Hi all,
Just thought I'd let people know how I got on in the end with renting of my apartment in Phuket. To let people know how the rental market is there.
For those that don?t know, I bought a 2 bed apartment in Phuket in 2004 for around ?38k, furnished it for between ?5k & ?7k, its just been valued at between 4 and 4.5 Million Baht which is approximately between ?54k and ?61k.
It took two months to find a tenant, but as its low season at the moment that?s not bad.
A Norwegian Diplomat has taken it on for about ?400 pcm for the first 4 months which takes it to the peak & high season and will possibly stay on, paying the higher rent of around ?600pcm for another 6 months.
So the returns are beginning to show through, I was a bit skeptical at first when friends over there suggested I could get this kind of rent, but it?s turned out to be true.
I think with the rent I was asking originally and the fact it was low season, has contributed to it taking 2 months, I reckon a keener price earlier in the day could have had it rented earlier. But we live and learn.
The problem with Thailand is that you cant really get finance to buy, possibly 50% to buy a condominium, but that?s about it.
Anyway, any interested people yet?
Regards
Moises

Hi Moises,
Just thought I'd leave you an update as to how the Pearl of the Andaman (Phuket) has faired a year after the Tsunami and my property there.
The areas that were affected were cleaned up pretty quick with a few buildings not been completed yet, but the actual beach area was better after strangely enough! There are now plans to regenerate some of these areas, such as new roads and shopping centers!
The guy who was renting my place, took it on for a further 4 months, so has been a great income for me and also hearing through the grapevine it has doubled in value in a year and a half, so the capital growth has come up trumps also. Just wish I had more money to buy more!!
Anyway, has anybody come up with any companies that offer finance for Thailand, as its as hard as finding rocking horse shi#?
Cheers
Nelson

moises, I don't know about your appartment location but I think you are lucky to rent it for that money and for that long - the diplomats usually do not pay themselves for the accommodation and don't have visa restrictions.

The more usual rental arrangement are holiday rentals for a week or two or longer rentals for up to 3 months. Tourists can pay as well good rates, but you need a constant advertising campaign as holidaymakers are planning even one year in advance.

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Dear Gentlemen.

If you use the correct and trustworthy , hardworking estate agents /developers, you should have a very good income from the rental market. we at lunaphuket rent at a return below. we even offer a guaranteed rental income , if you buy a property. Whats more we offer 50% finance on buying such property's

What sort of return can I expect to receive if I wish to let out my home when not in residence?

A. The rental return per week should be approximately as follows:
Low season (May to November) - US$ 800 - 1,000
High Season (December to April) – US$ 1,200-1,500
Peak Season (December 15th to January 15th) – US$1,800 – 2,200

Longer term rentals will return approximately 20% - 30% less per week dependent on the length of stay.

However i know this may be the top end of the market for villas, however this is what we achieve at layangardens and lunaphuket

Hope this helps with your goals gents

tony