Phuket Condos For Sale Information
Phuket has established itself as a global resort destination, offering a range of luxury villas, condominiums and apartments for sale. To buy a Phuket condo is a dream for many people and they are comparable to those offered in the Mediterranean and Caribbean, at a fraction of the price.
Widely accepted as the pinnacle of the Asian resort market, the Phuket condo market has expanded since the 1990’s in line with the growth in its tourism. The Phuket condo market is well positioned with the island’s supporting infrastructure including world-class amenities and leisure facilities and an International Airport offering good accessibility. Many investors choose to invest in the Phuket condo market as it offers a combination of western luxury and an exotic tropical lifestyle.
In recognising the long-term potential of the Phuket property market, CBRE opened our Phuket office in 2004. Our sales team of Thai and expatriate staff are experts in the Phuket apartment / condominium market. The CBRE team has some of the broadest market knowledge in the industry and with our experienced Phuket real esate agents, we are able to offer valuable insights for buyers and investors interested in purchasing a Phuket condo and apartment.
Phuket Condo Location
There has been a diversification in locations being developed in Phuket and condo/apartment developments are spread across the island. The west coast was the original centre of development where many condos today are located. As prime ocean view west coast sites have been taken up, the once overlooked east coast now sees an increase in the number of exclusive developments of Phuket condos for sale. (View Phuket Map)
This is the area in the island's centre. Most Phuket condos for sale in inland developments are situated near hubs of activity such as Phuket Town.
2. East Coast (North)
Northern area along the east coast in cluding Kung Bay, Ao Po Bay, and Tamu Cape.
3. East Coast (South)
Southern area along the east coast, including Siray Island, Phuket Bay, and Panwa Cape.
4. West Coast (North)
Northern area along the west coast, including Mai Khao Beach, Nai Thon Beach, and Nai Yang Beach.
5. West Coast (Central)
Central area along the west coast, including, Bangtao Beach, Surin Beach, and Kamala Beach.
6. West Coast (South)
Southern area along the west coast, including Patong Beach, Karon Beach, Kata Beach, and Kata Noi Beach.
7. South Coast
Southern area of the island, including Nai Harn Beach, Chalong Bay, and Rawai Beach.
Phuket Condos: Types & Classifications
Phuket condominium and apartments can be classified into the following grades:
1. Luxury Phuket Condominium/Apartment:
2. High-end Phuket Condominium/Apartment:
3. Mid-range Condominium/Apartment:
4. Entry-level Condominium/Apartment:
1. Re-sale Phuket Condos:
2. Completed Phuket Condos
3. Off-plan Phuket Condos
4. Investment Condos
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 offers 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 & resorts along with an 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’s 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.
Phuket has a balmy tropical climate and a fairly consistent temperature all year round (25 to 35 degree Celsius), with its best weather during the European winter. There are two distinct seasons in Phuket- the dry and green season. 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 7 million in 2016. Served by a total of 55 airlines (8 of these are chartered airlines), the 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:
- Signing of agreement: 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%
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 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. (Property management)
Phuket Condo/Apartment Owernership:
Thailand has specific definitions that describe the difference between an apartment or condo, and whilst different parts of the world use either apartment or condominium to describe what is essentially the same type of property, Thailand does not.
In summary, foreigners can buy and hold Thai real estate through a variety of ownership structures and land titles. The three most common forms of ownership used by foreigners to hold Thai real estate are leasehold, freehold through a condo title, and freehold through acquisition by a Thai company.
Below are the definitions of condominiums and apartments in Thailand:
- 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 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.
- Apartment: An apartment is a residential building held in single ownership on an individual title. Individual units are leased on a series of 30 years term which is registered with the land office.
View Phuket condo / Phuket apartment listings
Phuket Condo Research
CBRE conducts research on the latest conditions prevalent in the Phuket condo market, including supply, demand, and current property requirements of condo buyers.
With our network of offices, CBRE has unparalleled access to resources in Phuket, these enable us to identify trends that assist our customers.