Condominium Prices in Phuket Thailand
Condominium Prices in Phuket Thailand
The Phuket Condominium market is entering a growth stage and condominium prices 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. Here is some insight into the Condominium market and prices in Phuket.
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. 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 currently over 3,500 Condominium owners in Phuket. Phuket offers property buyers a lifestyle investment with good potential for capital appreciation and rental yields.
The financial crisis hurt the demand for Condominiums in Phuket from 2008 to 2012 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 Condominiums 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 for it.
Most luxury Condominiums are built on the mountainside to give you a spectacular view over the sea. They often have a private pool and a beach within walking distance. If you own a luxury Condominium with private pool but don’t want to deal but with maintenance issues, 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 tend to have a higher monthly maintenance expense.
When you’re not enjoying the Flat yourself, you can easily rent it out thru a broker or the condominiums managed the rental system. The condominium staff can take care of your rental guests, which makes it easy on you and gives you a chance to earn money on your property outside of your holidays.
The lower priced luxury resort 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 60 million Baht. The most well-known resorts of this type are Amari Phuket and Andara.
Good Areas to Buy a Condominium
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.
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 meet new people, this can be a great area for you to purchase an apartment. The range of Condo prices in the West area is very wide, starting as low as 2.5 million for the smaller units and going all the way up to 50 or 60 million Baht.
The South coast has seen a lot of new Condominium projects come up in the last years. The advantage here is that the beaches are not as crowded and it’s quieter on average, but it takes 90 minutes to reach the airport from here. Units in the South area average about 7 million Baht.
The East coast is the place to be if you like to sail on your yacht. 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.
The best place to find lower condominium prices in the North, which is the least developed area of Phuket. There are great beaches in this area that aren’t very 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 to here. A unit in the North area costs about 4 million Baht on average.
How to find the Best Condominiums in Phuket
You can get the best prices on Condominiums when you buy "off-plan". This means that you buy a property before the building process. If you know exactly what you are looking for and a project lives up to your demands, buying off-plan gives you a great bargaining position. It also gives you access to condos, apartments, and flats that might otherwise be sold already, if you wait for the projects to finish. It’s not uncommon to get a 20% - 30% discount by buying off-plan.
Real Estate agents can be of great help in finding good deals for you and minimizing your risk. Because of their wide network, they can get you the inside information you need to get a great deal. If you tell your agent exactly what you are looking for, they can shorten the process dramatically. Agents can sometimes get you into contact with property owners before their Condominiums even enter the public market.
If you want to buy an Apartment, Condominium, Flat or Penthouse in Phuket and would like to be assisted by a Real Estate agent with years of experience, click here.