The emerging trend of digital asset payments has led to an increase in prospective property buyers in Phuket requesting payment in crypto currencies. This trend does not seem to be abating, and so many Phuket developers are now accepting crypto currencies as a means of payment.
SECTION 1: BUYING PROPERTY ON PHUKET ISLAND, THE TROPICAL PARADISE
Phuket Island is now one of the most popular tourist destinations in the world, with its tropical climate, word class infrastructure, stunning scenery and a multitude of attractions.
Investing in property is always a big
There are many reasons why people fall in love with Phuket. Although the world is made up of a diverse range of people, everyone who visits Phuket begins their immediate love affair with this enchanting island. Today, the island comprises of a broad range of nationalities, possibly having nationals from pretty much every nation on Earth. Whatever their reasons for investing in, or even becoming residents of the island, nearly all of these people that come to Phuket have a positive attitude towards owning property here. This section covers all the positives associated with Phuket property sector right now, in 2024.
Phuket was once an island covered in jungle, with fishing villages dotted around the coastline, and with Phuket Town servicing the tin mining industry. Since the 21st century began in earnest, the island has seen incredible expansion, in both population growth, as well as incredible infrastructure, with new attractions and amenities springing up every year. As the world adjusts to the post Covid era, with more tourists arriving and with more Thais and foreigners calling Phuket their home, this infrastructure improvement program is unlikely to ease off or slow down.
Although the Phuket property market tends to move independently of every other real estate market in the world, including the rest of Thailand, (except perhaps Koh Samui), it has not always been smooth sailing. Without the excessive borrowing seen in most countries, it has certainly been a much smoother trajectory, without any booms and busts. However, the real estate sector in Phuket has historically gone through many slowdowns, where prices have stagnated for many years, as demand waits to pick up to soak up any supply excesses. This section covers what to keep an eye out for in the years ahead, allowing investors to plan accordingly.
This topic deserves its own section, mainly because the tourism sector has always been, and still is today, the lifeblood of the island. Without tourism, Phuket would have never seen the prolific growth it has experienced over the past 30 years, nor would the Phuket property market have reached where it is today. But unforeseen events do occur every few years, sometimes quite suddenly and cannot be discounted in the future. These may be local, national or international, but many do end up having an adverse effect on Phuket Island and its economy.
Being an island, it stands to
Condominiums are the safest way for foreigners to purchase real estate in Phuket. Condominium law allows 49% of the living area in each condominium project to be sold to foreigners as foreign freehold. Foreign freehold ownership means the foreigner will own the condo unit in perpetuity i.e. forever. This ownership is registered at the local Phuket Land Department. If a foreigner is considering buying property in Phuket, then this article explains everything you'll need to know, and why a Phuket condominium is the best option!!!!
We do not necessarily dispute the concept of a Phuket leasehold, however, anyone entering into a Phuket landed property leasehold, must be aware of all the risks associated with this type of legal arrangement. A leasehold in Phuket is very safe, in the sense that it guarantees you a 30 year lease period, but any term over and above this initial 30 year period must be viewed as a mere verbal promise. It is not guaranteed. It is simply a verbal guarantee to extend the lease for further renewals, but if denied, it is questionable whether it will upheld in a court of law in the favour of the foreigner.
It is possible for a foreigner to own a Thai company in Phuket, if the Thai company is adhering to all the corporate laws of Thailand. However, if that Thai Company owns landed property, there are other implications. A company set up with the sole existence of owning property for a foreigner, with shareholders, who have not invested in the Thai company, and who the foreigners does not even know, are deemed as nominees. This is illegal. All foreigners entering a sale and purchase agreement in which they either transfer ownership of shares of a Thai Company Limited, or set up their own Thai Company must know these rules and the laws governing Thai companies, and the legal implications of their company owning land in Phuket.
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