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When looking to buy a condo in Phuket, non-Thai citizens have a few options. They can invest through a Thai partner or a Thai Limited Company, buy a lease, or own a freehold condominium.
Thai law only allows non-Thai citizens to own a freehold condominium. They cannot own land or a house freehold.
The Thailand Condominium Act (1979) clearly protects the rights of non-Thai citizens to own condominiums. This legal protection has made it possible for foreign nationals to invest in a condo in Phuket successfully for the last 20 years.
Benefits of Owning a Condo in Phuket
As a foreign national, here’s why buy a Phuket condo is important in your own name, which is a major advantage. This means you have full ownership rights, and your investment is protected by Thai law. Unlike land or houses, which have strict ownership rules for foreigners, condos offer a straightforward way to own property directly.
Condos in Phuket are Easy to Sell
If you own a condo in Phuket under foreign freehold, selling it is easy. You can sell your condo to other foreigners or Thais without any complications. The process is smooth, and because Phuket is a popular destination, there’s always a high demand for condos in Phuket. This liquidity ensures that your investment remains flexible, and you can quickly turn it into cash if needed.
Repatriation of Funds
When you sell your condo in Phuket, you can easily send the proceeds back to your home country without hassle. The process is straightforward, and Thai regulations support the repatriation of funds, provided that the initial investment was properly registered with the Bank of Thailand. This makes managing your international finances simpler and ensures you can enjoy the returns on your investment wherever you are.
Market Growth
The condo market in Phuket is growing fast, attracting both local and international investors. Since 2015, condos have been the preferred investment for people from China, Hong Kong, and other ASEAN countries. This has expanded the market and supported price growth in Thailand’s top tourist destination. The steady influx of tourists and expats looking for condos in Phuket or holiday homes keeps the market vibrant.
Investment Return
The rental market for condos in Phuket is strong. Some developers offer a guaranteed rental return of 5-8% for the first three years. This makes investing in a condo not only about potential property value increase but also about regular rental income. When you combine this with capital growth, you get a healthy return on your investment. Additionally, the high demand for a condo in Phuket, especially in tourist-heavy areas, ensures that your condo can generate consistent rental income.
Security
Modern condos in Phuket are safe and secure. They typically feature key card access, security staff, and surveillance cameras throughout the property. These measures provide peace of mind, knowing that your property is well-protected. Additionally, the presence of on-site management teams ensures any security issues are promptly addressed, making a condo in Phuket a secure living option.
Fully Equipped
A condo in Phuket often comes with amenities like swimming pools, jacuzzis, gyms, libraries, and common areas. Shops and other amenities are usually within walking distance, making condo living convenient and comfortable. These facilities enhance the lifestyle quality for residents and can also make the property more attractive to potential renters or buyers.
Hassle-Free Furniture
A condo in Phuket usually comes with basic furniture, and complete furniture packages are often available for purchase. This means you can move in right away or start renting out your property without the hassle of furnishing it. Developers often offer stylish, high-quality furniture packages that match the condo’s interior design, adding to the appeal for both you and potential tenants.
Top Reasons to invest in Phuket Condos
A condo in Phuket makes great holiday homes as well as investments. You can enjoy your property yourself by simply blocking off the dates you want to use it with your rental program. This dual-purpose use means you can have a personal retreat in one of the most beautiful locations in the world while still earning rental income from a condo in Phuket when you’re not there. Plus, with the maintenance and management services provided by the condo development, you don’t have to worry about upkeep, making it a stress-free option.
Ourvillas is a customer-focused real estate agency in Phuket specialising in condos in Phuket. Ourvillas offer free consultations and advice, guiding our customers through every step of the purchasing process. Our expertise ensures that you find the perfect property to meet your needs and secure your investment in Phuket.
Frequently Asked Questions
Can a foreigner own a condo in Thailand?
Yes, as a foreigner, you can own a condo in Thailand in your own name. Thai law allows foreigners to own condos freehold, which means you have full ownership rights.
How easy is it to sell a condo in Phuket?
It’s quite easy to sell a condo in Phuket. You can sell it to other foreigners or Thai citizens. Phuket is a popular destination, so there’s always a high demand for condos, making it simple to find buyers.
Can I send money from selling my condo back to my home country?
Yes, you can easily send the money from selling your condo back to your home country. Thai regulations support the repatriation of funds as long as the initial investment was properly registered with the Bank of Thailand.
What kind of returns can I expect from investing in a condo?
You can expect a healthy return on your investment. Many developers offer guaranteed rental returns of 5-8% for the first three years. Along with the potential increase in property value, this makes condos a profitable investment option.