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 dont 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 thats 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 sceptical at first when friends over there suggested I could get this kind of rent, but its 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 thats about it.
Anyway, any interested people yet?
Regards
Simon
