10 Reasons to Buy a Condo in Phuket
One of the first things we learn when sourcing information on purchasing property in Thailand is that there are several ways a non-Thai citizen can invest, for example; through a Thai partner or a Thai Limited Company, by purchasing a lease, or by owning a freehold. According to Thai law, only a condominium can be owned freehold by a non-Thai citizen. A freehold cannot be owned by a non-Thai citizen in relation to land or a house.
The case of a non-Thai citizen owning a condominium is safeguarded specifically in Thai law under the clear and robust Thailand Condominium Act (1979). Being able to make protected investments is without a doubt the number one reason why foreign nationals have been successfully investing in property in Thailand for the last 20 years.
Here are 10 reasons why you should consider investing in a condo in Phuket.
Ok yes we have already mentioned this……but it is worth repeating; as a foreign national you can own a condo freehold in your own name in Thailand.
Easy to sell
A condo owned under foreign freehold can be sold to other foreigners or Thais.
Repatriation of funds
Proceeds from a condo sale can be sent back to your home country hassle free.
The market of condo in Phuket is expanding rapidly with interest from local and overseas investors. Since 2015, condos have been the preferred property investment vehicle of nationals from China, Hong and other ASEAN countries, expanding the market further and supporting price growth in Thailand’s number one tourist destination.
The rental market is buoyant and some developers offer 5-8% guaranteed rental return for the first 3 years. Factor this into capital growth and you have a very healthy return on your investment.
Owning land or a house can be problematic
- Setting up a nominee company to own land is in a legal grey area and the government is rumored to be investigating such companies.
- The 30 + 30 + 30-year lease agreement is not supported by law and has no legal precedent. In reality you can only be guaranteed a 30-year lease.
Have peace of mind that your property is safe and secure. All modern condo developments have key card access, security staff and cameras throughout.
Swimming pools, Jacuzzis, gyms, libraries, common areas under one roof with shops and amenities usually within walking distance.
Condos come with basic furniture and complete furniture packages are also usually available.
Perfect holiday home
As well as a return on your money, a condo is an investment you enjoy. Simply block the dates of your own holiday with your rental program.
PhuketCondo.Net is a customer focused real estate agency in Phuket specializing in the sales of condo in Phuket. We provide free consultation and advice and guide our customers every step of the way through the purchasing process.