Property is booming in Phuket and villas tend to be a popular investment for foreigners due to Phukets tropical setting. It boast lovely beaches and a hilly interior that provides fantastic views and opportunities for secluded developments. The choice of location, style, functionality and luxury are all encouraging to those thinking of buying villas in Phuket.
Although prices for selected properties have risen by 50 to 100 per cent between the launch of a project and the transfer of title deeds, it has been generally considered that the islands property market is going along the same path as Spains. Many foreigners are thinking of buying villas as second or retirement homes in Thailand, and Phuket is usually the first choice. Although condos and standard residential houses also make up the Phuket property market, it is villas that have gained the most demand in recent years since they most effectively fit the typical lifestyle model that is desired.
Typical high end premium villas for sale in Phuket have upwards of 300m2 of interior space, two to four bedrooms with en-suites, a private swimming pool, gardens and a sea view or mountain view. These types of properties have an expensive price tag though, starting at 40 million baht. These include developments such as Phuket Pavilions at Layan. More modestly priced properties such as Layan Gardens, Lakewood Hills, Sujika Gardens in the Layan, Bang Tao and Cherng Talay areas are impressing foreign investors. These types of properties begin at around 13.5 million baht and are pitched mainly at Hong Kong and Singapore ex-pats as well as a healthy supply of Europeans and an increasing number from Russia and the Middle East.
Most Phuket villas are advertised well in local newspapers along with a variety of estate agents and lawyers advertising their services. Property in Phuket is sprinkled everywhere, with estate agents almost on every corner, so you can always investigate this way. Buying villas in Phuket doesnt require much leg work since there is a very well established property infrastructure dominated by foreign personnel. Mostly the villa developments have gone up along the sought-after West coast on the peripherals of the popular bays such as Patong, Kata and Kamala. The prime land is still dominated by commercial developments such as resorts.
Since Phuket villas on the West coast are becoming increasingly unaffordable to most, developers have now been looking to the east coast and North, where land is cheaper.
When buying villas in Phuket, your best piece of advice is to rely on the reputation of the developer, their track record, and the performance of the project to date. Almost all villa projects in Phuket can be considered good investment options due to the growth in demand on this island. Its also advisable to take your time and familiarise yourself with the island, the area you are interested in buying villas in, and Phukets character in general. You may not want to be living permanently among the crowds of tourists that arrive during the season, but some developments are also a little too remote.