Many thousands of foreign investors have already purchased condos in Phuket. Compared to the majority of other Asian nations, Thailand makes it more simpler to own property.

Thus, Phuket might be near the top of your list of potential sites if you desire to invest condo in Phuket, on a resort island in Southeast Asia.

Many neighboring nations are gaining as a result of the diversification of manufacturing supply chains toward Southeast Asia as they get financial inflows from previously unanticipated sources, including Thailand.

Even by itself, the “Land of Smiles” is among the most well-liked vacation spots on earth. Thailand is one of the most traveled to nations in the world, thanks in large part to the white sand beaches in Phuket and a host of other causes.

Thailand’s expanding middle class and economy are luring more people to invest in real estate and conduct business there. Additionally, the fact that places like Phuket and Bangkok are close to frontier market investment hotspots like Vietnam and Cambodia doesn’t hurt.

Simply said, Thailand is a crossroads of commerce and leisure with connections to both the East and the West. This explains why it happens so frequently for foreigners to purchase condos in Phuket or other regions of Thailand.

Overview of Condos in Phuket

Condo investing is a great way to make money and get a steady income. One option is to buy preconstruction condos, which are popular right now and can earn you a lot of money quickly. Preconstruction condos often have lower prices at first, so they can be a smart investment. If you buy a preconstruction condo, you have the chance to make a good return on your investment.

Phuket is also one the crown jewel of Thailand helping the overall economy in Thailand. Phuket has seen a lot of success in recent years due to its booming tourism industry, which has made it the wealthiest province in Thailand based on GDP per capita. The business culture in Phuket is thriving, and the cost of living is generally lower than in the capital city, Bangkok. This means that real estate prices in Phuket, including condos, are often cheaper as well. In terms of rental income, Phuket offers comparable yields to other Thai cities at around 5%. Additionally, the increasing demand for tourism in Phuket may lead to future appreciation in property values, making investing in a condo in Phuket a potentially attractive opportunity.

Foreign Ownership Rules in Buying Phuket Condos

Let’s get this out of the way before you can decide to invest in condos in Phuket.

As a foreign investor, it’s important to be aware of the restrictions on purchasing real estate in Thailand, including Phuket. Foreigners are not allowed to own land in Phuket, and can only own up to 49% of above-ground condos. Additionally, there are various bureaucratic requirements that must be met when purchasing a condo in Phuket. It’s not as simple as wiring the money directly to the developer – the foreign currency must be sent to a Thai bank and converted into Thai baht in order to complete the transaction. It’s also worth noting that these rules are subject to change, so it’s important to stay up-to-date on the latest regulations before making any investment decisions.

How Much Does Condo Cost in Phuket

When investing in real estate in Phuket, it’s important to consider the location and proximity to popular beaches, as this can significantly impact the price. Properties located in the Mueang Phuket District, which is home to many of the most popular beaches, tend to be the most expensive. However, prices for condos and houses in Phuket can range from $3,000 to $6,000 per square meter. It’s worth noting that due to the impact of the global pandemic on the tourism industry, property values in Phuket have trended downwards in recent times. If you’re interested in buying a condo in Phuket, now may be a good time to consider making an investment.

Good Area for investment in Phuket

It’s important to keep in mind that Phuket is a large island, with a distance of 58.6km from the northern tip to the southern tip by road. This means that the term “prime location” or “proximity” to certain places in Phuket should be considered in relative terms, rather than absolute terms. When deciding on the best location to invest in real estate in Phuket, it’s important to consider your personal preferences and priorities. For example, the north of the island has nature reserves and the airport, while the south is closer to popular beaches and the provincial capital of Phuket Town.

Top 2 Condo Recommendation in Phuket

1. Andaman Residence

A condominium development called Andaman Riviera is just one kilometer from Bang Tao Beach and close to a number of other facilities, including Boat Avenue, Laguna Golf Phuket, Thalang Hospital, British International School, Porto De Phuket, and Tesco Lotus Cheong Thale. From the infinity pool, bar, or private rooms, take in the rooftop sea view as the sun sets. Through wooden decorations, the resort-style architecture seeks to provide immense delight from nature. Flowers placed in the area should reflect the project’s distinct personality in order to improve the residents’ quality of life and sense of relaxation.

2. Baan Mai Khao

On a stunning 70-meter beach, there is a premium condominium development called Baan Mai Khao. The area is surrounded by numerous 5-star hotels, Phuket International Airport, and Blue Canyon Country Club while being situated on a quiet, private beach.

Baan Mai Khao provides 206 condos that come with furniture from top brands and are delivered fully furnished. It benefits from a wealth of contemporary amenities, like a beachside sunbathing area with a panoramic view of Phuket’s west coast. Three swimming pools, a fitness center, a beachside yard for a private BBQ party, a 24-hour security system, CCTV, a reception, parking, and direct beach access are also available.

At the end of the day investments is subjectivity and it depends on what your goals are for investments. For long-term investments Phuket condos are the way to got in 2023. For short-term investments condos in Pattaya or in Bangkok have better valuation for short-term because of price for the original condo makes it a quicker annual return with rents.

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Gross Rental Yield: %

To check the rental yield formula, check out the guide by following the link. You will find 2 formulas to calculator rental yield for real estate investments.