Luxury Phuket Real Estate

For condominiums, you can find studio units in older buildings starting from approximately ฿1 million, while more modern and luxurious developments can demand prices upwards of ฿10 million for spacious and well-appointed units.5 to ฿4 million, depending upon the factors mentioned above. When it comes to purchasing houses or villas, prices can start from around ฿3 million for a modest townhouse in a relatively convenient location. Land prices can range anywhere from ฿5 million to ฿100 million or more, depending upon the size and location. For a more luxurious experience, upscale villa compounds located in prime neighborhoods and offering premium facilities can cost anywhere from ฿15 million to ฿50 million or more. By having a broad understanding of the market dynamics, you can make well-informed decisions when choosing the ideal property for your needs and preferences.

Choose from a curated selection of Buddha photos. Always free on Unsplash.At time of writing, the real estate sector has, arguably, experienced the most prolific growth since the market first took off over two or more decades ago. The sheer number of these new ambitious projects on the island is testament to this growth. Nearly everyone who has being paying attention to the market over the last 12 months, has seen the dramatic price rises occurring all over the island, although this is especially more pronounced in high demand areas. This makes perfect. Logical sense. Once they have their feet on the ground, they experience for themselves the amazing potential it holds, both as a fresh start in life or somewhere to invest their hard earned money. Most people around the world had never heard of the island back then, but this all changed after the 2004 tragedy. And as the number of visiting tourists increases, so does the number of properties being sold.

And if tourist numbers can keep growing, all that fresh demand from new buyers will keep buoying the real estate sector. From luxury condos, smaller hotel licensed investment condos, affordable villas and high end sea view luxury villas, there is a diverse range of properties for sale now on the island to suit all budgets. New areas of land are also opening up. Whether new buyers prefer the hustle and bustle of a west coast tourist resort, the isolation of the mountains, rubber plantations or buffalo pastures, or even a blend of both, there is likely to be something to appeal to all tastes and preferences. Many previously neglected areas are now being developed. The price differentials are more seemingly apparent when buyers look at prices. Coupled with the variety of properties available spanning all price points, buyers are not finding it hard to find a property to match all their criteria. Then make the comparison of what they received from a sale of property in their home countries. Even long term monthly or yearly rentals are providing excellent yields for owners. But the market has proved resilient through all of this and has bounced back strongly after each crisis, continuing to grow significantly over these years.

The law allows foreigners to hold 49% of the units in a condominium freehold while in certain condominium blocks a full 100 % of the units can be owned by foreigners on a freehold basis. The foreign freehold is definitely the preferred structure for purchase of an condominium apartment. Legal acts are unlimited. Foreigners have the right to ownership of buildings only, where land is not included. Certainty of possession of land and house is assured, by being the owner of the house. A suggestion for foreigners is to lease the land for 30 years with an option to an extension of the lease, then purchase ownership of the house built on the land. Ownership of buildings can be confirmed, and the lessor cannot seize the house upon expiration of the lease. The ownership of the land shall be leased out. If a second hand property is being purchased, it is essential a building survey is carried out. It is highly recommended that a proper land search at the land office is carried out prior to making an offer. What will it cost?

Thai law stipulates that a foreigner may not own land in his name, he has the right of ownership of buildings only. The land is purchased on a 30 year leasehold, with an option to extend the lease for further 30 year periods. If a foreigner wishes to purchase land to build a property he has 2 options. Possession of the land is assured by virtue of the fact that the property occupies the land. If however, what you want is a house, the fact that you can’t acquire freehold land should not be a deterrent. The lessor cannot seize the property upon expiration of the lease, as the property is separate from the land. The owners of the development usually set up a legal structure. Mechanism which enables the purchaser of the property to own the property. Thai law allows the issuing of classified or two tiered stocks. Purchasing a condominium is the easiest, simplest transaction.