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How to buy property in Phuket in 2023: price overview, buying methods and property options

Business in Russia by Business in Russia
in Real Estate
How to buy property in Phuket in 2023: price overview, buying methods and property options
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The start of a special military operation (SVO) on the territory of Ukraine has made its own adjustments to the situation on the Russian real estate market. Demand for overseas property has doubled. Many citizens decided to leave the country, and experts note the UAE, Turkey and Thailand as leaders in terms of Russian demand.

A significant role in this is played by the fact that in these countries they did not impose restrictions on Russians, and some even spur demand on their own, allowing them to pay for real estate in rubles. There are locations where housing is in particular demand. For example, there is very little land in Phuket, Thailand, especially in close proximity to the sea, and in 10 years it has risen in price by 400%.

Real estate in Thailand in Phuket. What to choose for Russians in 2023 and how much it costs

Real estate in Phuket is represented by apartments and villas. As a rule, they are formed into separate apartment complexes or villa complexes. Sometimes both types of real estate are found within the same complex.

Zhanna Lukoshevichene
Overseas real estate expert
Ask a Question
– I recommend Russians to choose real estate for investment and life in the coastal zone. Apartments located up to two kilometers from the coastline are in great demand on the island. They are in demand among those who come on vacation, moving to a permanent place of residence. This is a profitable asset, the demand for which will be in the high and low seasons.

The apartments are divided into studios (24-30 sq.m), objects with one bedroom (30-45 sq.m), with two and three bedrooms, less often – four. The area of ​​the apartments depends on the class of the complex. Prices start at about 100 thousand dollars, depending on the stage of readiness, location and other characteristics. In some complexes, the cost of a two-bed apartment, for example, is comparable to the price of a small villa.

Prices for villas in Phuket start from 280 thousand dollars. For that kind of money you can buy small houses with an area of ​​80 sq.m. The maximum value of this type of real estate can reach several tens of millions of dollars.

All real estate in Phuket, from studios with a minimum area to luxurious villas, is rented out in a complete “set”: designer renovation, fully equipped with furniture, household appliances, dishes, and other items up to a bathrobe and slippers.

Investing in Phuket property in 2023: how much you can earn

Villas are considered the most profitable investment tool: they are excellent for rent and almost never stand idle even in the “low” season. An order of magnitude higher, compared with apartments, and the capitalization of villas – it varies from 30 to 100% per annum. However, everything is very individual and depends on the complex: its architecture, infrastructure, location, proximity to the sea.

Zhanna Lukoshevichene
Overseas real estate expert
Ask a Question
– Any real estate purchased at the construction stage, and even better – at the pre-sale, gives a minimum increase of 30% of the total value of the object. And since buyers at the conclusion of the contract pay only 30% of the cost, and the rest of the money is paid in stages and in interest-free installments, some investors receive 100% of the invested funds in 2-3 months.

If the investor chooses the strategy of renting out the acquired housing, the income will be, on average, 10-15%. Some developers give a guaranteed profit of 7-8%, and if this result is exceeded, the property owner receives a nice bonus. Under the current conditions, it is likely that rental yield figures will be higher.

Phuket real estate has another feature: two forms of ownership – freehold and leasehold. The annual yield of real estate also depends on this.
Zhanna Lukoshevichene
Overseas real estate expert
Ask a Question
“This is a very hot topic for foreign buyers. In short, freehold is absolute, unconditional ownership. Leasehold is a lease. And this frightens many, although it is completely in vain. Firstly, this is a lease for 90 years, and the term is reset with each change of ownership on any basis – a contract of sale or a certificate of inheritance. The tax on a freehold apartment is an order of magnitude higher, real estate must be declared in your country. In a word, when acquiring in freehold, you have to pay 25-30% more, since the cost of real estate plus taxes is higher. When we explain all the legal details and nuances to our clients, they usually prefer leasehold.

Phuket Property Price Forecast

On average, real estate in Phuket in past periods gave an increase of 10-15%, but now, due to increased demand, the situation may change. Zhanna Lukoshevichene complains that agents will soon have nothing to sell in Phuket: everyone wants to buy and no one wants to sell. There is little land on the island, the buildings, unlike Pattaya, are low-rise. Already at the exit of the complex for mass sale, investors, buying at closed sales (presales), earn 30% of the value of the object and 100% – on invested.

Zhanna Lukoshevichene
Overseas real estate expert
Ask a Question
– We usually give cautious forecasts, so that for buyers an increase in the cost of an object by a larger amount than promised would be an unexpected and pleasant surprise. In addition, it is necessary to take into account at what stage the investor or just the buyer entered the project – if at the pre-sale, then the growth will be 30-40%, if in the middle of the project – 15-20%.

However, in general, the specialist emphasizes that housing prices are very, very individual. In some projects, the increase is significant and far exceeds the above figures, and an impressive queue of investors is already gaining pre-sales. But in order to calculate such objects and get the maximum profit, do not make a mistake with the developer and rent the object through the management company or on your own almost all year round. You will have to study the Phuket real estate market very well, the features of a particular location, be familiar with the previous projects of the developer, his portfolio, and the legal intricacies of the transaction.

Is it possible to buy an apartment without a realtor?

Of course, any real estate agent will tell you that it is not safe to buy an apartment in a foreign country on your own. However, Lukoševičienė does not see any problems and obstacles in such a solution: any buyer can independently monitor the market, make an analysis of the profitability calculation, check the developer, his experience, portfolio.

Buying with an agent has several perks: of course, any developer will offer their own properties and belittle the value of competitors’ projects. Not a single developer will be in touch with the buyer 24/7, answering all questions, filming a video of the object from all angles and going online.

In addition, without a realtor, the buyer will not be able to buy an object on pre-sales, and the cost of the object for the buyer when entering the open market will be exactly the same as for everyone, and sometimes even higher, because agencies sell objects in large quantities, and developers for them often provide the best conditions and discounts.

How does a real estate transaction work?

The specialist notes that to buy a home in Phuket, it is not necessary to fly to Thailand. Realtors conduct a detailed interview in order to satisfy the buyer’s needs as fully as possible and choose the most suitable project for him remotely.

Then the offers are sent to the client, he considers them and chooses those that are suitable for online display. Further, clients provide detailed information, calculation of profitability for the object, and the buyer makes a choice.

Under the reservation agreement, an advance payment is made, payment is made on the basis of the agreement, and only then the main agreement is prepared, 30% of the cost of the object is paid.

Zhanna Lukoshevichene
Overseas real estate expert
Ask a Question
– Next, we receive an agreement, a payment plan, according to which we make further contributions. Payment for real estate in Phuket takes place according to the stages of construction and interest-free installments are provided, as a rule, for the period of construction, but some developers provide installments even after construction is completed. In this case, investors are already renting out objects, making a profit, and part of this profit is used to pay off the installment plan. There is very little land on the island, especially in close proximity to the sea, and in 10 years it has risen in price by 400%.

When buying property in Phuket, as well as in Thailand in general, Russians may face some difficulties. Of course, not all banks will be able to transfer funds abroad. But this is just another reason to turn to specialists: they know through which banks and under what conditions it is more profitable to make a transfer. In addition, you can also pay for real estate with cryptocurrency.

However, in general, there is no discrimination based on nationality in the country, and a Russian can purchase any property on an equal basis with other foreigners.

The post How to buy property in Phuket in 2023: an overview of prices, buying methods and property options appeared first on the Realty Times.

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