Did you know that Thailand is a great market when buying property? However, this opportunity depends on how serious you are when it comes to owning a house as a foreign buyer. This decision is also based mainly on your goals, budget, and legal situation.
Why Thailand Is a Good Location to Buy Property
The property values in the country are steadily increasing, particularly in Bangkok, Chiang Mai, Pattaya, and Phuket. Other than that, they offer affordable prices in comparison to western markets. In fact, you may already get a luxury condo in Thailand for the price of a small apartment in Australia.
Furthermore, when you buy a house in Thailand, you can take advantage of the strong rental demand. Thus, you may rent it out, as tourist-heavy areas are offering high rental returns. Moreover, buying a house in this part of Asia should be great when considering retirement or holiday homes. That is because Thailand offers a lower cost of living and a warm climate.
Common Challenges You Are Going to Face
When you are considering to buy a property in the country, you need to pay attention to certain restrictions for foreigners. In fact, you cannot own land directly but you may purchase condos with up to 49% ownership of a building’s units.
However, if you are not planning to own property in Thailand, you can lease land for 30 years instead of owning it. More importantly, you will need a lawyer to make sure that the purchase is done smoothly. You also need to note that some areas, like the tourist zones, have price volatility due to market fluctuations.
Phuket as a Great Choice for Potential Buyers
You need to know that Phuket is a particularly great location to consider a holiday home, retirement property, or investment in Thailand. Phuket is a top destination for expats, investors, and tourists, making it a strong real estate market.
This is also due to the popularity of the place for tourists looking for short-term rentals, which has a high rental potential for investors. Likewise, the place is ideal if you love island life with modern amenities. This is also ideal if you are looking for a place in Thailand with well-developed roads, international schools, hospitals, and a large expat community.
What to Do When Buying Property in Phuket
If you are going to buy a Phuket property for sale, you need to keep in mind a number of key areas. Part of this is to define your goal and budget that can greatly affect your decision to buy. Likewise, choosing the right location is important because it can open doors to new opportunities.
Of course, you don’t just buy a property that seems too good to be true. Always verify the ownership, title deeds, and legal paperwork. That said, you have to negotiate the terms and finalise contracts properly.
If you need a hand when buying a Phuket property for sale, we can help you. Visit our website and talk to us so you can learn more about the latest property news and deals that will surely suit your needs.
