For a number of years now, Koh Samui has been experiencing a speedy transformation from an economical holiday destination to a high class resort island. Elderly and wealthier holidaymakers from U.S.A and Europe have been visiting the island in larger numbers to enjoy the tropical holiday on the island. The island now boasts of better air links and receives many visitors from neighboring Asian countries who find it the ideal short break option.
These tourists have really helped to develop and drive the real estate boom on the island. This started with a handful of individuals purchasing small plots on the island to construct holiday homes and has now turned into a fully-fledged industry on Koh Samui.
A number of tourists make up their mind that on their next visit to Koh Samui, they would prefer to stay in their own luxurious villas on Koh Samui rather than in a hotel. The island casts a spell on some of them such that they decide that this is where they would prefer to live permanently when they retire. Such visitors have really helped to develop and drive the island’s real estate boom.
Even though Koh Samui presently offers houses and land to meet most budgets, the prices are rising constantly. At the moment, choice and affordability are the two main factors that are driving the market. As such, acquiring property on the island should be a fairly hassle free experience. Just like in the other parts of the country, there are 3 main avenues that prospective buyers can use to buy villas on Koh Samui.
The first two avenues are Leasehold and they come in the form of a 30 year lease on the land which is renewable, and Limited Leasehold that is for any period that is decided on by the seller, but less than 30 years which is usually non-renewable.
A foreigner is permitted to own only 39% of a Thai company that owns freehold land. However, seeking full and broad consultation from brokers and developers is recommended before deciding on the best option.
Normally such companies don’t own land. However, they maintain parcels of land they know are up for sale on the island. They will liaise between the seller and the buyer in order to facilitate stress-free purchase. There are a number of brokerages that maintain a portfolio of rental properties which numerous larger land and house companies and individual owners use.