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Phuket Property Guide: What makes a condo in Phuket?

Phuket Property Guide: What makes a condo in Phuket?

In our previous article we wrote about freehold property ownership, which is mostly limited to condominiums. Here, we go through the basics of what is defined as a condo in Thailand, and what that ownership means.

property
By Thai Residential

Sunday 18 August 2019, 11:00AM


The Nai Harn Beach Condominium developed by Thai Business Development Company Group (TBD). Photo: TBD

The Nai Harn Beach Condominium developed by Thai Business Development Company Group (TBD). Photo: TBD

There is a broad choice of condominiums – both in terms of style and price – but it is possible that our categorisation is subjective, so please accept that the types and prices below are for “guidance purposes only”.

Condominiums come in all shapes and sizes in Phuket. If you are interested in buying a condo, there are two things you must be aware of before you begin your search.

First, only 49% of any given condo 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 “condo” 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 condos described below will be part of developments which offer guaranteed rental returns, which can make them very attractive investments.

Economy

Economy 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 condos in this classification offer good value for money – starting at around B2 million.

Resort Style

Resort 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.

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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 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 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. These will be discussed in depth in a later article.


This article is from the 2018/2019 ThaiResidential Phuket Property Guide. To download the 2019/2020 Guide visit Thairesidential.com/phuket-property-guide/ or call +66 9484 11918.

 

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Winfield | 18 August 2019 - 17:14:28

You forgot to mention that unless a condo has a HOTEL LICENSE, its is illegal to rent for periods of less than 30 days. So forget about AirBNB saving your investment butt. The vast majority of non resort condos in Phuket do NOT/ will NOT have a hotel license. Many owners are breaking this law, but the Govt hammer is coming. 

Kurt | 18 August 2019 - 14:07:49

The Naiharn Beach Condo project is as many. Your rooms opposite others, no privacy, look at each other dining table or into bedrooms if you not close curtains. Buying such is just a start payment. It gets a follow up by 'service fees' on your electric and water bills. Not yet talking about other exorbitant service fees every owner has to pay for 2x per week a half hour pool cleaning, etc.

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