Real estate for sale in Phuket
Today, both Thai residents and foreigners can buy real estate in Phuket. The island has many modern freehold residential complexes. These types of apartment buildings are called condominiums. In such residential complexes, foreigners can own 49% of the total number of units.
One of the nuances of Thai legislation is that a resident of another country receives ownership rights for a house or apartment itself. However, the plot where the building is built is only allowed to be rented. The lease term is set for 30 years with the possibility of extension. If you buy a home in Phuket from a developer, you will most likely be offered a long-term land lease for 3 consecutive terms, that is, for a total of 90 years. A foreigner who owns such property in Thailand has the right to sell, inherit or rent it out.
Housing units are sold through real estate agencies. Most real estate companies work with foreign buyers. They provide translation services, help with the necessary documents, and fully support your purchase and sale transaction.
Apartments and villas in Thailand are also sold by the developers themselves. Most often, developers offer to purchase properties under development at a good discount and in installments for the entire period of construction of the residential project.
Cost of property in Phuket, Thailand
The cost of real estate in Phuket depends on a number of parameters. First of all, the price is influenced by the location of a residential complex. The most expensive houses and apartments are located within walking distance from the sea and offer beautiful views from the windows. The further a residential complex is from the beach, the cheaper the housing will be.
Also, the price is directly affected by the rating of the beaches located near the property. The western coast of the island is more highly valued, so apartments and houses here are more expensive.
Many families with children come to Thailand both for the winter and for relocation, so the cost of housing in residential complexes located near international schools, nurseries and children development centers will also be slightly higher.
One of the most popular and expensive neighborhoods on the island is the area around Bang Tao Beach. The infrastructure is well developed here as there are shops, restaurants, massage parlors, golf clubs, schools for children and many other facilities. The housing prices may vary greatly, from $142,000 for an apartment with an area of 29 m2, up to $2 million for a residence with an area of 213 m2. Prices for villas range from $724,000 for a mansion with an area of 365 m2, to $6 million for a villa with an area of 749 m2.
In the area of Karon and Kata beaches, housing costs are more affordable. Here an apartment with an area of 24 m2 can be purchased for $80,000. And the minimum cost of a villa with an area of 365 m2 starts from $566,000.
The price of real estate in Phuket depends on the location of a residential complex, but also on a number of other important parameters, including:
- total living area of a property;
- type of layout;
- amenities on the territory of the residential complex: a swimming pool, a spa centre, restaurants, gyms, etc.;
- quality of the interior design and furniture;
- year the house was built;
- availability of hotel services for residents of the complex.
Investment property in Phuket
One of the important factors influencing the attractiveness of property in Phuket for investment is the stable Thai economy, which has shown steady growth for many years. The exchange rate of the Thai baht against the dollar is stable, and inflation in the country is at an acceptable level.
Today, many new residential complexes are being built on the resort island. Investors can buy real estate in a residential complex under development at a favorable price, and by the time the construction is completed, the cost of the property increases up to 30%. Such housing can be easily resold or rented out to generate passive income.
Phuket Island is one of the most popular tourist destinations in Thailand. People from different parts of the world come here not only for short-term vacations, but also for escaping from winter that last several months. High tourist activity almost throughout the year maintains stable demand for housing rentals on Phuket Island. The properties that are most popular with holidaymakers are apartments and villas located on the west coast. Foreign investors can rent out a condominium residence through a management company. There are several options for rental programs for homeowners:
- Guaranteed income: the company takes care of all issues related to the maintenance and of an apartment, and the owner receives a guaranteed profit of 5–8% per annum.
- Rental pool. the company collects revenue from all apartments in a residential complex and divides 70% of it equally between the owners, and takes 30% as a service fee.
- Mixed scheme. the owner is provided with a guaranteed annual income, and if the residential complex receives revenue exceeding the stated amount, then it is divided equally between the management company and the owners.
Buying property in Phuket
Today Phuket is actively developing. New residential complexes are being built on the island. Both residences in apartment buildings and villa communities are available for sale. Buyers can find both brand new housing and properties on the secondary market. A separate category is off-plan housing, which is sold at a discount and in installments. You can choose a house or apartment in Thailand that suits you best in our property database. We collect the latest offers from both developers and trusted real estate agencies. With our easy-to-use filters, you can sort properties by price, area, number of bedrooms, location and other parameters. You can compare offers from different sellers to choose the one that offers the best value for money.
We regularly update the information in the database so that our customers can choose the best options. If you have any questions, please contact our team online.