With its growing reputation for an idyllic lifestyle, more people are considering a move to Phuket than ever before. Families, retirees, investors and more all seem to want to get a taste of the natural beauty, affordable cost of living and diversity of lifestyle that has come to symbolize the current status quo of Phuket.

You too might be considering a long-term stint on the island and will inevitably need a place to stay by which time you might ask yourself;

Should I buy or should I rent?

A good question, the answer to which is not self-evident as people will have different priorities and be at different stages of life.

However, the market has never been more ripe for buying and there is a phenomenal window now open for you to not only enjoy a wonderful life here in Thailand, but maybe make some cash while doing it.

Here are 5 reasons why you should look to buy instead of renting:

Investment

No point in beating around the bush, banks are no longer the safe-havens they once were, and with global inflation reaching new highs, hard assets are a good way to insure your savings.

Property values in the 1-2 million dollar section in Phuket have seen a stark upward trend of 20% increase year on year, a trend we expect to continue for the next 2-5 years, meaning that if you invest in the right property now, you could see a good return on your investment in the future.

Cost Effectiveness

Relative to similar luxury markets, the property prices in Phuket remain low. If you plan to live in Thailand for an extended period of time, buying property may be more cost-effective than renting in the long run, as you won't have to worry about rising rental costs.

Long-Term Stability

With all the madness currently unfolding in the global community, Thailand has a relatively stable political and economic climate, which makes it a safe place to invest in property for the long term. Owning property in Thailand can also provide a stable source of income, either through renting or selling.

Freedom

As many people begin to spend more of their working hours online having the freedom to make any change or customization you want is important. Owning a home allows you to create a living space that perfectly suits your needs and preferences, a freedom you don't have when renting. This is especially possible with the rising popularity of off-plan purchases which allow for a multitude of personalizations before completion.

Permanency

Owning a property provides a sense of permanency and stability, especially if you plan to stay in Thailand for a long time. You can create a home that you love and feel comfortable in, and you don't have to worry about moving from place to place every few years.

Wrapping up

In conclusion, buying property in Thailand can provide long-term cost savings, investment opportunities, the freedom to customize, rental income, and permanency.

While renting may seem like a more flexible option, purchasing a property can be a better investment in the long run and provide a sense of security and stability.