Phuket has basically two types of luxury condominium and apartment offered on the market – those under international brands such as Laguna Property at Bang Tao Beach or Mövenpick Residence on Karon Beach, and those that have local brands, such as the Royal Phuket Marina in Phuket City, or The Heights or Kata Gardens, both in Kata. All of these properties have one thing in common – prime location set against a beautiful backdrop of the Andaman Sea or the Phang Nga Bay. This makes the condominium properties attractive to foreigners since this is the only property that they are allowed under Thai law to own.
A high-end Phuket Condominium generally demonstrates common characteristics such as:
- Good panoramic sea view
- Good building design, layout and decoration
- Good and secure neighborhoods, ensuring privacy of residents
- Adequate elevators and efficient Mechanical and Electrical system
- Easily accessible locations
- Comprehensive range of facilities, including swimming pool, gym, and/or squash and tennis courts, etc.
- Good standard of construction using high-quality materials and specifications
- Professional property management
- Rental program provided
A two-bedroom apartment or condo unit of around 125 square meters floor area is priced at 13.5 million Baht; a penthouse unit costs about 30 million Baht. These prices vary according to location, condo facilities and the architectural quality of the unit itself. For 14 million Baht, a condo buyer can have a unit in one of Phuket’s gorgeous locations.
For foreigners desiring to own a condominium unit in Phuket, Thailand, a real estate Phuket lawyer will advise that foreigners can buy and hold a condominium unit through freehold ownership through a condo title. The Thai Condominium Act allows foreigners to own up to 49% of the total floor area of the condominium building on a freehold basis.
Most foreigners discover Phuket as a tourist destination. Many of them then choose to invest in its property market – buying a retirement home, or a property to rent out. Phuket’s outstanding white sandy beaches, tropical climate, great value for money, beautiful diving sites and some of Asia’s best golf courses make the Phuket property market well-positioned for the demand. This makes Phuket a popular holiday home destination for many foreign nationals.
Phuket to date has in excess of 3,500 condo owners. For the past ten years, property buyers in Phuket are offered a lifestyle investment with good potential for capital appreciation. Condominium investors have gained an average capital appreciation of 20% to 50% per annum for prime beachfront or sea view locations. Some properties have seen the value of their asset rise by as much as 100% for a short period. This makes investing in condominium units a good business prospect for foreigners and locals alike.