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Invest in Your Dream Home or Resort | Buy a Condo in Phuket

Phuket has established itself as a global resort and holiday destination, offering a range of luxury villas, condominiums and apartments for sale. The standards and opulence of these condos are comparable to those offered in the Mediterranean and Caribbean, at a fraction of the price, making it a dream for many to buy a Phuket condo

Regarded as the epitome of the Asian resort market, the Phuket condo market has experienced significant growth since the 1990s, mirroring the expansion of tourism in the region. Benefiting from a robust infrastructure that includes top-notch amenities, leisure facilities, and excellent accessibility through its international airport, Phuket's condo market has established itself as a prime investment destination for those seeking to buy their dream home or vacation rental. This market appeals to numerous investors who seek the allure of Western luxury seamlessly fused with an enchanting tropical lifestyle.

CBRE recognized the long-term potential of the Phuket property market and opened our Phuket office in 2004. Our sales team comprises Thai and expatriate staff, who are long-term experts in the Phuket real estate. Boasting some of the broadest market knowledge in the industry, the CBRE team, along with our experienced Phuket real estate agents, offers valuable insights for buyers and investors interested in purchasing a Phuket condo or apartment.

 

Major Phuket Condo Location

Phuket's condo market has undergone a remarkable transformation with the diversification of locations being developed. Initially, the west coast was the focal point of development, which is now home to many condos and apartments. However, with the prime oceanview sites on the west coast already taken, attention has shifted towards the once-overlooked east coast with an increase in the number of exclusive developments of Phuket condos for sale. (View Phuket Map)

1. Inland

This area is considered the island’s center point. The majority of Phuket condominiums for sale are situated within inland developments and near activity and entertainment hubs such as the famous Phuket Old Town.

View our condo sale at Phuket inland

2. East Coast (North)

The Northern area along the east coast, including Kung Bay, Ao Po Bay, and Tamu (Yamu) Cape.

View our condo sale at Phuket's East Coast (North)

3. East Coast (South)

The Southern area along the east coast, including Siray Island, Yon Bay, and Panwa Cape.

View our condo sale at Phuket's East Coast (South)

4. West Coast (North)

The Northern area along the west coast, including Mai Khao Beach, Nai Thon Beach, and Nai Yang Beach.

View our condo sale at Phuket's West Coast (North)

5. West Coast (Central)

The Central area along the west coast, including, Bangtao Beach, Surin Beach, and Kamala Beach.

View our condo sale at Phuket's West Coast (Central)

6. West Coast (South)

The Southern area along the west coast, including Patong Beach, Karon Beach, Kata Beach, and Kata Noi Beach.

View our condo sale at Phuket's West Coast (South)

7. South Coast

The Southern area of the island, including Nai Harn Beach, Chalong Bay, and Rawai Beach.

View our condo sale at Phuket's South Coast

Additionally, if you are exclusively looking for only beachfront condos, check out our list of the top 11 most popular beachfront condos for sale in Phuket.   

Phuket Condos: Types & Classifications

Phuket condominium and apartments can be classified into the following grades:

1. Luxury Phuket Condominium/Apartment:

Prices of luxury condos for sale in Phuket are generally above THB 20 million per unit. Most of these luxury condos are situated in prime locations, offering great ocean views with close proximity to the beach. These properties usually tend to be located in low-density developments offering high levels of privacy. Mostly managed by professional real estate or management companies, however, some are managed by hotels as well. Common area facilities usually have a mandatory state-of-the-art pool and a gym; meanwhile, penthouses might also feature a private pool, for example, at the Twinpalms Residences Mont Azure and Andara Residences.

2. High-end Phuket Condominium/Apartment:

High-end Phuket condos for sale are typically priced between THB 15 million to 20 million per unit. What sets these condos apart from luxury condos may be certain aspects of the design, facilities or location itself. Not all high-end condos in Phuket offer good ocean views, but many do and most are located in close proximity to the beach. High-end Phuket condos are mostly managed by professional management companies and include common area facilities such as a pool and a gym.

3. Mid-range Condominium/Apartment:

Mid-range Phuket condos for sale are typically priced between THB 8 million to 15 million per unit. Most mid-range condos may not offer ocean views but are usually located in close proximity to the beach. The price of a one-bedroom unit in a mid-range development starts from approximately THB 5 million.

4. Entry-level Condominium/Apartment:

Entry-level Phuket condominiums for sale are typically priced under THB 8 million per unit, for example, Laguna Sky Park and Dhawa Phuket.

Purchase Options

1. Re-sale Phuket Condos:

Resale Phuket condos are second-hand properties offered for sale by individuals, as opposed to sales directly from the original developer. These properties can be under construction (off-plan) or completed. To date, Phuket has had a limited market for re-sale condos as most buyers tend to be long-term investors and occupiers of their condos upon completion. However, the market for re-sale condos is a growing and maturing market.

2. Completed Phuket Condos

Phuket condos that have completed construction and are available for viewing usually carry little to no development risk as the property is already constructed. A more popular option among buyers - being able to see the exact quality of the finished design is a major incentive, which is not possible for off-plan purchases.

3. Off-plan Phuket Condos

Off-plan condos are condos sold whilst the projects are under planning or construction. To minimize development risk in purchasing an off-plan condo, it is important to buy from a reputable developer. Most quality developments selling off-plan properties have show units available for viewing. There is often an appreciation potential for off-plan properties upon completion as the buying prices are usually offered at a discount.

4. Investment Condos

There are a number of developments positioned as investment properties with rental guarantee offers. Investment properties have owners’ usage restrictions as the units are part of a compulsory rental program. The level of guaranteed returns varies from 5% to 8% for a period of 1 to 6 years and an annual owners’ usage of 45 to 60 days, (change to 5% to 7% for a period of 1 to 5 years and an annual owners’ usage of 30 to 60 days) depending on each project.

Investing in Phuket

Having discovered Phuket as tourists, many then choose to invest in its property market and buy a Phuket condo as a second or retirement home, or a property to rent out.  With its outstanding white sandy beaches, unparalleled hospitality, tropical climate, great value for money, beautiful diving sites and some of Asia’s best golf courses, the Phuket property market is well positioned, making it a popular holiday home destination.

The island now has in excess of 3,500 condo owners. For the past ten years, Phuket has offered property buyers a lifestyle investment with good potential for capital appreciation. Investors have experienced an average capital appreciation of 20% to 50% per annum for prime beachfront or sea view locations, although some properties have seen the value of their asset rise by as much as 100% between the launch and completion.

Lifestyle, Leisure & Infrastructure

Phuket currently has over 150 hotels and resorts along with extensive sporting and leisure facilities. The island has a total of six golf courses including Blue Canyon Country Club, Laguna Phuket Golf Course and Mission Hills, and four marinas providing a total of 655 marina berths. As the Phuket tourism and property market has matured, there is also an expanding choice of upmarket dining and entertainment venues.

The island’s infrastructure is also well developed with an International Airport, 6 major hospitals and 3 international schools. The development of Phuket’s infrastructure and extensive leisure facilities has complemented the growth of the island’s real estate market over the years.

Weather

Phuket has a balmy tropical climate and a fairly consistent temperature all year round (25 to 35 degrees Celsius), with its best weather during the European winter. There are two distinct seasons in Phuket - the dry and green seasons. Phuket’s weather is at its best when the dry season starts in November through to January, while March and April are the hottest months. The green season runs from end-April to November when the rainfall is at its peak. 



Access to/from Phuket

Phuket arrivals exceeded 9 million in 2022, with a target of 12 million in 2023. Served by a total of 55 airlines (8 of which are chartered airlines), Phuket International Airport offers flights to destinations including Hong Kong, Singapore, Kuala Lumpur, Moscow, Seoul and numerous others.

Property Purchase Guidelines:

Phuket Property Payment Terms
The majority of properties in Phuket are sold off-plan or in a partly built state. Buyers will always be asked to pay a reservation fee. This secures the property which will then be taken off the open market. Then, some time (usually 30 days) is given to allow for legal work to be completed before the first payment is due on signing of the contract. Thereafter payments are usually split according to construction milestones.

Here is an example:

  • Agreement signing: 20%
  • Completion of condo footings or pilings: 20%
  • Completion of columns, floor slabs and roof frames: 20%
  • Completion of condo shell, including external doors and windows: 20%
  • Substantial completion of the condo: 20%

Sinking Fund

In a new villa or condominium project, each owner will pay an initial amount into a sinking fund on transfer of ownership of the property. This will be then used for major renovations in future and repairs which are outside the operating budget.

Common Area Management Costs

In a villa or condo development, specifically appointed property managers, such as CBRE, will normally be responsible for managing all aspects of the common areas.

This service normally includes:

  • 24-hour onsite security
  • Maintenance and irrigation of all common area landscaping
  • Cleaning and maintenance of all the communal areas
  • Management office and staffing as well as ancillary costs, accounting and insurance
  • Electricity and water supply in the common areas, refuse collection and pest control

The property management company reports directly to the owner's committee on management issues and the financial status of the project. Click here for more details: Property management in Phuket

Phuket Condo/Apartment Ownership:

Thailand employs specific definitions to distinguish between apartments and condos, unlike other regions where both terms are used interchangeably for the same type of property. Therefore, it is important to note that Thailand's classification system differs.

In essence, foreigners have the opportunity to purchase and maintain Thai real estate through various ownership structures and land titles. Among these options, the three most prevalent forms of ownership utilized by foreigners are leasehold, freehold through a condominium title, and freehold acquired through a Thai company.

Below are the definitions of condominiums and apartments in Thailand:

  1. Condominium: A multi-unit building where there is freehold ownership of individual units and a common interest along with all the other owners in the land and common areas. In some countries, this is called a strata title. A condo unit is registered at the Land Department and each individual unit has its own title deed. Foreigners are allowed to own up to 49% of the total floor area of the condominium building on a freehold basis.
  2. Apartment: An apartment is a residential building held in single ownership on an individual title. Individual units are leased on a series of 30-year terms which are registered with the land office.

Discover your dream home or vacation rental in Phuket with the assistance of CBRE. Click here to explore our extensive listings of Phuket condos and apartments, and feel free to reach out to us for further information and a personalized consultation.

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Prakaipeth Meechoosarn
Head of Residential, Investment and Land, Phuket
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