Condominium Prices in Phuket Thailand
Condominium Prices in Phuket Thailand
The condominium market is entering a growth stage and condominium prices in Phuket Thailand continue to rise. Now that people around the World regain confidence in their economy, having a holiday condominium in a tropical paradise is becoming more popular. Buying a Flat in Phuket doesn’t have to be expensive and could be within reach for you and your family. In this article, we look into condominium prices in Phuket Thailand.
History of Phuket’s Condominium Market
At the beginning of this century, the Condo market in Phuket was very different. Less than 500 units existed on the island in 2020. Today, most of the Apartments, Condominiums, and Flats that are built are an answer to the growing amount of tourists looking for holiday accommodation with the convenience of a kitchen and great facilities. In 2016, there were over 10,000 Condominium owners in Phuket. Phuket offers property buyers a lifestyle investment with good potential for capital appreciation and good yearly rental yields.
The financial crisis stalled condominium prices in Phuket Thailand from 2008 to 2010 as many tourists suffered from financial setbacks. This caused the rate of Condominium construction to slow during this time.
The needs and demands of Phuket’s visitors have changed too. In the past decade, many people preferred the highest level of luxury and they had the budget to buy a luxury Condominium or Penthouse Apartment. In today’s market, modest Condos are more popular and in steady demand.
Types of Available Units and Condominium Prices in Phuket
Today, many condominium prices are under 5 million Baht, which makes for a more affordable investment. Most of the new projects constructed in Phuket are in this price category. These entry-level Flats are especially popular with new investors. Sizes range from 28 SQm to 45 SQm.
Luxury Apartments, Condominiums, and Flats will always be in demand for people who like privacy and a higher level of comfort. These units start at a price of about 15 million Baht and can be used as an investment or second home if you have the budget to support it.
Most luxury condominiums are built on the hillside to give owners a spectacular view over the sea. They often have a private pool and a beach within a short distance. If you own a condominium but don’t want to deal with maintenance, you can outsource this task to professional property managers.
Luxury Resort Apartments can be a good choice if you like to enjoy the absolute best possible services and management. You won’t have to worry about things like maintenance or interior decoration as everything is taken care of for you. Cleaning and cooking staff are available and facilities like restaurants, spa, transportation, and golf are accessible. These properties will have a higher monthly maintenance expense.
When you’re not enjoying your flat yourself, you can easily rent it out through a broker or a management company. The staff can take care of your rental guests and gives you a chance to earn money on your property outside of your holidays.
Low-end luxury apartments and condominiums in Phuket can be bought for about 10 million baht and the most luxurious 5-star resort penthouses can cost up to 100 million Baht. The most well-known resorts of this type are Andara, Sheraton, Movenpick, MontAzure, and Laguna Phuket.
Condominium prices in Phuket Thailand are broken down into prices per square meter (graph). This is the best way to compare units.
Good Areas in Phuket to Buy
Choosing the best area to buy your condominium in Phuket depends on what you’re looking for. Before buying a condo, you should be familiar with the qualities of Phuket’s different areas and know which qualities are important to you. Condominium prices in Phuket Thailand are determined by many factors.
Properties on the West Coast are expensive on average, as this is the most developed area of the island. If you like to go out a lot, enjoy a wide variety of restaurants, and meeting new people, this can be a great area for you. The range of condominium prices on the West of Phuket varies widely, starting as low as 2.5 million for smaller units and going all the way up to 100 million baht.
The South Coast has seen a lot of new condominium projects come up in the last few years. The advantage here is that the beaches are not as crowded and it’s quieter on average. The disadvantage is that it takes 90 minutes to reach the airport from here. Units in the South average about 7 million Baht.
The East coast is the place to be if you like to sail or own a boat. The area is home to many luxurious marinas and there are plans for more. Flats and apartments in the East area are available in small quantities, from low-priced to very expensive. Inventory on the Eastside is still limited as the beaches are not as nice as the West Coast.
The best place to find low condominium prices is in the North, which is the least developed area of Phuket. There are great beaches in this area that aren’t crowded. You’re very near to the airport and a condominium in this area can give a great return on investment, once the tourist focus shifts North. A unit in the North costs between 3-5 million baht on average.
How to Find the Best Condominium Prices
The best condominium prices in Phuket Thailand can be found when you buy "off-plan" developments. This means that you buy a property before the building is completed. If you know exactly what you are looking for, buying "off-plan" gives you a great bargaining position with promotions and off-plan prices. It also gives you access to condos, apartments, and flats that might otherwise be sold already, if you wait for the project to finish. It’s not uncommon to get a 20% - 30% discount by buying in the "off-plan" stage.
Realtors can be of great help in finding good deals for you and minimizing your risk of buying off-plan. Because of their wide network, they can get you the information you need and get you a great deal. If you tell your realtor exactly what you are looking for, they can shorten the buying process dramatically and save you a lot of time and headaches.
Realtors sometimes have pocket listings and can get you into properties before they go on the market. A realtor is essential in understanding the process of how to safely buy and sell a property in Thailand.
If you are looking to buy an apartment, condominium, flat, or penthouse in Phuket Thailand, and would like to be assisted by a realtor with years of experience. Call us today at +66 93 606 0906.