Buying a condominium is a relatively straightforward process in Thailand. But the market has many variables when it comes to each property, making it more challenging to establish the condominium fair market value. That being said, some buyers may wonder if they’re getting a fair deal their unit. If you’re shopping for Phuket condominums, here are some tips to ensure that the price you pay is fair.
Comparing comdominiums is a little easier than comparing other types of real estate. If you focus on “registered” condominiums, your agent will show you similar properties in the area based of your choice. When you compare these types of condominiums, you will see a premium for units that have sea views or are walking distance to the beach. This will give you an idea of what’s on the market and at what price.
Condominium investment opportunities in Phuket, Thailand
Phuket has never had it so good and the condominium industry is booming. Every year Phuket attracts millions of tourists which has created investment opportunities for those willing to take them. The Island is well known and respected as one of the best places in the world to relax, unwind and retire.
With sun drenched beaches and a vibrant nightlife, people of all ages are attracted to this tropical paradise. This has helped increase real estate and property prices year after year and many developers are well invested in Phuket.
The popularity of Phuket
Condominium properties in Phuket continue to change hands regularly as International investors and the wealthy increasingly want a piece of Phuket. The island is popular with those looking to spend the winter in a warm and comfortable place. High season is guaranteed to bring large amounts of people flying in from Europe. And because Phuket is centrally located within Asia, it’s also very accessible for most Asian countries being just a few hours flight. Many countries have direct flights to Phuket thru it’s expanded International Airport.
Condominium Prices in Phuket
The Phuket Apartment and Condominium market is entering a growth stage. Now that people around the World regain confidence in their economy, having a holiday condo 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 prices in Phuket.
History of Phuket’s Condominium Market
At the beginning of this century, the Condo market in Phuket was very different. Today, most of the Apartments, Condominiums and Flats that are built are an answer to the growing amount of tourists looking for a luxurious holiday accommodation. 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.
Phukets Condominium Market
Anyone who’s bought real estate in Phuket over the last 10 years knows, the demand for property here has increased significantly. There are new condominium developments in the pipeline that aim to ensure the island’s popularity for years to come. Some areas in Phuket are still yet to be developed and represent investment opportunities.
Thailand has been an extremely popular tourist destination for decades now, attracting an astounding 28 million visitors in 2014. A growing number of people enjoy the Thai culture so much that some decide to buy an apartment or condominium in the Land of Smiles. A majority of these home buyers choose the white sandy beaches and tropical lifestyle of Phuket for investment.
The Market for Condominiums in Phuket
Phukets luxurious high end Condominiums have been in great demand in prior years. However, these units are currently not the most sought-after anymore. The average home buyer in Phuket prefers a more affordable property. Most of the Condominiums that are sold now are under the 5 million baht mark.
The effect of this trend is already visible in the new developments. Most of these are now built on a relatively smaller plot of land and a smaller unit size but with a focus on comfort and privacy. The reduced size has made these units more affordable, especially as land prices in Phuket are consistently increasing.