Summary: A condominium or a condo is a type of accommodation similar to an apartment but independently saleable. The condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. Condo in Phuket is a popular real estate investment in Thailand preferred by investors from all over the world. If you are looking for Thailand condo for sale then visit phuketrealtor.com where you will find a wide variety of condos for sale as per your budget and specific requirements.
Condominium prices in Thailand have risen substantially in the last ten years and they have turned out to be the best form of real estate investment in the region. Property prices are soaring in Thailand due to a limited supply of land available for development and high demand of foreign investors. A condo in Phuket is the best place for property investment as the island offers robust infrastructure and modern lifestyle to the discerning buyers. Multi-bedroom condominium units are extremely popular in Phuket and two bedroom units are in high demand from both buyers and renters.
The luxury condos in Phuket are being developed by reputed builders and are equipped with all modern comforts and amenities which include club house, swimming pool, gym, parking, 24 hour security, tennis court etc. The cost of maintenance and management of condos is equally shared by the apartment owners. Foreigners can buy an apartment in a condominium in Thailand in full ownership or they can prefer to enter a lease agreement for up to 90 years.
Investing in Thailand real estate is a rewarding proposition and well located condominiums can generate a good return on investment and high yield on rentals. Condo resale in Thailand remains buoyant despite the economic and political problems. Thailand condominiums launched in the last two years have offered their investors approximately a 10% capital gains return since their launch. The newly launched Thailand condominium projects often are quicker to sell and can offer good rental yields.
As there are restrictions on foreigners for buying land in Thailand, many prefer to buy a condo or an apartment instead as a foreigner can buy 100% of a condo or apartment outright. This is by far the easiest and uncomplicated path to owning property in Thailand. The rule, according to the 1979 Thailand Condominium Act, is that foreigners can own 100% of a condo or apartment anywhere in Thailand just as long as the building housing the condo is 51% Thai owned. So it is possible for a non-Thai, non-resident foreigner to own 100% of a freehold condo in Thailand. Almost 20% of condos in Thailand are owned by foreigner residents or investors. If the condominium is going to be under a foreigner’s name, the money has to come from overseas. Even if you get a mortgage from a Thai bank, you will have to bring the money in from abroad and the loan will end up being in a foreign currency such as USD or Euros.
When you plan to buy a new condo in Thailand it is important to perform due diligence to ensure your investment is secured. Real estate prices have shot up in Thailand in the last fifteen years and as a result, many developers have mushroomed in the region offering condos at attractive rates but compromise on the build quality of the units. It is important to buy a condo from a trusted developer who has completed other projects on time with superior construction quality. Foreigners owning a condo in Thailand enjoy zero property taxes. Land and house taxes don’t apply to condo owners. The building’s owner is responsible for the property taxes. There are however other taxes you might have to pay If you sell your condo for example transfer fees, document fees, and taxes that may have been introduced during the time of your ownership.