In the short-term, the Phuket Property market will be sustained by ever-increasing footfall and the generation of baby-boomers who are close on the heels of retirement. The foreign demand may take a hit due to recessions in major markets – UK Brexit woes in the following decade.
However, the market is predicted to grow despite all this. Sample this, 20 % is the average growth rate for property prices for the last 5 years in Phuket.
Why buy a property in Phuket?
Thailand issues a “retirement visa” for foreigners above 50 years in age, even if they continue to be employed in their own country. This has led to a very large demand for property from foreigners.
The rising price in fuel costs is yet to reflect in airfares to Phuket, Thailand hence it is very cheap to visit.
Phuket has a thriving metropolitan vibe with quality Education, Healthcare and Dental facilities.
The red tape and paperwork involved in buying a sea-facing land in Phuket is encouragingly low, which has done wonders for the demand. Not many countries can boast of such ease of buying premium ocean-facing property. An average sea-facing condo costs a million dollars opposed to just 10 million Thai Bahts in Phuket.
The net result of the above-mentioned factors is an increased awareness among potential buyers about the benefits of purchasing in Phuket leading to personally high demands.
The demand is going to keep on being high leading to higher prices which are just low enough for affluent foreigners to pour in money in a sound and enjoyable investment that can serve as a beautiful retirement home too. Many people are just waking up to the reality of this good investment opportunity. Unfortunately, the land is a limited resource, so the natives of Phuket have to indulge in a lot more reclamation projects to keep on making money.