Why do people buy property in Thailand and in Phuket?
Are you considering a move to a tropical paradise?
Discover why more people are choosing Thailand, specifically Phuket, as their new home. Beyond the obvious attractions of sun, sea, and palm trees, Thailand offers an array of unique experiences that will captivate your imagination.
Thailand is one of the great development success stories.
Thailand is a new industrial country with a rich culture, unparalleled cuisine, pristine white beaches, island life, and Asian megacities. All of this is just a drop in the ocean of reasons that make many people seriously consider a permanent or temporary change of residence.
Despite globalization, the land of a thousand smiles has managed to preserve centuries-old traditions and form a mentality based on friendliness, a positive outlook on life, and smiles in harmony with the unhurriedness of local residents. Once you have visited Thailand, it is impossible to forget the cherished words "sabai-sabai," which means "carefree."
Thai cuisine is a culinary adventure in its own right, delighting those who have had the chance to indulge in its flavors. From the famous Pad Thai to the sumptuous Tom Yum soup with seafood, and the mouthwatering sticky rice with mango, each dish has countless variations. The availability of fresh tropical fruits, vegetables, high-altitude tea, coffee, and even strawberries from the north adds to the appeal of Thai gastronomy.
Vibrant colors, an abundance of greenery, and incredibly beautiful nature with majestic mountains in the north and "floating" karst cliffs in the south not only provide a special sense of tranquility but also serve as inspiration for creative expressions of the human mind. Recall the world-famous movies: "The Man with the Golden Gun," "The Beach" with Leonardo DiCaprio, "Rambo," and "Bridget Jones."
Usually, contemplations about relocating one way or another come back to the aforementioned arguments.
ut what if the answer is much more complex than it may seem at first glance?
Thailand's economy is not only rapidly growing but also maintaining its delightful "sabai" charm, creating a unique blend of "slow yet steady growth." As the saying goes, "the slower you go, the further you'll get," which perfectly encapsulates Thailand's economic resilience.
What makes Thailand's economy so captivating? For starters, the Thai baht has built a solid reputation over the past 15 years as one of the strongest global currencies, proving its resistance to significant fluctuations even amid worldwide crises. Additionally, the average inflation rate in the country has remained a mere 3.89% over the past 45 years.
Thailand's strategic location in the heart of Asia serves as a vital cornerstone of its thriving economy. Ranking among the top three ASEAN (Association of Southeast Asian Nations) exporter countries, the Kingdom of Thailand boasts a population exceeding 660 million, creating a vibrant trade environment.
The country's participation in the RCEP (Regional Comprehensive Economic Partnership) has further solidified its economic prowess. Alongside 14 other countries, including Singapore, Malaysia, Australia, China, South Korea, and Japan, Thailand has entered into a free trade zone agreement, which came into effect on January 1, 2022. This groundbreaking move established the world's largest free trade area, encompassing nearly one-third of the global economy.
The agreement amplifies the potential positive effects on the country's economy, which is fundamentally based on agricultural products (rice and rubber) and further reinforced by automotive manufacturing, auto parts production, data processing machine exports, electronics, precious stones, and jewelry.
Thailand is a key player in the global supply chain of essential goods. This partially explains how the country has successfully managed to cope with world crises and avoid drastic shortages of vital commodities.
Taking advantage of its central location in Asia, the Kingdom of Thailand invests heavily in the development of transport infrastructure and aspires to become the primary transit hub for travelers and businesspeople. Currently, Thailand boasts 38 airports across the country (12 international and 26 domestic) and offers a simplified visa process for visiting countries like Singapore. This creates ideal conditions for spontaneous trips and eventful weekends: spend just 1-2 hours in the air on a plane, and you'll find yourself in a new country with a different rhythm and culture. Sounds tempting, doesn't it? It's worth noting that such transport accessibility to the driving forces of the global economy, such as China and India, serves as an additional bonus for any business.
Speaking of business, Thailand is a land of opportunities with clear goals and objectives, which are reflected in the new phase of its economic model, "Thailand 4.0." This model focuses on the development of science, innovation, and technology.
The era of digital technology dictates its own terms in the modern world, prioritizing a high level of telecommunications development, especially for those whose businesses depend directly on it. Underwater high-speed communication cables connect Thailand with 16 countries. Thus, its central location, combined with an open global position, has once again played a role, allowing the Kingdom to become an ideal communication hub.
It's no wonder that a vast number of international corporations choose the land of a thousand smiles as their second home, including Toyota, Honda, Mazda, Samsung, Canon, HP, IBM, Shell, and many others.
Why is Phuket the perfect place to live?
Comfortable climate and mesmerizing nature
What comes to your mind when you hear the magical word "Phuket"? Undoubtedly, the pristine beaches of the pearl of the Andaman Sea: Patong with its vibrant life; Nai Harn, immersed in tropical greenery; Bangtao with casuarina trees, under whose shade you can hide from the scorching sun, or the hidden Paradise Beach with luxurious views and photo zones.
Due to its proximity to the equator, there is no distinct seasonality, and the Andaman Sea delights with its warm embrace of 26 degrees Celsius year-round, making tourism in Phuket constant. You can conditionally distinguish two summer times: the hot season from November to April and the monsoon season from May to October. Locals don't use the word "snow" and only know ice from drinks. Ask any Thai person to translate the words "winter," "spring," or "fall" on the spot and be surprised by the long answer :) The monsoon season is particularly popular among Australians and New Zealanders, where, in turn, the seasons are reversed, meaning our summer months are winter for them.
Phuket - everyone's choice
People of different age groups, interests, professions, singles or entire families, with or without pets, move to Phuket. Phuket is beautiful in its diversity, and everyone finds something special here. This is facilitated by the visa policy for foreigners. (more on this in our article "Visa issues and residence permits in Thailand”).
A tranquil tropical lifestyle and a variety of ways to spend time for self-development, entertainment, and relaxation: golf, Thai boxing, yoga, dancing, bike marathons, diving, yachting, rafting, deep-sea fishing or freshwater fishing, windsurfing and kitesurfing, water parks, and even ice rinks, children's parks, shopping, daily markets with fresh fruits and seafood, night markets with live music, and viewpoints for sunrise and sunset encounters.
A large international community, and consequently a variety of cafes and restaurants offering cuisine for every taste, as well as a vast selection of local and imported products.
High Level of Education
The government places great importance on the level of education. There are over 100 international schools throughout the country, offering instruction in English, Japanese, French, and other languages. Two universities rank among the top 50 best in all of Asia. The presence and development of international schools, such as the British International School, UWC, and Headstart International, make Phuket an excellent place for families who prioritize high-quality, international-standard education. (For more information, see our article "Education in Phuket")
High-Quality Healthcare System
The Kingdom of Thailand is famous for its high level of medical development and the quality of services provided at affordable prices, as it strives to become the leading destination for medical tourism in Southeast Asia. Local hospitals receive millions of foreign patients annually. Thanks to the high demand, the healthcare sector continues to develop rapidly, providing a top-notch level of medical services and professional specialists, implementing innovative technologies, and conducting extensive clinical research.
Thailand ranks 6th in Asia and 17th in the world for medical tourism, offering the largest number of private hospitals in Asia, many of which are accredited by the Joint Commission International (JCI). A prime example is the Bangkok Hospital in Phuket.
Let's highlight a feature that long-time visitors of the island will remember, and which remains relevant to this day: the absence of factories and any manufacturing on the island, which serves as another advantage of Phuket.
Phuket - The Island of the Future
СAsk anyone who was fortunate enough to visit Phuket 10-20 years ago, and you'll hear how everything has changed beyond recognition :)
Thailand is actively promoting and implementing the idea of comprehensive development of Phuket.
- Expansion of the existing airport and construction of an additional one, new tunnels, and road interchanges;
- The grand "Phuket Light Rail" project to launch a monorail along the central part of the island with a budget of 35 billion dollars
- A contender to host the specialized EXPO exhibition in 2028 with the theme "Future of Life: Living in Harmony, Shared Prosperity."
Why do smart investors choose Phuket?
The inflow of foreign capital investment originates from the development of the tourism industry, thanks to which the island of eternal summer gained recognition, and the tourist flow has transformed into an investment flow.
Phuket: A Premier International Resort Destination
Boasting an impressive tourism potential, Phuket secures an honorable 6th place in Asia's most popular destinations, as per Tripadvisor rankings. Furthermore, it stands as the number one tourist destination in Thailand.
Developers are showing keen interest in partnering with major players in the international hotel industry, including well-known brands like Marriott, Sheraton, Intercontinental, and Wyndham. These prestigious companies continue to invest in Phuket's thriving tourism sector, further expanding their presence on the picturesque island.
Limited Land Availability for Construction
It's essential to recognize that Phuket, the largest island in Thailand, holds a significant advantage in terms of the real estate market. The amount of land is finite and not expanding, while demand continues to grow, prompting everyone to secure their coveted place under the sun.
Residential construction is permitted on only 60% of Phuket's territory, as approximately 40% of the island is allocated for national parks and reserves. Consequently, constructing a vast number of apartments is unattainable due to building height restrictions.
These factors contribute to the steady growth of real estate prices, with the value of condominium apartments continuing to rise, even amidst the pandemic.
Affordable Real Estate and Living Costs
Phuket's real estate market is relatively young, comparable in age to Singapore's property market, which ranks 8th in the world for cost of living and is among the top three in Asia for price per square meter, making it one of the most expensive places on the planet.
Phuket is still developing, but it already serves as a benchmark for quality and service, significantly exceeding expectations and prices in all aspects of life, making it an ideal destination for permanent or temporary residency. It's still possible to catch a good deal on a villa or apartment by the sea on the island of eternal summer at an affordable price (For more details, check out our article "Price Segments and Types of Real Estate in Phuket").
The simplicity and transparency of the property purchase transaction
The entire transaction process is as simple as it gets and consists of only 3 stages: deposit -> contract -> acceptance (more details in our article "Stages of a property purchase transaction").
Moreover, it is not necessary to be physically present in Phuket, and payment can be made using any convenient method: bank transfer, cryptocurrency, or cash at the developer's office.
The most challenging part is to determine the purpose of the purchase and preferences, including specific qualities of the real estate property that meet your needs. It's essential to consult with an experienced specialist who can assist in selecting the most suitable option for you. We are happy to accompany you for free on any questions related to real estate acquisition.
Have any questions?
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