Buying condos in Phuket
Phuket has been well established in the foreign investing property market for many years, which has resulted in a large number of qualified and experience real estate agencies. Phuket has two types of luxury condos or apartments: those affiliated with international brands, such as Laguna property on Bang Tao Beach and those with local brands, such as Royal Phuket Marina, or Layan Gardens in Layan.
The Phuket condo market is heavily supported by good English speaking agents, these include; Tropical Homes, Phuket One Real Estate and Knight Frank. Prices vary dramatically: 13.5 million baht for a 125m2 two-bedroom condo unit, to 30 million baht for a higher end property. If these are all out of your price range you can also find 45m2 to 60m2 condos in Phuket for considerably less. And at the bottom end of the market you can buy units in modest condo blocks in Phuket Town area, usually full of locals as tennants. Prices vary heavily according to location, style and facilities. On average, a buyer can expect to have a wide choice for 14 million baht.
Prime locations for condos in Phuket include southern coastal hotspots: Patong, Karon, Kata and East-western coastal areas such as Layan, Bang Tao, Surin and Chalong. The tropical paradise lifestyle you were imagining doesn’t come cheap any longer in Phuket, and condos in the popular areas near the lovely beaches are in high demand internationally.
Be prepared to do your research and make sure that the building will be properly maintained and maintenance fees will be properly collected. This should not be a problem when dealing with reputable companies, but be assured there are many pitfalls that unsuspecting condo owners could fall into. Unlike other places in Thailand however, many of the condo buildings are almost entirely made up of foreigner tenants and their expectations for professional management are high.
An important consideration is that, like most popular areas in Thailand, condos in Phuket have the highest demand of any sector, because they are easiest to own as a foreigner. Thai law forbids foreigners owning land but has a structure allowing up-to 49 per cent of a condo building to be foreign owned. Therefore, many who want to retire in Phuket or live here part time find that buying condos are more practical in Phuket.
When buying property in Thailand, a foreigner must bring in 100% of the purchase price from overseas. In order to do this, you will need a Tor Tor 3 document (Exchange Control Form) from the Thai bank. You will need to transfer the funds in order to provide evidence of this to the land department in Phuket. Another consideration to bear in mind is that the name of the party remitting the money on the Exchange Control Form and the name of the property buyer must be the same.