A chic villa on a picturesque island with eternal summer and tropical juicy fruits - this is not a dream, it can be a reality! Phuket is famous for its spacious beaches and the gentle sea. Real estate here is the best investment. Despite the fact that a villa is luxury and expensive real estate, the market is actively developing in this segment, more and more citizens of other countries want to buy their own housing on the island.
Villa is a great solution for those who like relaxing with a big family or a group of friends, look for privacy or want to make good money from renting it out. In our article we will tell how to buy a villa in Phuket and what you should pay attention to.
Housing on the island has a lot of advantages: the main one is the possibility to relax far away from the hustle and bustle of crowds even during the "hot" season. You can relax and enjoy your vacation without strangers at your own pool and a cozy courtyard. Phuket is also a resort with a well-developed infrastructure and you can easily find restaurants, bars, markets, shops and entertainment for every taste not far away.
Many people appreciate the villas for their comfort and spaciousness. These chic houses include several bedrooms and bathrooms, so they can comfortably accommodate a group of vacationers, including pets, which is impossible in a condo or hotel room.
The villa can be called a profitable investment, because you can rent it out while you are away in your home country. Renting luxury villas is quite expensive, so the return on investment can be up to 10% per year. Moreover, there are special management companies in Phuket which are ready to take care of all issues including finding tenants, concluding contracts and looking after a house and yard for a certain percentage from the rental price.
The prices for villas depend on several factors, including its size, the size of the territory, garden and pool. The presence of furniture, interior decoration and the area of location are also important. Another price factor is the remoteness from the beach. Experienced investors advise to buy villas no further than 5 km from the coast (for example, in Kata Noi, Nai Harn, Patong, Karon, Bang Tao districts). A luxury villa with 5 bathrooms and 4 bedrooms will cost about half a million dollars. Housing in the area of Patong Beach with 2 bedrooms and 3 bathrooms will cost about $ 1 million. In addition, the owners pay about 50,000 THB per year for the maintenance of the villa (pool cleaning, gardener, maid service, if necessary, and maintenance of the complex).
The process of buying a villa is the same as the buying a house. Particular attention is paid to land acquisition, because according to the Thai laws, a foreigner cannot become the owner of land in the Kingdom. Citizens of other countries have two options to purchase a land plot: to conclude a long-term lease (leasehold) or to register the land as a commercial property for a legal entity.
In the first case, the process of concluding a leasehold agreement is quite simple: you must contact the Thai land department and conclude an agreement with the land owner (the total lease term can reach 90 years). If you make a deal as a purchase of commercial real estate, you need to register a company with a partner from the Kingdom (the law prohibits a foreigner from owning a controlling package). Then, as the legal entity, you acquire the land and the partner writes the waiver of all property rights, you remain the only owner. This way will require more time and money to register and maintain the company.
In any case, buying a villa in Phuket is impossible without the services of specialists, as all documentation is in Thai and it is necessary to pay taxes and fees, depending on the form of ownership. You can contact the professionals of the Real Estate Gallery in Phuket, who will help you find the best option for your requirements, suggest a more reliable way of registration and help to conclude a contract of sale. If you are interested in buying a villa on the island, you can book a free transfer to the Real Estate Gallery and take the first step towards your dream!
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