5 Marketing Tricks When Buying Property in Phuket
The real estate market in Phuket attracts many foreign investors, and interest in this resort continues to grow each year. However, with increasing demand, some developers resort to various marketing tricks to sell properties quickly, sometimes even concealing the property's flaws. In this article, we will explore five of the most popular tactics used by developers to catch buyers' attention and explain how to avoid falling victim to deception.
Faulty Competitor Analysis
One of the most common mistakes is insufficient market research during the property search process. Often, local developers, eager to sell properties, present their offers as the "best deals on the market," creating a false impression of the options available to foreign buyers. Many developers (especially unscrupulous ones) use this tactic to lure trusting buyers with attractive prices on "hot" deals.
What to do: Do not succumb to pressure or a sense of urgency. Even if an offer seems attractive, always take the time to analyze it. Check prices of similar properties on the market. Often, "special offers" are not as unique as they are presented. Consult independent agents or lawyers to evaluate the property and transaction terms. Typically, only an experienced real estate agency can conduct a thorough analysis of offers in your area of interest and find a truly advantageous deal.
Price Manipulations
Developers in Phuket may manipulate prices to create the illusion of a unique offer. For example, some companies might intentionally inflate the price to later offer a "huge discount." In other cases, the price may be understated to hide flaws in the property, such as poor location or the need for repairs.
What to do: Always compare prices of similar properties in the same location. If a price seems too low, it’s a reason to be extra cautious and thoroughly check all conditions. Request a full property appraisal from an independent expert before making a decision.
Selling the "Dream"
Real estate advertising in Thailand, especially in Phuket, often uses vivid images and slogans selling the "dream life." Such promotional materials promise perfect beaches, luxurious apartments with panoramic views, and guaranteed rental income. However, reality can significantly differ from these advertising promises.
What to do: Do not rely solely on attractive images and promises. Visit the property in person or ask a representative to inspect it. Focus on the property's actual features: infrastructure, transport accessibility, and legal status. Verify whether the rental conditions match those advertised.
Hidden Costs
One unpleasant marketing trick is hiding additional expenses that may unexpectedly arise after purchase. These could be hidden taxes, registration fees, high monthly service charges for the complex, or future repairs that the buyer learns about only after signing the contract.
What to do: Request a full list of expenses in advance. Do not hesitate to ask questions about hidden costs. Review the contract terms: ensure all taxes, maintenance, and other fees are included. Conduct a legal review of the transaction to avoid unpleasant surprises.
False Promises
Some developers like to exaggerate the benefits of their properties. Promotional materials might promise proximity to beaches, developed infrastructure, pools, and fitness centers that may not exist or meet advertised standards. Such promises often remain at the level of advertising and are not confirmed in documents.
What to do: Study contracts and documents that confirm the developer's promises. Demand legal guarantees for all stated features of the property. If you have any doubts, consult a lawyer or real estate agency to verify the information.
The Bottom Line
Buying property in Phuket can be a profitable investment if you avoid tricks and marketing manipulations. To ensure a clean transaction and avoid hidden pitfalls, it is essential to work with reputable real estate agencies and professional lawyers. Apart-Homes offers a full range of services for transaction support and is ready to help make your purchase safe and beneficial.