Why Should You Buy a Condo in Phuket?
If you are not a Thai citizen and are considering buying a property in Thailand, you can do so in three ways: through a Thai partner or Thai limited company, leasing a property, or buying a freehold. Non-Thai citizens are only permitted to own freehold condos under Thai law. Non-Thais cannot own a freehold property if it relates to land or a house. The Thailand Condominium Act (1979) specifically covers a non-Thai citizen who owns a condominium. Over the past 20 years, property investments by foreign nationals in Thailand have been significantly influenced by the availability of protected investments.
10 Reasons for Investing in Condos in Phuket
There are 10 compelling reasons why you should invest in a condo in Phuket.
1. Condos are Available for Freehold Purchase
You have already heard this before, but it is worth repeating: Foreigners can own condos freehold in their names in Thailand.
2. It is Easy to Sell Condos in Phuket
Condominiums owned by foreigners are generally available to foreigners or Thais for sale.
3. Repatriation of Funds
It is straightforward to send the proceeds of your condo sale back to your home country.
4. Market Growth
Local and foreign investors are becoming interested in the condominium market in Phuket, which is growing rapidly. Condos have been the preferred investment vehicle of Chinese, Hong Kong, and other ASEAN nationals since 2015, expanding the market further and helping to support the most popular tourist destination in Thailand.
5. Investment Return
There is a strong rental market, and some developers offer 5-8% guaranteed rental returns for the first three years of ownership. In fact, your returns on investment will be quite healthy when you factor in capital growth.
6. It is not Easy to Own a House or Land in Phuket
For example:
- There is a legal grey area surrounding the setting up of nominee companies for land ownership, and the government is believed to be investigating such matters.
- Legal precedent for the 30+30+30-year lease agreement does not exist, and it is not supported by law. Realistically, a 30-year lease is the only thing you can guarantee.
7. Security
The safety and security of your property will put your mind at ease. Key card access, security staff, and cameras are standard features of modern condo developments.
8. Fully Equipped
All common areas, including swimming pools, gymnasiums, libraries, and shops, are located in one building with easy access to amenities.
9. Hassle-free Furniture
A complete furniture package is usually available with condos, though there are often basic furniture pieces included.
10. Perfect Holiday Home
Condos in Phuket are also investments that you can enjoy, and consider as a good return on your money. If you are planning to buy your condo in Phuket, simply block your holiday dates with your rental program.
IBG property is a trusted real estate agency based in Phuket, Thailand. We will help you get condominiums and villas in Phuket. We will look after the entire process, from property research to finalizing the deal.
