More and more overseas property investors are being attracted to Phuket condominiums, both for retirement and investment purposes.
Among the world’s finest beach destinations, with fine white sands on more than 30 amazing beaches to choose from, nodding palm trees, glittering seas and lively towns, Phuket has something for every taste and budget.
So what do you need to know when looking to purchase a Phuket condominium?
Phuket condominiums come in all shapes and sizes. If you are interested in buying a condominium, there are two things you must be aware of before you begin your search.
First, only 49 per cent of any given Phuket condominium development may be offered freehold to foreigners. Be sure the unit you are looking at is a freehold unit, not a leasehold.
Second, while you may be accustomed to using ‘apartment’ and ‘condominium’ to mean the same thing, they have two very different legal definitions in Thailand. Apartments are only available on a 30-year leasehold basis, regardless of the nationality of the buyer.
Some of the condominiums described below will be part of developments which offer guaranteed rental returns, which can make them very attractive investments.
Economy
Economy Phuket condominiums are ideal for anyone who simply wants to have a ‘base’ in Phuket. These are usually on the smaller side and are not designed to compete with a family development in a better location.
That said, the beaches and even the shops may be still be close at hand, and the designs are generally suited to use as either a rental unit or a home.
If you are a foreigner on a budget, you will find condominiums in this classification offer good value for money – starting at around B2 million.
Resort Style
Resort Phuket Condominiums probably make up the bulk of all condo units in Phuket bought by foreigners. In addition to being a place to live, they often offer services such as communal swimming pools and gymnasiums, which make them easy to rent to holiday makers.
These developments do occasionally offer luxury units, and these can resemble a large villa size and feel. The difference is, the luxury resort condo can be purchased freehold. Very popular as investment properties – expect to pay between B3mn and B15mn.
Luxury Freehold & Penthouse
These type of Phuket condominiums were created because some savvy developers understood that there was a demand for spacious luxury properties, some actually resembling villas in their layout, but with freehold ownership.
With stunning sea views, a quality developer and good management, these units tend to offer small gardens, terraces and private pools.
And as they are often part of a resort complex, you may also find a gymnasium, restaurant and communal pool – prices can be in excess of B50mn.
Other Foreign Freehold Properties
Some townhouse style properties, including ones in marinas such as Phuket Boat Lagoon, are actually legally structured as Phuket condominiums. – freehold townhouses start at around B5mn.
Royal Phuket Marina offers an ‘Aquaminium’. This unique concept is a luxury freehold condominium, offering direct access to a private berth for your boat or yacht. It is the only place on the island where you can roll out of bed and be on the open water in mere minutes.
Both types of property offer freehold ownership to foreigners – an ‘Aquaminium’ starts at around B15mn.
In addition, there are also resort-managed properties – Condotels and Branded Residences – offering freehold ownership.