Editor's note: This interview was originally published in 2013. Phuket received over 10 million tourists in 2023; investment villa prices have risen substantially since 2013; and Thailand now offers the Long-Term Resident (LTR) visa for property investors and remote workers. The insights on lifestyle investing in Phuket remain as relevant as ever.
Angus MacLachlan heads up Exotiq Holidays from one of the world's most beautiful holiday destinations — Phuket, Thailand. Exotiq is a lifestyle brand for those who are discovering, investing, and building a life in a tropical destination. The company focuses on high-quality, stylish holidays: from luxury villas to boutique hotels and cruises. We spoke to Angus MacLachlan about holidaying and investing in Thailand.
The Interview
What brought you to Thailand?
I spent 26 years working in the hotel industry and eventually moved to Indonesia with Sheraton Hotels. It was there that I decided to make a change and build my own business — and it was there that I met Dominique Gallmann. The business was going well in Bali and we could see the opportunities developing in Thailand, so in 2008 I chose to move to Phuket and I have not looked back. It is certainly a big change from my early years growing up in Britain.
What changes have you seen in the Thai property market since you arrived?
We entered the Thai market when it was at the end of its previous boom period. Since then the market has gone through significant changes — including a period of political instability that slowed things down — but it has come back strongly and is now in excellent shape.
The financial crisis period polarised the property market: the high-volume mid-range segment, between USD 300,000 and USD 700,000, was particularly affected, while both the lower end (condominiums at USD 100,000–200,000) and the premium villa segment (above USD 2 million) showed more resilience. In the years since, that mid-range segment has fully recovered and is now extremely active.
The post-2020 period has been transformative. Phuket's tourist arrivals surpassed 10 million in 2023, confirming the island's position as one of Asia's premier resort destinations and driving both villa prices and rental rates to levels that would have surprised even optimistic observers a decade ago. Investment villas in established areas such as Rawai and Bang Tao now start from THB 8 million, and quality property in the most sought-after hillside and beachfront positions commands multiples of that figure.
Is there anything buyers should be aware of before purchasing property in Thailand?
The fundamental legal constraint is the same as it has always been: in Thailand, foreigners cannot purchase freehold land. It is therefore essential to understand and be comfortable with the alternative ownership structures available. The Thai authorities have been increasingly vigilant about structures that attempt to circumvent this restriction, so it is important to purchase using a structure that is legally sound and properly documented.
That said, the condominium market does offer genuine freehold title to foreign buyers — provided that no more than 49% of the building's floor area is in foreign hands. For buyers who are comfortable with condominium living, this is a clean, straightforward ownership structure. For those who want villa ownership on land, leasehold and company structures are the main options, both of which carry different considerations regarding term, transferability, and estate planning.
One final caution: the real estate market in Thailand is not regulated in the way that markets in Europe or Australia are. Anyone can call themselves a real estate agent. This makes the quality of the firm you work with extremely important. Work with established, reputable companies that have a long track record on the island and demonstrable client references.
What kind of lifestyles do you see people choosing when they purchase property in Phuket?
I see three primary lifestyle profiles. First, holiday home buyers — typically expats based in Singapore, Hong Kong, or the Middle East — who want a property for two to three months of personal use per year, with the remainder available for rental. Easy air access, a great location near the beach, and reliable property management are their main criteria.
Second, retirement lifestyle buyers, usually people who have worked in the region and are deeply familiar with the way of life here. Thailand's retirement visa allows people over 50 with qualifying financial means to stay for extended periods, and the combination of excellent private healthcare, agreeable climate, and established international community makes Phuket one of the world's most popular retirement destinations. Thailand's recently introduced LTR (Long-Term Resident) visa, launched in 2022, has added another attractive option: a 10-year stay permit with a reduced tax rate on qualifying income, available to retirees, remote workers, and property investors who meet the eligibility criteria.
Third, lifestyle change buyers: people who want to enjoy the tropical lifestyle but are not ready to retire, and are interested in operating a business here. Hospitality, property, food and beverage, and creative services are the most common sectors that attract this group.
How easy is it for someone to set up a business in Phuket?
Thailand is not as heavily regulated as most Western countries, so the basic mechanics of setting up a business are relatively straightforward. The difficult part is succeeding. Most business opportunities in Phuket are concentrated in property and tourism, both of which have many established competitors. Language is another genuine challenge — if you do not understand Thai, or do not have someone you trust who does, operating a business here is considerably harder than it might appear at first glance. Having a local partner or spouse who understands how things actually get done is enormously valuable.
What advice would you give someone who wants to invest in Phuket property?
Be clear about your investment objectives first. Do you want to rent the property and obtain a meaningful yield? Are you looking to retire and live in the property? Or are you primarily seeking capital appreciation over a medium-to-long horizon? The answer to these questions should drive your choice of location, property type, and ownership structure.
Research what the market has to offer broadly before focusing on specific properties. Understand the different ownership structures and their implications. If you are buying off-plan or using a builder, be aware that quality supervision of the building process is critical — corners are sometimes cut when the buyer is not present. In today's market, there is a growing supply of quality resale properties in Phuket that are worth considering before committing to a new build.
And work with a broker who puts your interests above their own commission. Ask them how they are compensated, what developers they have relationships with, and whether they will show you properties across the full market or only from a limited panel. The answers to these questions will tell you a great deal about whether you have found the right adviser.
Phuket in 2024–2025 is a very different market from 2013 — more sophisticated, more expensive, more liquid, and with much stronger international buyer interest. The opportunity is real, but so are the stakes. Take the time to understand what you are buying, and the island will very likely reward you.