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Phuket Condominiums – Market Information
Phuket Condominiums
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Phuket condominiums are popular purchases in Phuket because you can buy freehold title,
and if you buy off-plan from a reputable developer, you can realistically take a profit when the development
is completed.
However, Phuket condominium supply more than doubled between 2005 - 2007.
The West Coast is still the preferred location for condominium developers, accounting for around 70% of all condominium developments,
however, the more affordable ones are on the East Coast.
In 2005 Phuket condominium prices averaged around 64,000 Baht per/m2. This represented roughly a 20% rise over the previous year.
Average prices in 2006 were around 80,000 Baht per/m2 and in late 2007 it is above 110,000 Baht per/m2.
In the more exclusive areas with sea views and beach access, the prices are even higher.
Almost all condominium buyers are foreigners and your neighbours are likely to be from the USA, UK, Australia
and Scandinavia.
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Luxury Condominiums
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The West Coast of the island has a shortage (relative to demand), of condominium developments with sea views.
Since land itself is also in short supply, prices here are rising faster than elsewhere on the island.
Additionally, the scarcity on beachfront land in Phuket, along with the building codes, means most condominium developments are low-rise
developments
built on hillsides to maximise the view of the Andaman Sea.
The advantage of this is that almost everybody gets a sea view. You are also close to the beach and every conceivable amenity.
Also, because most condominiums in Phuket are built on hillsides, they are very secluded, apart from having neighbours above, below and around you,
so traffic noise is usually non–existent.
If you are thinking of buying a condominium to put on the rental market, condominiums are a good bet, because all these advantages are
what you're average holiday maker wants, and high season rents are very attractive.
If you are thinking of buying a condominium, be aware that land prices and building costs are still rising,
so the longer you leave it, the more it's going to cost.
Factor in about 20% per year.
Tropical-Homes.net are specialist "condo" agents as are PhuketRealty.net, PhuketOceanVillas.com, West-Sands.com and Benelux–Inn-Phuket.com.
Any of these guys can help you find a condominium to buy or rent.
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