Buying property in Thailand always makes for a good investment however without a properly qualified Thai property lawyer you investment could turn into a legal nightmare. Property purchases in Thailand is not well regulated and there are no attorneys trust funds.
If you give money to an attorney in Thailand there is not ‘fidelity fund insurance’ to pay you out should your lawyer abscond with the money. Always use a well known and well funded law firm.
Thai Property in Phuket
Phuket has over the years proven to be a great investment for both locals and foreigners with excellent returns on their investments. Phuket has become a major investment hub not only with the increase in property prices but also an increase in the amount of tourists who visit the island. The Tourist Authority in Thailand has noted that many of these tourists become expats and that the population in Phuket has climbed annual by 3-per-cent. This increase has also pushed up property and rental prices. From the Phuket News we also note that:
A 27-per-cent increase in flights to Phuket during the high season, coupled with the 7-per-cent growth in the local real estate market over the past three years have helped Phuket families enjoy a 3 per cent increase in annual income.
If you are still considering buying property in Phuket for retirement or an investment then there has been no better time to invest wisely into the property market in Thailand. If you are American, Australian or a European then note that property investment especially in Phuket over the past 10 years has generally given higher returns than gold or government bonds in your own home country.
When buying property in Phuket or Thailand as a long term investment always check the following with your local property lawyer in Phuket as to:
- 1. Location for rental income.
- 2. Payment terms on the property
- 3. Quality of the building standards which has been used.
In the area of Kathu in Phuket property prices 5 years ago went for 27,000 THB yet today is has been valued at between 50-60,000 THB per square wa. Before you buy any property in Thailand or Phuket and before you sign or place a deposit always let a property lawyer check the property for you. The cost of a due diligence study in Thailand could save you money in the long term.