recovered faster than others after the coronavirus. A third of the country’s tourists come to this city. In the spring of 2023, about 400,000 tourist visits were registered, among which the bulk were Chinese, Australians, and Americans.
Realizing the island’s demand, investors are actively investing in real estate. The most popular places in Phuket are Bang Tao, Kamala, and Nai Thon. Here are concentrated hotels and condominiums attractive to wealthy tourists. And due to the developed infrastructure, apartments are rented out quite quickly.
Attractiveness for moving to permanent residence
Phuket is chosen for investment, permanent residence, or rental. This is a worthy choice for pensioners, as island life helps restore strength and health. Moving to Thailand for permanent residence is also profitable for couples.
The developed infrastructure attracts most families:
- about 10 international schools,
- several kindergartens,
- accessible medical services,
- shopping malls and more.
Opportunities to buy property in Thailand
An investor must buy a home for $290,000 or more to obtain a residence permit. If we consider real estate prices, a square meter costs $3,200, and the smallest apartments will come out at $100,000. A villa or a house can be purchased even for $250,000. Of course, the villa will cost many times more in more expensive areas and with more luxurious furnishings.
How to choose a property in Phuket?
When choosing an object for purchase, consider the multi-apartment complexes under construction – condominiums. This is modern and comfortable housing with a developed infrastructure. Houses are usually low-rise, and apartments are spacious so you won’t suffer from an excess of neighbors. Condominiums are most often built near the sea. If you want to rent a villa in Thailand, this is a good choice. The territory of the complex is fenced and guarded. It includes a swimming pool, parking, spa centers, and other amenities.
If you are interested in the secondary market, finding ready-made apartments in Phuket will be easy. They cost a little less than new buildings or the same, but you do not need to wait for the completion of construction. If your dream is a private house, pay attention to the villa complexes on the coast.
The price of real estate in Thailand depends on its location. Apartments close to the beach with sea views are more expensive. The proximity to attractions or proximity to central areas also increases the cost.
Taxes and visa regime
Overseas real estate is becoming more and more accessible to foreigners. Thailand is a friendly country where you can visit for 30 days without a visa. Further, this period is extended for another month for $55. As a rule, those who stay abroad for a long time issue business visas.
Taxes on the purchase of housing differ depending on the zone in which the property is located. Leasehold offers the most favorable conditions: property registration tax is 1.1%, and the cost of housing is 5% lower than in the freehold zone. Start choosing a property right now by comparing the current prices in the regions of Thailand.
Where to buy property in Phuket
It is worth considering in detail the main settlements on the island to understand the advantages and disadvantages of buying property in each of them. That is, they have a developed infrastructure, and it is possible to obtain a residence permit when making a transaction. Thailand-Real.Estate is ready to assist in selecting an object and purchasing an apartment or villa.
Mai Khao Beach area
The main attractions of Mai Khao are privacy, peace, and quiet. It is ideal for those who love long walks along the beach and are looking for privacy and relaxation. Here you can move away from current problems and relax, enjoying the scenery from the window of your villa. By the way, many real estate options exist, both economy and premium class.
There are few large stores where you can buy clothes, food, etc. However, the famous Turtle Village is located in the immediate vicinity. There are enough shopping centers, massage rooms, bars, and restaurants.
Unfortunately, there is not much infrastructure (for example, schools) near this settlement. Several primary schools and kindergartens are further down the coast towards Cherng Talay.