Looking at the period January to June 2017, Ninety percent of Phuket resort property purchases were in the range of THB 5-35 M per unit for villas and THB 8 M or under for condominiums. Investors are looking for rental yields of between 5-7% over the course of two to five years.
Unlicensed hotel in Phuket were given a deadline to do the required registrations before 31st January 2017 by Chokchai Dejamornthan, Phuket Governor. If they do not comply, owners may have to confront legal action.
Mr. Chokchai also said that according to Provincial Administration’s information there are only 424 licensed hotels in Phuket while an estimation of 1,366 illegal hotels are currently under operation. The Phuket Provincial Administration gives an opportunity for unlicensed hotels to submit application together with the supporting documents at district office within 2 months. After expiration of this deadline, such hotels will be closed by Phuket Provincial Administration.
During a public meeting with government officials it was announced that the crackdown would be starting from 1st December 2016. The main targets are residential properties such as apartments or condominiums who rent out daily accommodations for tourists and the main reason is due to the high increase of rentals through AirBnB.
The Land Office has purportedly issued a notice to condo owners in Phuket regarding daily holiday rental of properties. Background seems to be the increasing number of unlicensed rentals through internet applications such as Airbnb.
Officials yesterday morning (June 23) visited Bangtao and Laypang beaches, issuing 78 businesses with demolition orders on the grounds that their structures are on public land.
But before they started posting the orders in each of the properties, Ma’an Samran, chief executive of Cherng Talay OrBorTor and his deputy, Siri Yokthong, went with Pipop Sutkhao, Deputy District Officer from Thalang, Thammarong Chuayaksorn, Deputy District Officer from Muang District and about 30 Territorial Defense Volunteers to Surin Beach to check on progress.
We are proud to announce that FRANK Legal & Tax Ltd. is now a member of the International Business Association Phuket (IBAP).
Our lawyers have been working with IBAP and attending their monthly events for many years, and we are happy to now be member again with the new outfit FRANK Legal & Tax.
Our new branch office is located in Cherngtalay at Palm Plaza (on Bandon Road, in same building as Phuket Land real estate agency). Here is the full address:
FRANK Legal & Tax
Palm Plaza Cherngtalay
55/1 Bandon-Cherngtalay Road ,