Why Invest in Phuket, Thailand
Phuket has never had it so good and the property market is booming. Every year Phuket attracts millions of tourists which has created investment opportunities for those willing to take them. The Island is well known and respected as one of the best places in the world to relax, unwind and retire.
With sun-drenched beaches and a vibrant nightlife, people of all ages are attracted to this tropical paradise. This has helped increase real estate and property prices year after year and many developers are well invested in Phuket.
The popularity of Phuket
Properties in Phuket continue to change hands regularly as International investors and the wealthy increasingly want a piece of Paradise. The island is popular with those looking to spend the winter in a warmer climate and go home with a tan. And because Phuket is centrally located within Asia, it’s also very accessible being just a few hours flight from most Asian countries. Jet setters enjoy direct flights to Phuket through it's expanded International Airport.
The amount of tourists visiting the island has continued to grow. There are many new developments coming to Phuket that are likely to draw even more tourists in the future.
The Thai New Year is celebrated by locals as well as a rising number of tourists as this water party is becoming more and more famous outside of the Thai borders. Some people come to Phuket exclusively to take part in these festivities.
Large crowds are drawn in by the annual Phuket Bike Week. This motorcycle event is organized in Patong and Phuket Town over the course of two weekends with motorcycle enthusiasts from around the World.
Interesting Developments in Phuket
The days of an undiscovered paradise are long gone and the speculators with a more genuine interest to develop on the back of a robust and maturing infrastructure will find Phuket very agreeable. Among the new developments in Phuket are 6 states of the art shopping malls. The most notable of these is definitely the Blu Pearl Plaza. It will consist of a large Water Park, a 5 Star Resort and a wide variety of shops. The mall is expected to open in 2020 and will be bigger and more impressive than Bangkok’s largest shopping mall, Siam Paragon.
The Blu Pearl Plaza shopping mall is part of a collection of six large scale shopping venues. Among these are a duty-free retail complex and a floating market with a giant Ferris wheel. The extension of the Central Festival Phuket will contain the largest aquarium in Asia.
Phuket’s International Airport is currently being expanded to accommodate the increasing amount of visitors. The extension is expected to be finished around the third quarter of 2017 and will enable the airport to handle 12.5 million passengers per year.
To make it easier to travel around the island, a light rail train line will be developed. These improvements in infrastructure will create investment opportunities and also make it more attractive to tourists. The total length of the line will be about 60 kilometers ending near the Chalong Circle, in the Southeast part of the island. The boost that this light rail will give to Phuket’s economy could be very similar to the positive economic effects of Bangkok’s Skytrain.
All of these developments will make Phuket more accommodating and easier to get around. Visitors will be able to enjoy all the benefits that this tropical island has to offer without having to miss out on the luxuries and shopping opportunities that you’d normally find in the capital city.
Phuket is Transforming from a Beach Destination to a Shopping Island
Creating these shopping malls is an answer to the increase in tourists from China visiting Phuket. Although this group generally likes to visit the beach, they also like to shop during their holidays.
Offering a high-end shopping experience for these groups can bring fortune to the island. The area in which many of the new malls will be built is centrally located making it accessible for people staying in the towns around the island.
All of these developments will help Phuket to tap into a new market and offer more than just beautiful beaches with breath-taking views. It also offers great investment opportunities for the Phuket real estate and property market.
How you can Profit from Phuket’s real estate Market
Entry level Phuket properties are not cheap, and there certainly isn't the mass amount of cheap apartments that Spain undertook in the seventies and eighties. Investing here is far more up-market and tasteful.
Phuket is considered relatively safe when it comes to your money, with long-term returns very encouraging. Accessibility, location, style, and size, however, are all important when investing in Phuket properties.
Although some areas in Phuket are becoming more and more developed and investments in these areas are becoming more costly, there are still many underdeveloped areas with opportunities. It’s mostly the West coast of Phuket that has seen significant growth over the last 10 years. Other areas still have future growth potential.
If you are looking for real estate investment opportunities, you have to be willing to invest some time and a little research. You must gain knowledge and understanding of the new developments with future potential. In doing so, you will be able to determine where best to invest. An experienced realtor can save you money, lessen your risk and shorten the buying process.
In today’s internet world we have many possibilities to market our property like Airbnb for short-term or long term rentals. You could also do it the traditional way and use a management company if you prefer someone doing everything for you.
Phuket has established itself as a global destination, offering a range of investment opportunities from modest apartments to modern condominiums to private pool villas and luxury estates. Phuket properties are comparable to those offered in the Mediterranean and Caribbean.
Why invest in Phuket? Basically, it makes a lot of financial sense.
If you would like to hear more about Phuket’s real estate market and like to be assisted by a real estate agent with years of experience please contact us today at +66 93 606 0906.