Property ownership in Thailand is one of the key issues of concern for foreign investors and residents of Phuket. Anyone who has visited this tropical island has probably wondered about the possibility of purchasing property here. Traditionally, foreign citizens do not have the right to own land in Thailand. However, there are various ways for them to acquire real estate in Phuket. For example, long-term leases for 30 years with the option to renew, conducting business in Thailand, or other options allow investors to generate stable income or enjoy a vacation on the island.

Choose any property for sell:

The primary method of acquiring property in Phuket for foreigners is buying a condominium unit. According to Thai law, they can own a unit in a building where no more than 49% of the total area is owned by foreign owners. This method is the most popular and straightforward for those who want to have their own property on Phuket.

When choosing a property for rental purposes, it is important to consider the location, condition, and potential for attracting tenants, as well as assess the competitiveness of rental prices in the market. For foreign investors who do not reside permanently on the island, property management and rental services can be handled through local agencies or management companies, which will facilitate the operation and rental process.

However, when purchasing a condominium or villa in Phuket, it is essential to study all aspects of the transaction, including document verification, terms, tax obligations, and other important details. Buying property on the open market requires consideration of Thai legislation, which may complicate the deal. Therefore, before starting the process, it is recommended to consult with a real estate lawyer specializing in Thailand.

Can foreigners buy property in Phuket?

Foreigners also have the opportunity to own land plots in Phuket through establishing a Thai company. In this case, a foreigner can have control over the land through their company, provided that no more than 49% of the shares belong to foreign owners. This method is also popular among investors looking to acquire land in Phuket for villa construction or commercial real estate purposes.

Overall, the real estate market in Phuket offers a wide range of opportunities. Stable growth in tourism, favorable climatic conditions, beautiful nature, and developed infrastructure make the island an attractive place for real estate investments.

In conclusion, it is worth noting that foreigners can own property in Phuket by complying with local laws and regulations. To ensure the best investment choice, it is important to consult with real estate professionals who can help make the right decision.