Can foreign nationals buy property in Phuket?
Foreign nationals can buy property in Phuket, choosing either freehold or leasehold as the form of ownership. Apartment condominium in Phuket can be freehold (fully owned), provided that foreign nationals own no more than 49% of the area in this condominium, or leasehold (rented for long terms). When interested in buying property in Thailand, the foreign investor has two options: having a home on leasehold for 30 years (the term can be renewed twice) or purchasing the property through a limited company.
Can foreign nationals own real estate in Phuket?
Leasehold property in Phuket can be sold or leased. Foreign nationals are not allowed to own land in Thailand by law but can own property built on the land plot. One only has to apply for a construction permit to build a house in one’s own name.
What is the average cost of property in Phuket?
The cost of property in Phuket ranges from $92,000 to $30,000,000. The average price per square meter in Phuket — $3 055. Now we have 2,147 offers of property in Phuket.
What are the most popular locations for buying property in Phuket?
Patong is the most famous beach in Phuket. Laguna District is a resort in northwestern Phuket, famous for its luxurious hotels and villas. Other popular beaches include Kamala, Karon, Surin, Nai Harn, Bang Tao. There are many condominiums that attract property investors and buyers. The areas of Phuket are constantly evolving and being built up. As there is not enough vacant land on Phuket, real estate will appreciate over time.
What are the best types of property in Phuket?
The following property types are popular in Phuket: houses, condos, apartments. Most villas in Phuket have spacious rooms and large outdoor areas that feature swimming pools, gardens, and great views. Most condos and penthouses are fully equipped with top-notch facilities, such as shared pools, gyms and round-the clock security. Some Phuket apartments and penthouses are hotel managed, have their own spas, tennis courts, and direct beach access.
Why should I invest in Phuket?
The reasons for investing in Phuket property are the following:
- Phuket island infrastructure is developing;
- some medical facilities and hospitals in Phuket meet international standards and attract tourists interested in medicine;
- breathtaking views and beaches are known all over the world;
- rental returns – the recovery of the funds spent on buying the property through its lease: thanks to the lengthy tourist season in Phuket, the rental demand is almost year-round.
Is it possible to earn on residential rentals in Phuket?
Real estate in Phuket is in great demand among tourists and buyers. With the year-round tourist season you can have a great rental income. Phuket has a lot of projects with guaranteed returns of 7–10%. Management companies provide full property maintenance service. You can also use your property as a holiday home for 2–4 weeks a year without losing income.
How long can I rent my property out in Phuket?
Phuket has a year-round tourist season. October through April is the high season without rain, and this is when most f tourists arrive. May through September is the low season characterised by short tropical rains, but even during this time the air temperature does not drop below 30 degrees.
Can foreigners take out a mortgage to buy property in Phuket?
Thai banks do not provide mortgage loans for the purchase of real estate in Phuket for non-residents. Moreover, foreign nationals can´t get a bank loan for any purpose.
Can foreigners obtain Thai citizenship through the purchase of real estate in Phuket?
Permanent residents can apply for citizenship. Thailand citizenship allows you to buy property in Phuket, own any business and apply for any kind of job. You can apply for Thai citizenship:
- residence in Thailand for at least five years;
- permanent employment;
- to be married to a citizen of this country;
- your baby was born in Thailand.
Children born to parents with Thai citizenship automatically get citizenship regardless of where they were born. In order to obtain Thai citizenship, you must renounce your current nationality.