Phuket has established itself as a world class tourist destination that it why there are lots of Phuket Apartments, townhouses, condominiums and pool villas. In fact, Phuket is also a popular destination for foreigners who are interested in property investment that will provide a steady income.
The military coup in Thailand and the subsequent declaration of martial law has slowed down property sales but the market has rebounded since the beginning of 2015. Many buyers are looking for low cost brand new villas with two or three bedrooms including a pool on a modest piece of land. These villas will typically range from 7 to 16 million baht or about $217,000 to $496,000.
In Phuket the market is largely made up of cash buyers that have continued to thrive even during the most challenging economic times. Traditionally, property buyers favored the west coast of the island but recently, the south and east coasts have gained popularity.
Aside from Phuket, foreign buyers are also interested in Bangkok, the resort areas of Pattaya and Hua Hin and the northern city of Chiang Mai which has become a popular retirement haven. Most of the foreign buyers in Chiang Mai look for the 3-bedroom and 3-bathroom houses on the outskirts of the city with a price range of 2 to 6 million baht or roughly US$60,000 to US$185,000.
Historically, foreign buyers in Thailand usually come from Britain, Europe, the United States, Hong Kong and Singapore but according to real estate agents, many buyers recently come from the Middle East, India and China. In Phuket, more buyers are part-time residents who commute to Hong Kong and Singapore to work.
Under the laws of Thailand, a foreign buyer can buy a building and a condo but not the land in their name. The most common arrangement is to buy a home while leasing the land. The lease is typically for 30 years but there are opportunities for 30-year extensions. A deal will usually include a purchase option for the land if in case the laws of foreign ownership are changed. Another option is to buy land through a company but foreigners usually set up companies just for the purpose of buying land.