Could things finally be picking up in Phuket? While the island continues to be one of the most popular tourist destinations, with visitors coming from across the globe, this hasn’t translated into a strong overall real estate market. While some segments such as villas have remained healthy, other areas have slumped in recent years.
However, the signs are pointing to a turnaround in Phuket and perhaps even a boom period is on the horizon. With low real estate prices already available in this tropical paradise, a number of other factors are giving cause for optimism.
“Prices have come down to a level where we are seeing increasing buyer interest in terms of the number of enquiries. This should signal that the bottom of the market is being reached as more people look to buy in and the argument for a bright future for Phuket is much stronger than the alternative,” Patrick Lusted, Managing Director at Siam Real Estate, explained. “With elections due next year, new 50-year leases for foreigners being mooted, infrastructure improvements, a new constitution in place and continued stability with ever growing tourist numbers, the next real estate boom could be upon us.”
Pool villas and foreign freehold condominiums have performed well despite the real estate downturn in Phuket. Villas in particular offer something many buyers aren’t able to enjoy in their home country.
“Pool villas represent excellent value for money,” Lusted stated. “Many buyers from within the Southeast Asian region are coming from large cities where they live in smaller condos, so there is a strong attraction to buy a property with space and privacy.”
Take advantage of a rare opportunity in Phuket
With real estate prices in Phuket’s resale market having come down in the past two years, Siam Real Estate has noticed more buyers re-entering the market. International buyers can take advantage of these affordable prices for unit types and prime, beachfront locations that may not exist in their home countries.
“Strong demand is coming from Singapore and Hong Kong and expats in those locations,” Lusted said. “We are starting to see an increase in enquiries again from Russian buyers as their economy recovers.”
Another thing to consider is the investment opportunity that comes along with buying a Phuket real estate. There are a number of resort properties offering investors managed rental pools with guaranteed rental returns in addition to a set number of days each year they can use the unit.
With a significant increase in the number of tourists from China and Russia visiting in the past year, as well as an overall growth in arrivals of 15 percent estimated for 2017, there is no shortage of people heading to Phuket. And all these visitors will need places to stay.
“For those with cash sitting idle in a bank account at record low interest rates, it is a good time to be a buyer in Phuket and put that money to work,” Lusted pointed out.
First-class service from a real estate leader
Buying a Phuket property isn’t as easy as showing up to the island and handing over the cash for the unit you want. Working with experts who know the market, such as the team at Siam Real Estate, can ensure not only do you find what you’re looking for, but the deal to acquire your dream property goes smoothly as well.
Having been in business for 15 years, Siam Real Estate can provide advice on buying property in Thailand, assist with seller negotiations, get the best deal possible for you, recommend a lawyer and give relocation advice on all matters. The firm takes pride in offering professional and transparent service with attention to clients’ wants and needs. The team is able to qualify and understand these needs and then uses this information to provide clients with choices from their large selection of property.
“We provide a full service experience and are not just a property finding and viewing company. Our website of over 4,500 listings is the most comprehensive information source for real estate in Thailand, chock full of relevant and useful info for buyers and renters,” Lusted proclaimed. “Vendor financing, property check-ups, valuation service, comprehensive downloadable advice guides, information on everything to do with visiting, living and working in Thailand and much more can be found on our website: www.siamrealestate.com.”
About Siam Real Estate
Founded in 2002, Siam Real Estate is a first-class real estate services provider. The company is based in Phuket and active throughout Thailand including Bangkok, Hua Hin, Pattaya and Samui among other locations. Clients from around the world speak highly of the firm and you can see what they say here: www.siamrealestate.com/testimonials
Website: www.siamrealestate.com
Phone: +66 (0)76 383-646
This story originally appeared in Dot Property Magazine