Owning a house in Phuket is a dream of millions of tourists who have visited this paradise island at least once. Warm climate all year round, beautiful nature, clean white beaches and the gentle sea - what else is needed for happiness? That is why, many residents of other countries with more severe climates want to buy their property in Phuket. In addition to the fact that the island is one of the best places to relax, the real estate market is actively developing here, so buying a house is a fairly profitable investment. Another advantage of your own house in the resort is the possibility to live in a comfortable complex with all the amenities with your pet, because pets are not allowed in hotels or condominiums. In our article we will tell how to buy a house in Phuket and what prices are on the real estate market.
On the island you have the opportunity to purchase both a detached house and house in the village which is called villa-park with all amenities. The territory of the villages is fenced and guarded and often includes a swimming pool, a fitness room, playgrounds and well-groomed green lawns. Developers offer various housing options which will satisfy any requirements of buyers. Prices depend on the area, the comfort of the villa-park, the proximity of the beach, the arrangement of the house. The cost of houses in Phuket starts from 2.5 million THB. For this sum you can buy a house with 2-3 bedrooms, a small territory, detached or in a village with not very developed infrastructure. A more comfortable option in a gated community with a pool and other amenities will cost from 3.5 million THB. Basically, these villages are located near international schools and other educational institutions or close to the beaches. Owners of houses in the village also pay for the maintenance of a common area, approximately 20,000 THB per year.
Those who do not plan to stay in their housing in Phuket permanently should think about renting it out. So you can return part of the investment (from 5% to 8% of the cost of housing per year for 3-5 years). Some developer companies offer to their new owners a guaranteed return on investment services: they are fully engaged in all matters related to renting, finding tenants, concluding contracts and collecting rents. You just get income on your bank account.
According to the Thai law, a citizen of another country cannot become the owner of a land plot in the Kingdom, however there are legal ways to buy and sell a house and the surrounding area.
The first option is registration of a long-term lease of a land plot using the leasehold form of ownership. The total lease term can reach 90 years, while the tenant's rights are very close to full ownership rights. Everything that is on the site, the tenant can resell, lease, give, inherit and make redevelopment. The real estate can be registered in the full ownership of freehold.
For those who do not trust such form of ownership as leasehold, there is an option to purchase land as commercial property for a legal entity registered in Thailand. According to the law, a foreigner cannot be the owner of a controlling package in the company. So you need to find a partner among the citizens of the Kingdom who will help to open a company, acquire real estate, and then write a waiver of all property rights. You will remain the only owner. The advantage of leasing land on leasehold is that registration does not take much time, and the transaction with taxes and fees is cheaper. If you buy land for freehold through a legal entity, it will take more time to draw up documents and there will be additional costs for the registration and maintenance of the company.
In any case, to understand all the nuances of local legislation and documentation, which is conducted in Thai, you will need the help of specialists. The staff of the Real Estate Gallery in Phuket will help you to choose the perfect house according to your requirements and capabilities, as well as draw up all the necessary documents for any form of ownership. If you have any questions or wish to buy your own housing on this paradise island, you can order a free transfer to the Real Estate Gallery right now and soon become a happy owner of real estate in Phuket.
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