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Phuket apartments
As in most popular areas around Thailand,
apartments and condominiums have traditionally proved to be the most
popular option for investors on Phuket. Demand for such properties is
high, not least because they represent the easiest form of ownership as a
foreigner. Thai law forbids foreigners owning land outright, but has a
structure allowing 49 per cent ownership of an apartment building, which
effectively means full ownership of apartments within that building for
selected investors. Many foreigner that choose to retire on Phuket or
live on the island for extended periods find that buying an apartment
represents a practical solution.
Prices for apartments and condos
vary enormously depending on factors such as size, location and on-site
amenities. Buyers can pay 10 million Baht for a 125 square metre,
two-bedroom condo unit, up to more than 50 million Baht for a top-end
luxury property ina sought after beachside location. Rental options also
vary, with long term rates providing an alternative for those who wish
to spend longer in the apartment without comitting to a full purchase.
Prime
locations for condos in Phuket include the southern coastal hotspots of
Patong, Karon, Kata, as well as the more up-market residential areas on
the eastern and western coasts such as Layan, Bang Tao, Surin and
Chalong. The tropical paradise lifestyle most people dream of no longer
come cheap in these areas, however, as apartments in the popular spots
close to the beaches are in high demand internationally.
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