Buying a condo in Phuket is easy. The best place to buy property in Thailand or buying a condo has always been Phuket. You can read about how to buy a condo in Thailand as a basic overview of the condominium market in Thailand. As well as leasehold agreements, encumbered property such as servitudes and usufructs. Also as well as the need to do a due diligence report when buying any form of real estate in Thailand. Phuket has always been a hot property market and here is an overview when looking at buying a condominium unit in Phuket as a property investment in Thailand or to retire.
When buying a condo in Phuket then consider the overall property market in Phuket has changed over the years. This as demand and supply have always fluctuated. In 2017 the number of new condo units entering the market dropped by 29% compared to the previous years. There had also been a decline in sales of more than 30% with only 1,147 units being sold during 2017. Buying a Condo in Phuket has always been a good investment.
What buyers are looking for has changed over the years. As you might know that there are height limitations in Phuket when it comes to building condo units. You will also note the number of building regulations in Phuket. These are there to limit how many units can be built close to the ocean. In order to see this, we have to see how the property developers in Phuket have property categories for the condo units
Partly Seaview condominium
a condominium project that has no beach frontage, and less than 50% of the units enjoy a direct view of the sea.
a condominium project that has direct access to the beach and with many of the units enjoying a direct view of the sea.
Non Sea view condominium
a condominium project that is located away from the beach and with most units having no sea view.
Most of the new condo units that have entered the market in 2017 had been Seaview (44%), partial sea view (54%), and non-sea view accounted (2%). Most of these developments are in the high-end market. These tend to be in the popular locations of Phuket such as Karon, Naiharn, and Bangtao. The average prices however have surged more than 2.5% over the previous year. CBRE in Thailand had once noted that land prices over the past 30 years had surged by more than 1,000%.
The average asking price in 2017 for property in Phuket had been THB 135,719 per sqm. Those with a sea view had averaged THB 181,522 per sqm. If you look at the past 10 years, the average price of a Seaview condo in 2008 was 115,000 THB per sqm so your property investment over 10 years in Phuket had done very well.
With more buyers moving in from overseas being mainly from Mainland China. Russia as well as Australia the property market in Phuket is clearly growing at a very steady pace. Being an island and land being at a premium it will only see a further uptick in pricing. When buying a condominium in Thailand always speak to a property lawyer for advice and guidance. Phuket is still the best place to buy property in Thailand. The other options for buying a condo in Jomtien or buying a property in Bangkok. These are mainly those who wish to retire in Thailand.
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Buying property needs you to check the building restrictions with due diligence.
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