Thailand’s largest island, Phuket has been one of the most popular tourist destinations in the world. Its scenic landscapes, warm climate, and splendid lifestyle have attracted several expats to make this beautiful tropical paradise their home. Plenty of people have reaped the benefits of property investment in Phuket. However, after the pandemic, many people have been wondering if Phuket is still a great place to invest in a property in 2023. Here’s everything you need to know.
Is now the best time for property investment in Phuket?
Although the COVID-19 pandemic brought in a lot of uncertainties for investors, especially those who were looking at property investment abroad, now is definitely a perfect time to invest in Phuket. And here’s why:
Prices are much more affordable right now
Property prices in Phuket are currently lower in many areas. So this is a golden chance for investors to buy property at affordable prices.
Developers are much more open to negotiation
Due to fewer property buyers, currently, property sellers are more willing to negotiate. Many developers are also offering attractive deals and payment options on off-plan properties.
Rental properties are higher in demand
With the easing of travel restrictions in the last few months, the surge of tourists arriving at Phuket is significantly higher than during the COVID-19 pandemic days. Therefore, the demand for rental properties is high. Also, with many people delaying their property investment in the last couple of years, there need to be more new rental properties. Therefore, your property can have great occupancy with attractive rental income.
Thai Baht is currently weaker than earlier
With the weakening rate of the Thai Baht, it is likely that your home currency is much stronger against the Thai Baht at this point, making this a perfect time to land a great property deal in Thailand.
Phuket is always a popular tourist destination
Phuket has forever been the most popular tourist destination in the world. And nothing seems to change the fact. The gorgeous beaches and availability of modern amenities make it a constant favorite destination for property investors from across the world.
One of the safest countries during pandemic
Thailand’s safety precautions and containment of infection during the COVID-19 pandemic have made it one of the safest places to travel to during the pandemic.
Thailand is now opening to tourists
With the COVID-19 restrictions being lifted since June 2022, Thailand is now welcoming tourists with all social distancing precautions in place. Over 10 million tourists have visited the island in the last year. Restaurants, bars, and other entertainment venues are fully-functional again as the country celebrates the post-pandemic era.
Phuket property market survived its lowest phase
Similar to other places across the world, the pandemic and the economic shutdowns impacted Phuket’s economy over the past couple of years, especially the property market. But experts predict that the market has survived its lowest phase and that the island is speedily recovering after the biggest health crisis and its horrendous effects. The reopening of the country with eased restrictions and vaccine distributions has largely helped the economy’s revival.
Phuket tourism has picked on again displaying a significant high in international arrival numbers. This is excellent for the real estate market indicating a return on the purchasing power of foreign buyers and investors who are still keen on investing in Phuket and making the most out of the attractive returns it promises.
If you are interested in property investment in Phuket, connect with our team at SKHAI to learn about some of the most attractive deals on spectacular properties across Thailand.