It’s a notorious truth that you can buy property in Thailand for foreigners in various types, sizes, and beauties. It is equally true that Thailand is a perfect holiday spot with beautiful golden beaches exotic weather, not to mention its awesomely breathtaking sceneries and incredibly rich food. There is no gainsaying that expats find this country a haven, considering its relatively cheap property prices.
As a foreigner, there are quite a handful of hurdles to scale when there is a need to buy property in Thailand. That notwithstanding, with the proper guidance and direction as to the legal requirements expected of an expat, as well as the available and viable market to focus attention on while on this quest, you will well be on your way to becoming a proud owner of properties or investor in the real estate market in Thailand.
The snag in the wheel for expats who desire to buy property in Thailand
It is no news that foreigners are not permitted or allowed to buy land singlehandedly/ wholly in Thailand. However, they can buy apartments and condominiums as non-citizens. Further, foreigners cannot make up or exceed 40 percent of the apartment block or condominium total unit owners. Unlike in the United Kingdom as well as several other countries, in Thailand, you can only buy Thai property but not the land on which such property is sitting; that is to say, you cannot buy Thai land. The highest you can go is incorporating and becoming a shareholder in a limited liability company in the country.
The snag here also is that such a company has to have mixed Thailand and foreign ownership, with the highest percentage of foreign ownership not exceeding 49 percent. It is only in this instant that an expat can purchase land legally in Thailand, using the company as a shield. Going this route, you would most definitely be requiring the services of a strong real estate legal representative. More so, the Thailand property market can be termed ‘porous’ as it is not nearly as regulated as it ought to be. The guidance of a legal representative would help the investor avoid unnecessary risks and make informed and profitable investment decisions.
The best places you can buy properties in Phuket, Thailand
The topmost and primary factors to consider in finding the perfect spot to buy properties in Thailand include:
- The proximity of your intended property to your routine locations and places
- Amenities of the building/ facilities
- Accessible road network/ transportation options available
- Natural attractions.
Remarkably so, Phuket is Thailand’s largest island and one of Southeast Asia’s premier tourist destinations. This island boasts of being one of the most popular tourist destinations in Thailand. This is why, on a very increasing level, expats are becoming more aware of its distinctive and alluring attributes and seeking to buy properties there. There is something for everyone in Phuket- from its crystal-clear waters to its rich cultural heritage, there is the craving to have more of the bubbly city. Below are top of the list of catchy and business-savvy districts to consider for property investment in Phuket, Thailand.
- Kamala: Kamala is a village located in the north of Phuket Island, Thailand. This location has activities for everyone. Kamala Beach place is an ideal luxury location where you would have a remarkably memorable experience.
- Patong Beach: This location is about the most popular resort town in the entire Phuket. Notorious for being the major nightlife spot in the whole of Phuket, this town is home to every shade of nightclubs, live music bars, beer bars, and go-go bars. Because of its party atmosphere, this beach attracts mostly younger tourists and travellers. This does not obviate the presence of and activities of couples and families on vacation. There are adequate hotel facilities, too, to cater to the hospitality needs of these travellers. That is why this beach is a very catchy spot for expats to invest in the real estate business.
- Surin Beach: there are a number of trendy and sophisticated spots to look out for in Surin Beach. Accommodations here are quite expensive, but their dining services are quite affordable. The scenery is exclusive and relaxing for a perfect getaway. Investing your money here as an expat is profitable and would yield you tremendous profits.
- Bangtao Beach: it is an ideal location for family vacations because it is a very convenient spot to have fun, with all the necessary amenities amply available for enjoyment. This luxurious town is full of sophisticated nightlife. The beach is the second longest stretch of sand in Phuket, at 3.7 miles, and second to Mai Kao Beach, which has the longest stretch of sand on Phuket Island. There is definitely no shortage of secluded spots to guarantee your privacy while having fun. Invest your funds here as an expat and grow your wealth exponentially.
- Phuket Town: Undoubtedly, without a beach, Phuket Town is definitely one of the top locations to consider on your list of viable places to invest your money as an expat. The architectural masterpiece is a major attraction in this part of Thailand. Note also that the best hotels and restaurants are located in Phuket Town. The top spots to consider checking out are Jui Tui Shrine and Chinpracha House. The beauty of the nightlife here comes alive during weekends.
In finishing off this piece, it is noteworthy that there are indeed no shortages of ideal business locations in Phuket. The length and breadth of Phuket reeks of life and vibrancy. That said, you would not want to pass on the golden opportunity to own and control one or more real estate businesses in any of these locations. You get to have fun and relax while making lots of money. You can also learn more on the official website https://thailand-real.estate/.