Phuket stands tall among the likes of Bangkok, Pattaya and Chiang Mai as popular global holiday destinations for a bit of rest and relaxation. From its sandy beaches to its vibrant nightlife, the island has long been a focus of many foreigners when planning their tropical getaways to the region. The island’s vibe is further complimented by its thriving business climate, tourism being only one of the factors that make Phuket the second highest per capita income generator of the country outside of Bangkok. We take a look at how the island’s evolution has made it a more than viable option for property seekers and investors to leverage Phuket’s continued growth to generate attractive returns.
Overall cost of living
Mirroring the country’s overall low cost of living while not forsaking the signature Thai high standards, Phuket is and will remain an attractive destination for both holidaymakers and migrants alike. When compared to neighbouring countries, Thailand as a whole tends to be lighter on the wallet than its neighbours, a huge plus point for all those looking to visit or migrate. The fact that the island offers one world-class lifestyle options and acclaimed, diverse cuisine options also adds to its overall appeal.
Infrastructure
Thailand’s 2017 annual budget announced an impressive billion baht towards plans to alleviate traffic congestion and strengthen overall infrastructure development. This also includes building, extending and maintaining roads as well as installing CCTV cameras, burying overhead cables, development of its world-famous beach development and building and maintaining of the island’s underpasses.
Phuket also has an efficient public transport infrastructure, reliant predominantly on buses, tuk tuks, and motorbike taxis. The island is currently undergoing the building of a Light Rail project, that will consist of 24 stations that connect the north of Phuket, to its international airport, then to Phuket City before terminating at Chalong Circle. This will add considerably to the infrastructure of the island, connecting major areas efficiently and overcoming the usual traffic concerns associated with the country.
Amenities
Phuket has world class educational as well as medical facilities, large plus-points that add to the value of the island.
The International School of Phuket – that has been awarded Cambridge School status - caters to expatriate children from ages of 1 to 11, providing high quality education to children in Phuket at affordable prices. Bangkok Hospital Phuket is one of the more popular medical facilities, providing local as well as foreign patients with world-class tertiary care over a comprehensive range of medical sub-specialties: cardiology, orthopaedics, ophthalmology, oncology, gynaecology/obstetrics, colorectal disease, etc.
The development of Central Phuket Mall, a luxurious development comprising of a large shopping centre with 2 buildings connected by a sky-link decorated as a sky park, further adds to the island’s status as a destination for business as well as leisure. It is the first of its kind in Phuket, combining a luxury, lifestyle and family concept in one centralised hub.
Situated strategically at the heart of Phuket Central on the main road, the mall was conceived with the potential to become a large commercial district – a new global lifestyle hub. The development will also incorporate a Mystic Forest, a wonderland paradise of the future, combining advanced technology with Thai culture and a green zone area.These amenities, once again, add to the overall draw of the island for those looking for a change in environment.
The climate ahead
Leading Thai businesses have put together a proposal to the Tourism and Sports Ministry for Phuket, Krabi and Phang Nga to become special administrative regions, allowing their inhabitants to elect their own Governor and fast-forward the development of the province. Once approved, the initiative will allow independent budgets and administration for the island, enhancing developments and cutting down on waiting times considerably. This will be a positive step forward for Phuket, usually having to wait for approvals from the Thai government for new initiatives, especially across the tourism sector.
Phuket will continue to entice investors and migrants alike due to healthy mix of culture and business opportunities. Now’s a better time than ever to get into the island’s property market. For those who would like to tap high potential growth areas within Phuket, there are a host of condominium developments that are strategically located to allow residents to reap the benefits of the vibrant island. Two such properties are The Base Height Phuket and Baan Mai Khao Phuket, offering buyers with the signature Sansiri luxury at competitive rates.
Sansiri’s THE BASE Central-Phuket, a luxury condominium at the heart of the city, is inspired by the cityscape of Phuket Island and highlighted by multilevel cliffs, creating a distinctive character and favourable sense of space. The units provide locals and foreigners a slice of city-living with doorstep access to all Phuket has to offer.