If you’ve never heard of Phuket, now is the time to go online and google the island. It is a tropical getaway on the south west coast of Thailand. The island attracts well over 10 million visitors each year and the movie The Beach was filmed nearby on one of the areas numerous paradise beaches. Over the last 20 years, Phuket has become more than just a tourist island. Many people now call this home.
According to a recent survey, Thailand generates a massive annual revenue from tourism. It is the 4th highest of any country in the world. When you exchange your money for Thai baht, it goes a lot further than it would in the US, Europe or Australia. Most of the people who buy property on the island originally came on holiday and decided they’d like to have a little piece of heaven for themselves. There are plenty of places to choose from, ranging from an integrated resort in Laguna, Phuket or a stylish condo in the centre of Phuket town.
The strength of the tourism industry is a big plus for buyers and sellers alike. If you do invest in a property and you need to sell it after a short period, you’ll have plenty of people interested in the premises.
Prices on the Island
Because there are numerous developments on the island, you’ll be able to purchase a great piece of property for an affordable price. Phuket is one of Thailand’s biggest island and there is still plenty of space. There is a huge contrast between prices in Phuket and places such as New York, Sydney, London or Paris. You’ll get so much more for your money if you invest in Phuket in comparison to any of these major cities. Property prices on the island are also far lower than other cities around the world, including:
Long Term Stability
One of the main reasons why the 2008 financial crisis occurred was banks’ lending money to developers and other individuals who couldn’t afford to pay it back. The main cause was mortgages which borrowers could no longer afford. Lending money to high risk borrowers caused a property bubble that eventually burst. In Thailand, foreigners cannot borrow money for property investment. The property industry in Phuket is almost entirely run on cash money, this makes it far more stable.
Along with world class shopping centres, great infrastructure and quality schools, Phuket has outstanding hospitals and medical centres. They have modern dental offices and all kinds of other medical facilities on the island. The continued improvement of medical care is also very attractive for retirees from around the world.
Phuket has a huge amount to offer anyone who is thinking about investing in property on the island. Property can be bought for bargain prices, at least compared to other cities around the world. Phuket offers amazing value for money; you may consider prices elsewhere to be downright extortionate in comparison. In addition to property prices, the cost of living is a huge attraction.