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Phuket: N° 1 World Luxury Destination
Hailed as “N° 1 World Luxury Destination of the Year” by the New York Times in 2009, Phuket is one of those rare holiday islands that attracts a high proportion of repeat visitors, some every year for their annual vacation, others who stay for several months each year.
No doubt partly influenced by the splendid beaches – from near-deserted to packed with fun, the world-class golf, the unbeatable sailing, the thousands of pristine islands just a stone’s throw from Phuket’s fine marinas, the unbelievable choice of restaurants at every price level you can imagine, the superb spas, the fine hotels and – yes – the pulsating nightlife, the ‘invisible’ magnet, and what makes this tropical island truly different, is the charm of Thailand combined with the sophistication of Phuket.
No sleepy coconut island, Phuket boasts two (soon to be three) international-standard hospitals, three full international schools and a number of others, from pre-school to high school, offering international programmes. The standards of healthcare and education in Phuket are high, while the costs compare favourably with places offering a fraction of Phuket’s standard and quality of life. (At least 5 million tourists visit Asia annually for medical treatment alone and Phuket gets a large share of them!).
Other indications of Phuket’s status as the most prosperous province in Thailand are its excellent road network, wide choice of international-standard shopping opportunities, rapidly improving electronic communications and its international airport, with direct flights to regional destinations, including Hong Kong and Singapore. Yet all this sits side-by-side with the island’s traditional way of life, such as daily fresh produce markets, roadside food stalls and temple fairs.
Not surprisingly, despite the island’s sophisticated infrastructure and unbeatable lifestyle, your money still goes a long way in Phuket – one of the reasons it has become so popular for that second home, dream retirement destination or simply your new permanent home. According to International Living Magazine: “In Thailand, you can live like a prince on very little.”
Phuket’s property market grew rapidly between 2003-2008, creating a huge range of properties – from condominiums at less than 65,000 Euros to top-end luxury properties reaching towards 3m Euros – and a wide choice of locations.
Not surprisingly, the island’s property boom saw some less-than-perfect developers cashing in. However, natural market forces, combined with the financial crisis towards the end of 2008, have weeded out the weak, leaving the available choices from 2009 on predominantly from reputable, experienced and financially sound developers.
A significant feature of Phuket’s property development is the prohibition on building above a certain height. This has left the island’s skyline more or less intact – lush hillsides in the interior and spectacular cliffsides on some coastal stretches, while even the lower end condominium projects tend towards low density.
Finally, if you’re looking for a return on investment, and don’t plan to occupy your apartment or villa year-round, Phuket is hard to beat. As the island’s tourism target moves away from package tours to the more discerning high-end tourist, more and more visitors are looking for the independence – and the cost benefits – of renting a villa or apartment as opposed to hotel rooms. This market is steadily growing, so much so that an increasing number of developers are offering attractive guaranteed rental returns.
