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Phuket is one of the most visited places in Thailand and attracts both regional expats and travelers from East Asia and the West.
There’s a prediction that Chinese buyers will flood the Phuket condo market the coming years, as they struggle with prices back home, or simply want a place to store some of their savings.
Another reason is that they want to have a holiday retreat, to spend a couple of weeks every year.
In this article, I explain how you can buy a condo in Phuket.
Phuket’s property market
One of the main reasons why many Singaporeans, Taiwanese and Mainland Chinese (among others) decide to invest in Phuket is thanks to its proximity and the quality of life offered.
Recently, many buyers have also opened their eyes to the possibility to have an extra income from rentals.
So how has the property market changed over the years?
Phuket’s property market relies heavily on foreign buyers. It’s predicted that Mainland Chinese will flood the market in the coming years, driving up the demand for condos.
The same as it goes in Pattaya, up until recently, Phuket saw a decline in condo sales as the Russians struggled with a weak Ruble and a low oil price. But now they’re back and the market has stabilized.
Previously, it was common that developers built large sized apartments and condos, with floor areas often bigger than 100 square meters. These apartments were often used to cater Western expats or wealthy Thai investors.
While Western expats and wealthy Thai investors still buy many of the high-end condos, there’s been some changes in the demographics the past years.
Nowadays, many Chinese look for cheaper properties, and decide to buy smaller units in condos and so called condotels.
Buying a unit in a condotel can be a great income generator, as you’ll get passive incomes and can let someone else manage the property for you.
Prices aren’t predicted to increase significantly, however, you can still earn good money on rental incomes, through different rental management services.
Where should I buy in Phuket?
The Western parts of Phuket have been by far the most popular for foreign travelers.
One of the most bustling areas in Thailand, Patong, and beaches like Kata and Karon are located here.
Many developers have also started to build condos in the Northern parts of the island, trying to attract foreigners coming here.
Not many people visit the central parts of Phuket, which consists of mainly mountains and local villages, although they sometimes visit Phuket Town.
It’s a colorful town with an old heritage that’s filled with travelers who want to go for shopping or just buy some local food.
Let’s have a look at some of the most popular places for foreign condo buyers in Phuket.
Patong is both a 3.5 km long beach and a town, located in the North Western parts on the island.
It’s considered to be the most bustling area in Phuket and started to cater Westerners from the late 80’s.
If you go to Phuket, you’ll have difficulties to not pass by this area.
Decent and spacious 1 unit condos usually starts with a price tag of THB 2,500,000.
Thalang is a big area and located in the northern parts of Phuket. It’s getting increasingly popular among condo developers.
The international airport is also in Thalang district, making it convenient when settling in and departing.
For a decent 1 bedroom unit in a condo, you need to pay at least THB 2,500,000, as of the moment I’m writing this article.
Mueang is the capital district and located in the Southern parts of Phuket, Phuket Town is also located in this area.
It’s considered to be one the most bustling areas in Phuket, dinings and alcohol are generally more expensive around Phuket Town.
Prices for a 1 bedroom unit usually start at THB 2,000,000, even if you might find cheaper property.
Real estate agents
Phuket has many real estate agents that cater foreign buyers. It’s important that you find an agent that has a proven track record and that can communicate freely in English.
Also, ask for testimonials or case studies to prove their seriousness. Some of the most popular real estate agents in Phuket are:
b. Siam Real Estate Phuket
c. St. James Properties
d. Abyss Phuket
e. JFTB Real Estate Phuket
f. Siam Expat Property
Check online and ask relatives or friends if they know anyone who has experience of buying a condo in Phuket. It’s great if they can refer to an agent who has helped other foreigners in the past.
Foreigners have propped up the demand for property in Phuket and it’s predicted that more Mainland Chinese will target Phuket’s condo market the coming years.
Russians have also invested much, even if the demand decreased due to a weak Ruble and oil price recently, they’re now back, purchasing property.
Developers try to focus more on Chinese clients and build small sized condos or condotels, that can be decent rental income generators.
Prices aren’t predicted to grow as much as in places like Bangkok, but you can still find a good lifestyle investment where you’re able to earn rental incomes.
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