Forget the horror stories: buying a home in Phuket is not too different from what it is like in Hong Kong. It just takes a little more time, fortitude and meticulousness to iron out the kinks and avoid any untoward outcomes.
Despite unrest in Thailand's southern border provinces, global terrorism and sky-high oil prices, buyers are still jetting in from Bangkok, Hong Kong and well beyond. CB Richard Ellis estimates sales of villas and homes in the US$100,000 to US$1 million range at US$4 million to $5 million a month so far this year.
Consequently, prices are climbing fast. Tales of buyers making a killing have some rushing to buy and running the risk of regretting that purchase for a long time after.
Before hopping on a plane, reflect.
'Buyers should clarify in their minds why they are buying: for leisure use, investment or income, or even all three. They should be quite clear why they are buying,' said the managing director of CB Richard Ellis (Thailand), David Simister, who oversees Phuket.
Comb Phuket carefully for desirable locations. Buying a piece of paradise is not a holiday. Prospective sites call for careful investigation. Even regular visitors should get a fresh perspective, spending at least four or five days driving around and getting a feel for appealing locations.
'One problem we have seen is people buying with a far from perfect knowledge of what else is available in the market,' Mr Simister said.
