What is a condominium?
A condominium is a massive property complex that is usually managed by a community or a board. Individuals can formally own a condominium in Phuket but as such, the owners only have rights to the space in the complex and not its physical elements. These physical elements generally include floors, walls, sidewalks, rooms, decks, patios, attic spaces, parking space, etc. The physical elements are classified into 2 types- common elements and uncommon elements.
Condominium Ownership:
When owning a condo in Phuket, the rules are usually detailed in the Declaration. It consists of 3 different types
Unit ownership- this is the taxable living space and is controlled by unit owners. Unit owners are usually responsible for what activities happen in the space.
Common elements- these include the land itself and the actual building. These are co-owned by the board or a group of directors who care for the elements.
Limited common elements- these include the smaller aspects of the condo such as patios and attic spaces. These are similar to common elements with one important difference- there’s no community ownership the owners have complete authority over them.
Well, why have we discussed condominiums so far?
Because condominiums are fast becoming a raging market in Phuket, Thailand, and we want you to understand how it works!
The facts don’t lie. The average cost of a condominium in Phuket is anywhere between 94000 and 1644000 USD, meaning the barrier to investing in a chic condo within Phuket is not high.
Moreover, beyond just economic reasons Phuket has geographical, aesthetic and cultural reasons to rank as your top target for investing in a condo. That’s because Phuket has beaches like:
Mai Khao– The beautiful Airport Beach on the north-western side of Phuket. Rawai Beach- on the Southern side, a hotspot for family picnics in Phuket.
Nai Harn Beach– home of white, fine, sandy beaches, paddleboat fun and the Wat Nai Harn,a famous Buddhist monastery.
Kata Beach– 1 .5 kilometres of unforgettable turquoise sea. The perfect place for surfing, swimming and yachting.
Karon Beach– excellent for tourists due to the abundance of sea turtles, snorkelling and Karon Lake.
Patong Beach– playing host to para sailing, kayaking, windsurfing, boat driving, jet skiing, beachfront restaurants, bars and tropical almond trees.
Kamala Beach– Kamala Beach is a serene stretch of sand that is approximately 10km north of Patong. It is a sunbathing hotspot and is famous for surfing as well as
snorkelling. The streets near Kamala Beach are filled with hawkers selling delicious local Thai food, which is contrasted by the international cuisine beach clubs like Cafe del Mar Phuket and HQ Beach Lounge. The well-maintained beach is also popular amongst photographers for pre-wedding shoots.
Surin Beach– From Kamala to Phuket’s west coast, and you will inevitably land on Surin Beach. This 1 km strip of white sand has been popular for kayaking, boogie boarding and surfing. Apart from that, it also has several local vendors giving you a glimpse of local cuisine, plenty of ATMs and places where you can buy snorkelling equipment.
Bang Tao Beach– Bang Tao Beach is a favourite for people who want to stay away from the glitz and glamour and just want to sit back on a sun lounger with a scenic beach view, a drink in hand and a book at the elbow. Bang Tao is frequently visited by families searching for long-lost together time and has many water sport activities like Paragliding, water-skiing, jet skiing, and banana boat rides.
Here are a few more reasons why buying a Phuket condo might be a wise choice
- It’s easier to sell- Condos can be easily bought by foreigners and sold off to other foreigners or Thais.
- The market is booming. Any Phuket condo/ house you invest in now will have multifold value later.
- When you decide to sell, the money reaches your homeland without hassles.
- The Phuket condominiums we deliver are usually fully equipped- no need to worry about the different elements of the condominium.
- It could serve as an idyllic holiday destination if you were so inclined and got a week off with the family!
Buying a Phuket condo is simple
Are you slowly warming up to the idea of investing in a Phuket condo? If so, IBGProperty is here to take away all your stress.
IBGProperty is your one stop shop for buying, selling and renting condominiums in Phuket. Our vision is to bridge the gap between buyer and seller so buyers can easily find the world-class Phuket homes, resorts and condominiums that they’re looking for without needing to shell out HUGE commissions while sellers locate buyers with ease. We guarantee our suggestions come from a place of deep real- estate expertise and that the Phuket condos you buy/ rent from us shall yield profit given the recent market trends in Phuket and Thailand. From single bedroom condos at VIP Great Hill to duplexes with mountain views, our assortment of Phuket condominiums covers it all.
Head over to https://ibgproperty.com/ and make your dreams of buying a condo in Thailand come true!
