As recently as thirty years ago, Phuket was still largely a quiet fishing community, where the sunset signaled the end of the day. Today, that story has changed dramatically. International resorts, new shopping centers, restaurants from every corner of the world, large marinas full of exclusive luxury yachts, and, of course, an international collection of tourists, all are part of the new Phuket.
The growth is all around you. A new international airport will soon be complete, helping fuel the development of several new hotels and countless other projects of all sizes. A major transportation project keeps it all moving, including a tunnel under construction to connect thriving Patong City with Phuket Old-Town and the deep-sea harbor.
Why all the excitement for an island that is just 50×20 kilometers? Perhaps it’s because Phuket offers a taste of everything you can find in Thailand: stunning temples, amazing cuisine, jungle and island tours, local and international shopping centers, endless nightlife, some of the world’s most beautiful beaches, sport-fishing, sailing—and for world-class diving, you’re just a boat-ride from both Koh Phi Phi and the famous Similan Islands. Browse through our property listings in Phuket to find your dream home.
Demand – The Driving Force
When you consider that most of the world’s emerging economies are within an 8-hour flight, you can see why so many are projecting steady growth for Thailand’s real estate markets. And the gem of Thailand is Phuket Island. The long-term economic trends look very positive for China, India, Russia, Japan, Korea, and Southeast Asia, as well as Australia and the Middle East. Even conservative estimates put the growth of the middle class at over 250 million each year for the region.
And this trend is consistent with what is happening right here in Phuket, where a dramatic rise in Russian tourists has been followed by an even greater escalation in Chinese tourists. And just as the Russians first came as tourists and then returned as investors, the Chinese are following a similar pattern … yet in many ways, the Chinese have only begun to discover Thailand.
Ideal Location for Investment & Residential Property
Despite such rosy long-term demand projections, prices in Phuket remain well below regional real estate markets. You can buy a large villa in Phuket for the same price as a one-bedroom apartment in Singapore, Hong Kong, and most Chinese cities.
These prices make Phuket attractive not only for investment for capital return but also as a destination for retirement or expat living. Relocation to Phuket has been made convenient by its well-established infrastructure, international airport, and quality services: yacht marinas, golf courses, and shopping malls, all of which draw the Westerners in. A large expatriate community has continued to grow over the past 10 years, with two international schools available on the island and an extensive support network of clubs and societies.
Phuket has long been a popular destination for holiday homes because of its tropical climate and fantastic beaches. This has been the driving force behind both domestic and international investment in the island, including major hospitality developers, individuals looking for both vacation and rental property, and those wishing to settle on the island.
There is also a trend of more and more expats in Southeast Asia relocating their families to Phuket due to the improving state of infrastructure, first-class international schooling and high-standard amenities. – Phuket Gazette