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Last Updated on 24th August 2023
Today, the world of investments offers numerous alluring options. However, the profitability of an investment greatly depends on the correct choice of prime location. In the financial world, experts consider the real estate market the most stable tool for saving and increasing capital. Property and property values are rarely affected by most economic fluctuations and political issues.
For many years, Phuket, the largest island in Thailand, South East Asia has remained a beneficial location for property investors who are buying permanent living and leasing real estate. Before looking for variants to buy apartments in Phuket for foreigners, it is vital to become aware of the benefits obtained by homeowners.
Phuket Is A Prestigious And Sought After Destination
Phuket, Thailand is a big island with a distance from Bangkok of 690 km, 45 minutes by plane or 14 hours by car. Undoubtedly, it is an incredibly beautiful place, but you need to evaluate the distance from the capital and the main airport, Suvarnaphum. Moreover, the cost of living on the island – gasoline and restaurant prices are substantially higher than on the mainland. This is because almost all products, building materials, and fuel are delivered from the central and northern parts of the country.
Real Estate For Foreign Investors In Phuket
Phuket in Thailand is not only a place for comfortable vacations but also a place where foreign investors can benefit from their investments. Foreign buyers can resell the property at a higher price or rent it out and receive guaranteed rental returns.
Apartments in Phuket are diverse to meet buyers’ various needs and budgets. Here you can easily investment in a home depending on the number of family members, desired square footage and design. Annual visitors to Thailand prefer to stay on the island for many reasons. They prefer to rent entire villas and apartments. Property owners and landlords earn good rental income from tourists and its booming real estate market. Besides, foreign investors are very likely to buy an inexpensive apartment and come there to rest or live permanently.
Benefits Of Buying An Apartment In Phuket
The purchase of residential real estate on the island of Phuket can be a great investment opportunity. If you are looking for promising real estate destinations to invest in, here are several reasons why Phuket should be at the top of your list:
- Owning a property abroad near the sea
Having villas or apartments minutes walk to the sea in Kamala Beach, Rawai Beach or Karon Beach in full ownership is always wise. Whether you are going to live permanently on the island or regularly come for vacations, your own property helps to avoid the constant search for hotels or rental housing.
- Low cost and abundance of options
Compared with real estate in most coastal cities, Thai property prices are significantly cheaper. For example, a 20-30 square meters apartment in one of the many new developments with renovations and furniture will cost about $70,000. The accommodation will be equipped with elevators, a concierge, a swimming pool and its own fitness centre on the property. The apartment will have Internet and cable TV, which are often included in the maintenance costs of the residential complex.
- The possibility of renting
Residential property is in high demand and can be rented out, and the owner can see it generating higher rental yields. If you plan to rent your property, it makes sense to sign a contract with a management company so they monitor the condition of the apartment and pay utility bills and taxes.
- Robust infrastructure
Due to the increasing flow of tourists and beneficial conditions for foreign investments, Phuket and its beaches have evolved into an island with modern infrastructure and well-developed transportation links. Over the past 15 years, the local authorities have introduced multiple dramatic changes.
The infrastructure of Phuket, Thailand as a resort island impresses me. There are numerous hotels for all tastes and wallets, restaurants, bars, large shopping centres, souvenir stores, grocery and clothing markets, banks, nightclubs, discos and entertainment venues. And also Phuket is famous for its fantastic and colourful sunsets.
The above-mentioned and numerous other reasons drive the demand for real estate market investment-worthy housing developments on the island. The valuable web resource Thailand-Real.Estate offers world-class designs and sustainable living concepts set in the island’s most sought-after residential developments. The reasonably priced housing, convenient prime location of the island, and advanced infrastructure make Phuket a profitable place for long-term property investors and a comfortable place to call home.