Buying property or renting becomes an issue when you are looking at Thailand for a long term stay or retirement. If you need to view all the options for property in Phuket than speak to our solicitor in Phuket about property purchases, rentals, usufructs and other options which the law allows.
Property in Phuket has always increased in value and continues till today. Most expats who live in Phuket are divided into two groups. Those who bought property in Phuket and now live in the property and those who rent in Phuket from those who bought in Phuket. The economics is rather simple. Many foreigners who buy in Phuket look at the property as a retirement investment before they retire in Thailand. Once they bought the property they usually look to the solicitor to obtain a long term tenant for them and to sign the lease agreement. The reason why many do this is that while they live back home thier property in Phuket is still be generating an income for them. This makes their property in Thailand a working investment. There is a huge rental market in Phuket when it comes to condo units and most people tend to lease a condo for at least a year when signing the lease agreement. While your property in Spain might be standing empty most of the year your property in Phuket will always have a tenant looking to stay long term. The reason being that Spain does not have sun all year round and cannot compare to the cost of living in Thailand. This creates a demand for property rentals from those who wish to live in Thailand without making any heavy financial investments.
If you are not buying then a lease agreement might be for you. Look at obtaining a short term lease for at least 6 months to see if you like to property and location where you are going to lease. Once the 6 months has passed then look at a long term lease with the possibility of buying the property at the end of the lease. The maximum lease term in Thailand is 30 years and any lease agreement over 3 years needs to be registered with the Department of Lands as it needs to go against the title deed of the property.
The other option is a usufruct. This allows you the same right as a normal lease agreement but it is much better protected than a lease agreement. Each has its upside and its downside. If you are looking at leasing property, buying property or obtaining a usufruct than speak to our solicitor in Phuket first about the options available to you.
Going through any legal transaction without someone by your side can be stressful. But, working with a qualified lawyer can make all those easier to get through. Get the answers you need about property in Thailand today!
