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Four Good Reasons to Buy a Home In Phuket

Four Good Reasons to Buy a Home In Phuket

by Jeremie Schatz,
20 January 2022

Some may be reading this because they like Phuket, but aren’t sure if it’s a place they would like to live long term. Others may have already made up their mind and want their decision validated. Either way, here you are and while this list isn’t even close to exhaustive, it reflects some of the most foundational reasoning supporting peoples’ decision to call Phuket home. 

Property Values

House for sale | Cr: freepik.com

Not only is the property market booming on the island, but it has been for quite some time with no sign of slowing. In general, property values have been climbing for years. Phuket’s real estate market is an anomaly in Thailand due to a prevalence of foreign investment. Foreigners can not directly own land in Thailand (but can own a structure like a house or condo), so those properties are paid for outright without mortgage loans from a bank. This has created a market with greater resiliency, even during the covid19 pandemic. While economies around the globe have struggled, Thailand being no exception, property values in Phuket haven’t faltered.

Affordability

Luxury villas in Phuket | Cr: homeinphuket.com

This of course is one influential factor as to why so many people like to vacation or live in Thailand – it’s comparatively inexpensive. While Phuket has grown to be one of the most expensive provinces in the nation, your money can go a long way here, especially when comparing housing prices to other similar regions around the world. 

Another bonus is the range of options available. There is basically something for everyone in Phuket whether it’s an efficiency-level apartment in the hundreds of thousands of baht, to multi-million dollar luxury villas. 

Rentability

Another significant incentive to owning a home in Phuket is the strong rental market. The ease of renting varies depending on the location of the property and time of year if offering as a holiday rental. Thousands of people on the island make a living or enjoy an additional revenue stream with rentals. Even if you have no plan or desire to rent your property, it’s nice to know it is a reliable option should the need arise. 

Additionally, if your goal is to buy a holiday home and wish to rent it while you’re not using it, there are several local and internationally established management companies in Phuket. 

Quality of Life

Colourful Phuket | Cr: bangkok-today.com

Phuket has a lot going for it and there’s a reason why so many expats and Thais settle down on the island. Development has scooted along quickly and the island is all but indiscernible compared to 20 years ago, let alone before that. Although there were plenty of people here back then, including expats, Phuket has matured to be more cosmopolitan. Where not too long ago only dirt tracks accessed certain areas, now electric car charging stations exist. Small medical clinics have given way to several international hospitals with state-of-the-art facilities and world-class care. Education now ranges from local Thai public schools to accredited international schools.

While assessing quality of life is highly subjective, many love Phuket for the tropical weather, diverse and warm-hearted community, natural beauty, modern conveniences like fast and reliable ecommerce, general safety and low levels of crime, family friendliness, and access to an overwhelming selection of incredible Thai and international restaurants.