Phuket property market 'is recovering well'

Phuket property market 'is recovering well'
Despite the damage caused by the Boxing Day Tsunami in 2004, the real estate market on the Thai island of Phuket is pulling in foreign investors, a property website has said.

According to Thailand Real Estate & Property Guide, overseas and Thai investors are pushing up land and property prices as the tourism sector starts to improve

Real-estate consultants have said that investment from foreigners is continuing to outpace local interest, while at the same time, tourists flock to the island's beaches and are staying for longer than did before the tsunami disaster....

Article Date : Monday, April 30, 2007
Despite the damage caused by the Boxing Day Tsunami in 2004, the real estate market on the Thai island of Phuket is pulling in foreign investors, a property website has said.

According to Thailand Real Estate & Property Guide, overseas and Thai investors are pushing up land and property prices as the tourism sector starts to improve

Real-estate consultants have said that investment from foreigners is continuing to outpace local interest, while at the same time, tourists flock to the island's beaches and are staying for longer than did before the tsunami disaster.

However, buyers often find themselves up against legal barriers, such as Thailand's land restrictions, meaning foreign investors are forbidden to own land.

The good news, according to the website, is that investors are allowed to construct and build on land, which can be leased for 30 years.

Peter Conradi, editor of the Sunday Times property section, recently said that long-haul destinations such as Thailand are particularly attractive to UK investors because they offer cheap property prices, a long rental season and affordable flight access.