Planning on diversifying your investment portfolio and venturing into the real estate industry? If so, you should consider investing in a condominium in Phuket. It’s possible even if you aren’t a Thai national and don’t live anywhere near the idyllic island, sitting on the Andaman Sea. Here are 5 reasons why:
Generally speaking, the cost of living in Thailand is lower compared to many other parts of the world. Naturally, property prices are also lower, which makes real estate investments more affordable. However, just because property prices are lower doesn’t mean they’ll stay low forever. According to the Phuket Real Estate Association, property prices in Phuket increase by 5-10% every 5 years, so you can expect to make profits through capital appreciation.
In Thailand, there are certain restrictions when it comes to property ownership. If you’re a foreigner, you can only own villas as leasehold properties, because land in Thailand can only be owned by Thai nationals. Condominiums, however, can be owned on a freehold basis. This means that, if you invest in a condominium in Phuket, you can own it under your name forever or for as long as you wish to. You’ll have complete ownership and therefore, full control over your property.
If you’re looking to flip a property in Phuket, investing in a condominium would be the wisest choice. Since condominiums are freehold properties, you can target both Thai and foreign buyers. Plus, foreign freehold properties are generally sold at a higher price, which means you can enjoy great returns on your investment.
If you invest in a condominium in Phuket, you can opt for the guaranteed returns program. In fact, most developers in Phuket offer investors the chance to receive guaranteed returns on their property investments, which is usually between 5-10% of the original property price for up to 15 years. You can sit back, relax, and watch your investment grow.
Phuket may not have seen tourists due to the travel restrictions in place as a result of the pandemic, but the Thai island welcomed 15 million tourists in 2019 and will most certainly continue to do so once COVID-19 blows over. This means that, if you invest in a condominium, you can rent it out to tourists who visit the island all year round and earn impressive rental income. Plus, if you go for a condominium managed by a hotel group, you can join the rental pool program and make returns even if your unit doesn’t get rented out.
Due to the COVID-19 pandemic, property prices have slightly fallen in most places around the world, and Phuket is no exception. Investors looking to buy a condominium in Phuket can do so now so that when the market picks up, which is expected to happen very soon, they can turn a profit.
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