What you need to know about Phuket
Phuket is Thailand’s largest island and also Thailand’s largest tourist market outside Bangkok attracting more than 10 million tourists in 2018. There has been a recent upsurge on visitors coming to Phuket with year on year growth in double digitals according to the C9 Phuket Market Update. With some of the most beautiful beaches to be found across South East Asia, Phuket has become more than just the ‘Jewel in the Andaman Sea’ but in fact the flag ship of Thailand and the greater region across Asia for tourism, real estate, and many other industries.
Types of Property in Phuket
Phuket has a wide range of property types that caters for a diverse investment range. Budget properties are located around more Thai centric locations such as Thalang, Kathu and Phuket Town. Here you can find a wide range of Thai-style townhouses and condos which really feature in the modest price range. The properties are located inland are focused around the local city and local life. But recently there has been more development in these regions which has led to an increase in foreign buyers. The mid-range price bracket usually features houses and condos in beachside locations such as Kamala, Surin, Kata, and Rawai. Usually, these reasonable price apartments have good common facilities and start at around 40 SQM. The houses will usually be flat and community-based with limited view, but the potential for private pools and common resort share facilities exist. The high-end or luxury segment of the market caters for lavish pool villas that usually are located on a beautiful hill with amazing sea views. Some of the properties even have direct access to the beach. Examples of these villas are seen in the hilly town of Kalim, where the villas sprawl the beach road with direct views of the Patong beach. Some condominiums have gorgeous penthouses and very well built common areas that features beach clubs and restaurants.
Popular Areas in Phuket
The most popular area in Phuket is Patong, which houses the most famous beach in Phuket. There is lots of activities and a very vibrant nightlife scene, which is home to the infamous ‘Bangla Road’. There is also two of Phuket's largest shopping centres which include Jungceylon and the newly created Central Festival Patong, which is just the opposite. Either side of Patong the action is now sprawling out, where slightly more north you have Kata and Karon, which are now hot destinations for tourists and Rawai and Nai Harn are top relocation areas for expats. Moving slightly south from Patong, there are Kalim, Kamala, Surin, and Bang-Tao which have all had recent developments. There are a large number of beach clubs around this part Phuket which includes Café Del Mar and Catch Beach Club. Other noticeable areas are Laguna which is a diverse mix of beautiful lagoons coupled with luxury 5* accommodation, luxury residential homes, and restaurants. To the northern tip of Phuket has Mai Khao which has been a recent target for property development.
Lifestyle in Phuket
Phuket is widely known for being the lifestyle destination of Thailand. It caters for everyone and anyone although the island is becoming more expensive as the island evolves. What used to be a mainly backpacker scene has now evolved to luxury high end living in certain areas of Phuket. If you love the sea and the beach, there are plenty with some of the best beaches in the world just on your doorstep. With the proximity to local islands such as Racha and Phi Phi Island, Phuket is one of the top destinations in the world for sun and relax. There are some amazing boat tours you can charter around the islands which are all available on BoatCrowd. With some of the newest and best international hospitals in the world such as Bangkok International Hospital and Phuket International Hospital, Phuket is now establishing itself as a core destination for medical tourism. Many people from all nationalities flock to Phuket to have plastic surgery operations and recover in the paradise island. If you’re an adventurer, there are lots of treks around the mountainous Phuket region with some stunning views to be caught, especially situated at viewpoints during the sunset of the Andaman Sea. With Phuket becoming such an international destination, there are lots of cuisines to be found catering for everyone’s taste across Phuket.
Sales Price Trends for Property in Phuket
The average price per square meter for a Property For Sale in Phuket is ฿113,169, which is 2% above the average price per square meter in Thailand that is ฿111,359. The price of Patong Studios is on average around ฿143,668 and a 5 bedroom villa in Kamala will set you back around ฿91,742 per square meter.
Top 5 Reasons Why to Invest in Phuket Property
There are lots of reasons as to why foreign and local Thais want to invest in real estate in Phuket. The top 5 reasons are the following:
- Improving Infrastructure – Phuket is evolving consistently every week and new transport systems now exist. There has been an increased involvement in building new roads to connect the airport to core destinations across Phuket. A new smart bus was recently introduced to the island and there are plans for a light rail link will see the core infrastructure continue to improve.
- Healthcare Facilities – There has been an influx of travellers seeking medical tourism into some of the world-class hospitals and medical centres that Phuket offers. These hospitals have the highest accreditation available and the service and care is top quality. This is attractive to both investors and retirees.
- Beaches, Views and More Beaches – Phuket is home to some of the best beaches in the world. Surrounding the whole island is beautiful views of the Andaman Sea and this real estate is priceless and limited across the world. Phuket has just started developing in real estate and we expect it only to get more creative and better products on the market.
- Accessibility - With the expansion of the Phuket International Airport, and the new planned airport in Phang Nga which is just north of the island has attracted lots of property developers and hoteliers to invest in real estate within Phuket, and the property market is booming. You can now fly pretty much anywhere direct from Phuket
- Rental Returns – Because of the seasonal element of Phuket, based on diverse weather conditions, the high season which is from November to April yields some of the highest rental returns available on the planet. Owners who have previously brought the property in Phuket have benefited by the huge appreciation in property prices along with strengthening of the Thai Baht.