10 Reasons to Buy a Condo in Phuket
One of the first things you will learn when sourcing information on purchasing property in Thailand is that there are several ways a non-Thai citizen can invest. You can;
- own a condo freehold
- purchase a lease,
- invest via a Thai partner or set up a Thai Limited Company to own the property
According to Thai law, only a condominium can be owned freehold by a non-Thai citizen. In other words, a freehold can not be owned by a non-Thai citizen in relation to land or a house (we recommend you to read our Can Foreigners Buy Property in Thailand guide for more information on the subject for clarifications).
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), and being able to make protected and safe 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.
So let’s take a look at the most compelling 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 has the advantage that it can be sold to other foreigners as well as Thais. Simply put; if you decide to sell your apartment will have a larger span of potential buyers.
Repatriation of funds
Capital gains from a condo sale or money made from rental returns can be sent back to your home country hassle free.
The property market 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.
Condo prices in Phuket are still on the rise, and showing little signs of slowing down.
The rental market is buoyant and Hotel Managed Condos offer 5-10% guaranteed rental return for as long as 15 years. Factor this into capital growth and you can expect a very healthy return on your investment, both short term and long term. Take a look at our list of recommended Investment Properties in Phuket for the most profitable investment opportunities.
Owning land or a house in Thailand can be problematic
By Thai law, foreigners are only allowed to own up to 49% of the square meter space of a property. While there are ways around this so you can more or less own land and houses in Thailand as your own, condominiums can be owned 100% hassle-free.
Generous Payment Terms
If you are hesitant to invest in an off plan property in Phuket, the fact that you do not have to pay the whole sum at once but instead pay in increments might help. A payment plan for a typical 4 million THB condo will look something like this:
- 200,000 THB reservation fee
- 35% upon signing the purchase contract
- 10% upon 90 days from previous installment
- 15% upon completion of infrastructure
- 15% upon building foundation completion
- 15% upon building structure completion
- 10% (minus deposit) upon handover of keys
High Standard Facilities
As many condominiums also target the holiday market, facilities are often up to standards with high-end hotels. You’ll have swimming pools, Jacuzzis, fitness centers, libraries, common areas under one roof with shops and amenities also usually within walking distance. You will also know that your property is safe and secure. All modern condo developments have 24-hour security, CCTV and key card access.
Condos in Phuket almost always come with basic furniture, and complete furniture packages from the developer are also usually available.
Perfect holiday home
As well as a return on your money, a condo is an investment you can truly enjoy. Simply inform the rental management team of your intended stay and you’ll have your accommodation sorted for free.
PhuketCondo.Net is a customer focused real estate agency in Phuket specializing in the sales of condo in Phuket. Do not hesitate to get in touch and we’ll be happy to answer all your questions. We provide free consultation and advice and guide our customers every step of the way through the purchasing process.