Real Estate In Phuket

Buying Property in Phuket

First Published Date : May 8, 2010

One of the most beautiful regions of Thailand is Phuket. Sitting on Phuket Island, the third largest island in Thailand, the capital city of the Phuket Province is Phuket City, with 75,000 inhabitants. This region is highly sought after for real estate investment and for vacation homes for the simple fact that it lies close to the equator, giving an average temperature of 32C/90F, while only going down to an average low of 24C/75F. While the region is dry from December to March, it can be very wet in the monsoon time of year from April to November.

When you are looking to buy property within Phuket, you should look along the Hat Patong, which is the most-developed beach on the island. Situated in a three-kilometer long-bay, you can enjoy windsurfing, sailing, swimming or just sun-tanning during the day, while taking in the restaurants and thriving nightlife at night.

Phuket is currently going through a real estate boom with a great deal of development going on in the area of condos, homes for retired individuals, rental homes and luxury housing. With over 4,000,000 people visiting the island each year as part of their vacation, there are many who want to have a home they can go to while on this beautiful island.

If you are thinking of moving to Phuket, you should first be commended for deciding to live somewhere this beautiful. Choosing a place, whether it is a condo, villa, or house, will depend greatly on what you are looking for. If you want to live in a remote area, you can look in the Rawai area or the Naiharn area. However, if you want to be close to golf courses, hospitals, shopping areas and urban centers, then the Kathu area of the island is a good idea.

When people talk about the benefits that come from living in the Phuket province, or in Phuket City, it often revolves around the traditions, food and local life of this amazing area.

When you are looking for condos, villas, or homes within Phuket, there are some things to consider, including:

1.    Make sure you choose a reputable real estate company. This is true if you are buying over the phone, or from your current country. You want to make sure the company you go through is going to make sure that you get a home you not only want, but that you can afford as well.

2.    If you need to, get some legal advice on how to buy a home in Phuket.

3.    Do as much research as you can into Phuket because you want to live in an area that is conducive to your lifestyle. If you are young, you may want to be in an urban area where there is a night life. If you are looking for some place quiet, then a villa in a remote village may be a better choice. If you have children, a villa on a cliff may not be a good idea because of the dangers presented by the cliff.

The time is now to buy in Phuket. The financial crisis has made many luxury homes affordable on the island and they are starting to be snapped up by foreigners. In the past few years alone, the number of condos has doubled on the island and all these islands are also selling quickly. Most of the people interested in buying homes in Phuket are from the United States, United Kingdom, Australia and Scandinavia, so don’t let them snap up your home on Phuket Island.

This is a beautiful island that is quickly becoming the go-to destination for many individuals in the Western World who are tired of the snow, cold and day-to-day grind.

Now, it should be noted that under Thailand’s laws, it is forbidden for a foreigner to own land within the Kingdom of Thailand. Now, you are allowed to buy a condo under your own name if the condo is a freehold title. If the condo is not a freehold title, then you can lease it for 30 years, with an extension of 30 years on top of that.

If you want to get cheap property within Phuket, you can look at two places; auction and banks. If you are planning to buy a property at auction, you need to get research done on the title before you do. You need to have a friend based in Thai ask the right sorts of questions for you if you do this and you need to be able to move quickly as someone else may take your property from you. Most newspapers within Phuket will have auction notices so all you need is someone in Phuket to let you know about possible properties. Let them know what you want to spend and what you are looking for and your Thai friend can make things much easier for you when you are shopping for a home in Phuket. Buying through auction can save you a lot of money but again make sure you research the property and have a lawyer ensure there are no problems with the property and to ensure that the title is completely free and clear.

If you decide to go through a bank, look for property that has gone through repossession. Banks will sell at a discount because they do not want to go to auction, where they will lose more money. You can find many properties through banks on the internet in Phuket, which have gone through foreclosure. Although, if you can’t read Thai, you may have some trouble so a Thai friend again comes in handy. Having a Thai friend can also aid you in seeing the hoe and because banks will often hold special open houses when your Thai friend can check out the home for you.