Phuket Condo Market

Accordant to the fact of the market cyclicality, there is a clear return of confidence in Phuket Real Estate market which, combined with greater stability and liquidity in the market, sets a good platform for an upturn in activity in 2016. Most of analytics consider Phuket is a very interesting and promising region for investors.

Phuket is one of the key players in the South Eastern Asian region. Its economy is showing swift growth. The same pace as the economy, developing of the Phuket real estate market has been demonstrating.

Luxury residential complexes are being built in major beaches across the island and have been making Phuket the hottest market in the entire Thailand.

Phuket Condo/Apartment Ownership:

Foreign citizens may not own or inherit land or benefit from health, education and social service subsidies in Thailand. But they can get the legal ownership of the buildings which is endless. In other words, if you worry about legal subtleties purchasing a house or a villa, you should buy a condo or an apartment. As you see, in Thailand they are two different notions. In order to better understand the difference between condominiums and apartments, it is necessary to define the concept of condominium. The majority of people usually associate the notion of condominium with a separate apartment in the residential building, which can be purchased exclusively in the private ownership. In fact, the ownership of an apartment in the condominium is a much broader concept.

It should be understood that the term condominium is not a description of how the property looks like, but must determine the property rights related to this property. 

Legally condominium means a real estate with property rights consisted of rights to common property and rights of a part of the inner space in the residential, industrial or commercial buildings.  Therefore, the ownership of a condominium is a mixture of the right to a separate room and common ownership. Unless apartments, they have a single owner (if built on an own land) or the main landlord (if the building is located on a leased land) and include the property as a whole (ownership does not apply to individual apartments as it is in the condo). Also, if the property is acquired in the apartment as a long-term lease, the buyer is not provided with any rights to the common property in the apartment.

Phuket Condos: Types & Classifications

Condominium in Phuket is a modern complex of buildings with a height of several dozen of floors with restricted access by unauthorized persons. In this type of property everything is made the residents to feel relaxed, comfortable and safe. Here is estate security, maid service and service operating 24 hours a day, the ability to get additional services for a reasonable fee.

Buying an apartment or a condominium in, you purchase a package of services came together with the apartment and paid from utility bills (free parking, gym, common pool and sometimes a tropical garden).

Phuket offers the following types of condos:

High (luxury) class means apartments or condos have been constructed on the area of a high quality hotel, are managed by the same company and the same brand and have a common customer service. Thus owners have the opportunity to use the restaurant, maid and concierge service, to make different kind of orders, to have preferential or free access to the services offered at the complex. The level of security in the club complex is also very high.  The price goes up to 120 000 per square meter. At this amount a client gets a completely ready-to-live sumptuous apartment with nice furniture.

Premium class is extremely popular among foreigners because the units do not concede to the previous group by furniture, design and quality. This implies an apartment is located in a high-altitude building overlooking the sea with direct access to the beach, includes well-developed infrastructure with a gym, restaurants, swimming pools, parking, security, etc. Usually it costs from THB 89 000 per square meter.

Middle class does not provide a buyer with a direct access to the beach, fantastic sea views or walking distance to the sea shore. Commonly these condos rates starts from THB 60 000 per square meter.

Budget (economy) class is typically located in Town, Kathu or Kamala and it is possible to get a cozy studio at THB 1 800 000.

Phuket Apartment/Condo Location

Phuket is the largest island in Thailand, and it is evident there is a huge choice of excellent locations for living and rest. 

Phuket is divided into three administrative districts: Muang, Thalang and Kathu.

Muang is the southern region of the island, where the capital of Phuket, Phuket Town, is located. Also this area includes the most popular and the hugest bay of the island Chalong. Although there are many malls, seafood restaurants, souvenir shops there, it is not recommended to swim on this side. Kata, Karon and Panwa are much more suitable for this kind of activities. The area is full of tourist attractions such as Aquarium, Bird Park, Shell Museum, Dinosaur Park and so on. Moreover, Karon, one of the most beautiful beaches of Muang,  was ranked the eighth in the list of the best beaches in the world. Karon night life is not so vivid as in Patong but anyway a couple of dozen pubs waits for you every day. As for the water, it is amazing, pure and transparent, so swimming will become your daily procedure to get healthy and fit. The people who prefer to combine a relaxed life and entertainments buy a property here. Another great choice of the place for buying an apartment is Kata. The beach is surrounded by hills and tropical forests making the area protected against the winds blowing during the rainy season. Panwa may be a proper alternative to noisy places. This part of the island seems to have been created especially for lovers of solitude, peace and quiet. 

Kathu is the central area of ​​Phuket, located in the western part of the island. By the way, this is the location of the famous Patong, Kathu and Kamala. It is believed that there are the best facilities and the most well-developed infrastructure in Kathu, so basically this region is chosen by people with families or busy working persons. If you are a night life lover, you should pick out Patong with the greatest nightclubs, discos and restaurants, shows and bars. Patong is the only beach which is not familiar with the notion “low season”. 

Thalang lies in the northern part of the island. Phuket International Airport and a plenty of beautiful beaches such as Laem Sing, Surin, Bangtao, Nai Torn, Nai Yang and Mai Khao are located on this side. Many luxury hotels and residential complexes have been built in the northern side. Bangtao stretches along the coast and is a clear example of an expensive and elite life. Also the lovers of high quality of life choose Surin. Lovely hotels, good conditions for a beach holiday, many discos, shopping centers and restaurants attract the attention of a lot of European ladies who prefer to stay exactly in Surin. It is noteworthy to have a word about Mai Khao, the longest beach of the island, where you get the great opportunity to enjoy solitude of the infinite beach and privacy. The infrastructure has not been highly developed yet, there are several luxury hotels and condominiums, but this is the place chosen by those who are tired of city life and crowds of people.

Purchase Options:

Foreign property buyers often wonder what is more profitable – project or resale.  The properties of the primary market are divided into completed (ready built apartments, so it is possible to take a look at them and choose what you prefer from actually existed units) and off-plan buildings (a developer buys the land for the construction of apartments and condos, and after receiving permission to build, it presents a show room as an example and starts selling). 

The main advantages of the primary real estate are an ease of payment, lower transaction fees, high quality and guarantees for the elimination of defects. The main disadvantage of any off-plan condo is dishonesty of a developer, that is why it is very important to find a reliable tenant builder. On the other hand, a customer gets great numbers of advantages buying off-plan constructions. Here are some of them: the lowest prices (by the end of the construction the price will have increased by 15-20%), the opportunity to resell the completed unit at more expensive rate at the end of the construction without the necessity to pay registration taxes. Also you can choose an apartment with the best view or layout, make some insignificant changes in the layout and construction materials.