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Phuket Property Overview: Your Guide to Buying, Selling and Renting in Phuket

Phuket Property Overview

Phuket Property Overview – The Phuket property market has been going through something of a boom for over 10 years now.

However, over the past 6 months things have quietened down as a result the economic developments in the USA and UK. Time will tell how serious this becomes.

On the plus side, the complicated and frustrating property laws here have recently been eased with the return of a democratic government, so there is some hope of further positive reforms.

Kata Noi, Kata and Karon Beaches Phuket Looking North           Luxury Phuket Villas

The reason Phuket is such a great place to live and holiday is because it has some of the finest beaches and associated real estate you will ever see.

Phuket is also blessed with spectacular geography, which means ocean and beach view homes as well as rainforest retreats are everywhere.

The glorious views, year round warm weather and great property prices (compared to Europe, USA and Hong Kong), means demand for good Phuket property and real estate is not going to slow down any time soon.

People fall in love with Phuket when they come for a vacation, and many stay and start businesses here, retire or buy second homes.

Phuket Property Overview – Supply and Demand

After the Tsunami many thought property prices would fall and were looking forward to picking up a Phuket property bargain. But it wasn't to be.

Phuket property prices for quality properties didn't miss a beat, and continue to rise steadily because of limited land availability and healthy demand.

Over 5 million visitors come to Phuket every year. Most fall in love with the place and quite a few buy their little piece of real estate in paradise, which over the years soon adds up.

Types of Property Available

What follows, is a break down of all the different types of property available to buy and rent in Phuket, and some indication of pricing.

Phuket Property Overview – Houses to Buy

There are many housing projects all over Phuket Island.

Two bedroom houses without a view range from 1.5 million Baht, up to the high end houses with views of the sea, golf clubs, the jungle and mountains, which sell for 45–50 million Baht and up.

They come complete with landscaped gardens, pools, double garages, security, the lot.

Phuket Property Overview – Houses to Rent

A 2 storey house in Phuket Town can be rented for a little as 5000 baht a month. The average monthly rent for a house nearer the beaches is 15,000 – 20,000 Baht, whilst luxurious vacation houses with views and a swimming pool rent for between 25,000 – 50,000 Baht per month.

Phuket Property Overview – Apartments to Buy

Apartments are generally found along the popular tourist haunts. In Patong, which is one of the most popular beaches in Phuket, has numerous apartments. A 2 bedroom apartment here with a kitchen and air–con starts from 700,000 Baht.

Phuket Property Overview – Apartments for Rent

Monthly rents for apartments can be as little as 4000 Baht for a simple room with a fan in Patong. Two storey, 2 bedroom apartments with a kitchen and air–con start from around 20,000 Baht per month. Higher if you want a sea view.

Phuket Property Overview – Villas to Buy

Villas are very popular in Phuket and are usually high quality dwellings in managed compounds.

Crowne Plaza Villas, Nai Harn Beach, Phuket Thailand Managed sea view and sea front villas on 1,300 to 2,900 m2 land plots, such as the Trisara Phase C, cost between 110 – 220 million Baht.

The Crowne Plaza Residence is an example of mid–priced villas. It consists of condominium units managed by the hotel, only meters from the beach, and they are selling for 13–15 million Baht.

For a real bargain, lovely ocean view villas can be had for as little as 4 million Baht in the Chalong Bay area.
Phuket Property Overview – Hotels

Phuket has over 500 hotels ranging from basic rooms with a fan and shared facilities (500 to 800 Baht per night), through to luxurious 5 star Hotels with the USD300 to USD3000 dollar price tags per night.

Low season rates can be much less, and it pays to look out for the promotions. Low season is May to October.

Phuket Property Overview – Resorts

Phuket has many fine resorts including the Laguna complex, which comprises 6 separate resort properties, The Marriott, and a wide range of boutique resorts dotted all over the Island's coastal areas.
All offer exceptional accommodation and amenities as well as fabulous ocean views.
Hilton Resort Karon Beach Phuket

There are also some tremendous time-share opportunities within these world–class resorts if you are so inclined.

Phuket Property Overview – Land for Sale

Land prices have been steadily increasing in Phuket over the past 10 years.

Expect to pay around 2 million Baht per Rai (1600 m2), in the South of Phuket.

You will need to pay significantly more on the West coast, or if you want land with water frontage or ocean views.
Phanwa Cape Vista, Phuket Thailand

Phuket Property Overview – Owner Builder

Bill, a buddy of ours, recently built his own home with a view to retirement. However, he has now decided to keep on building and earning and take advantage of the very strong property market.

There are also several other reputable Builders on the Island who will build your dream project to Western standards.

Several world–class Architects are also on hand to help you realise your dream of a tropical island paradise.

There are some fantastic ultra modern houses designed by these guys that blend beautifully into the difficult cliff and mountainside terrain.

You can also buy "off–plan" from many Developers, where your investment potential can be over 100% by the time your project is built.

Phuket Property Overview – Family Properties

Quite a few Expat friends have moved home recently, moving to the centre of the Island near Heroines Monument.

Family Home, Phuket Thailand One friend explained that he now had a better house and his mortgage is less than he was paying rent.

The International School for his child was much closer, a big consideration in rush hour, and as his business took him all over the island, so the central location is generally much handier.

Another friend sold his house in a popular "tourist" area. He then bought a much bigger house with more land, and was left with a considerable amount of change.

He too saw schooling and the environment to bring up children, as a major contributory factor in his decision. So not everyone is looking for fantastic views, although that's where the big money is.

There are also the lesser known areas of the Island, for those who want seclusion, and would like to make a few bob on their holiday home in paradise.

Phuket Property Overview – Professional Support

There are several reputable Conveyancing Lawyers, Maintenance Contractors and Property Managers who can help you with every aspect of buying, selling, renting, managing and maintaining your Phuket property.

The Thai government is always tinkering around with building regulations. The minimum distance from the sea, the height of the building and height of land you can build on, are all controlled.

Therefore, it is recommended that you use reputable Real Estate Professionals to avoid running foul of the authorities or just being plain ripped off.

Phuket Property Overview – Infrastructure of Note

There are 6 acclaimed golf courses on Phuket, located mostly in the north and centre. They regularly host prestigious events, such as The Johnny Walker Tournament.

Needless to say property around the golf courses comes at a premium.

There are also 3 first class private hospitals on the Island to cater for any eventuality, which is something Phuket can be proud of.

Dentistry is also of a very high standard, and many find that after paying for their holiday and the hospital and/or dental bills, it was still cheaper than having the work done at home. Free Holidays in Paradise!

There are also several excellent International Schools and of course, the International airport.

To summarise the Phuket property overview, investors and developers have never had it so good.

The increased tourism and retiring baby-boomers will sustain the market in the short term, however the medium term outlook is not as rosy (mind you where is?), but the long term looks god. particularly now the baby-boomers are retiring.

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