Condos in Thailand
Apartments, condominiums, villas, and townhouses stand out as the most sought-after real estate types in the country. Particularly in Thailand, condominium flats emerge as a top-selling and budget-friendly choice. They are built as individual buildings or complexes with well-developed areas, for example, the Centrio Condominium Phuket infrastructure includes a sea-water pool, jogging track, gym, parking, and a 24-hour security system. This type of housing is popular due to several advantages:
- Modern amenities: pools, gyms, recreational areas, parking, and other infrastructure facilities. This makes them appealing to those seeking comfortable and stylish living.
- Well-developed infrastructure, providing easy access to schools, restaurants, public places, and transportation.
- Security: many projects have their own security systems, including guards, and electronic access systems. This adds an additional level of protection to the housing.
- Maintenance: condominiums are often managed by professional management companies, ensuring the uninterrupted operation of infrastructure facilities and the maintenance of the house.
- Affordability: compared to individual villas or houses, buying a condo is the most profitable option.
- Popularity of Seaview Towers: Investors prefer condos in high-rise buildings with panoramic sea views. This advantage attracts sales and rentals.
There is a service fee, or a condo fee, for housing maintenance. It is calculated based on the apartment’s square.
Best Location to Buy a Condo in Thailand
Condos in Thailand are a highly sought-after type of real estate, and they are being constructed all over the country. However, there is one exception – the island of Samui, where building houses higher than a palm tree is legislatively prohibited. Here are several popular areas where condominium construction is actively developing:
- Phuket. Seafront condos in Phuket are in high demand. Beautiful beaches, scenic views, and developed infrastructure make these areas attractive for buyers and investors. One of the sought-after projects in this area is Zcape 3 Condominium Phuket, a development by Tri Property consisting of two 8-story buildings in the Muang district. Condos in Phuket can be purchased starting at approximately $40,000.
- Bangkok. High-rise condominiums are actively being built in the central areas of Bangkok, such as Sukhumvit and Siam. Buyers are drawn to the proximity to the business center, shopping malls, and entertainment venues.
- Pattaya. Many condos are being constructed in central areas like Jomtien and Pattaya Beach. Various amenities, restaurants, and entertainment establishments are accessible in these locations.
- Chiang Mai. An ecologically clean area where condos are actively being built in some districts surrounded by nature and mountains. These areas attract those seeking a peaceful environment and proximity to nature.
- Samui. A popular tourist destination, creating demand for real estate for short-term rentals.
- Hua Hin. The oldest resort where historical atmosphere combines with modern amenities.
Buy condos for living and investing in Тhailand
In recent years, there has been an increasing demand for condominiums in Bangkok, Phuket, and Pattaya, leading to a rise in prices. Despite this, the market is still considered relatively affordable compared to other countries. The influx of tourists and expatriates into Thailand significantly contributes to the potential profitability of condominiums. The price of Thailand condos for sale depends on the location, size, infrastructure, and age of the property. You can buy a flat in Phuket for around $40,000, while in Bangkok, prices start at $36,000.
Residency through Investments
For many, obtaining residency is a primary reason for purchasing real estate. The Thailand Elite Visa program provides an opportunity for residency from 5 to 20 years.
Categories of Thai Elite:
- A 5-year Elite Gold Membership — $25,000.
- A 5-year Elite Platinum Membership — $41,000.
- A 5-year Elite Diamond Membership — $70,000, with an additional fee of $41,000 for extra family members.
Membership is not only about the right to reside, but also includes luxurious services beyond traditional visa offerings.
Advantages of the Thailand Elite Visa
The Thailand Elite program offers numerous privileges, making their stay in Thailand exceptionally comfortable and enjoyable. Here are some key advantages:
- Exclusive privileges in shopping centers and hotels.
The Privilege Card provides discounts in various shopping centers, spa salons, golf courses, and resorts.
- Privileged Entry Visa.
Privileged entry for five years, with the option to extend for one year at each entry.
- Express service.
Facilitates passport control and baggage retrieval, while the personal assistant accompanies the cardholder through VIP corridors.
- Free transfers and limousines.
The Card offers additional transfers within various regions of Thailand, significantly enhancing the mobility of visa holders.
- Elite golf courses.
Program privileges include access to premium golf clubs in various regions.
- Exclusive spa procedures.
Visa holders have the opportunity to enjoy spa treatments in designated spa salons and the best health centers and resorts.
- Medical services.
Medical examination at top-tier medical institutions in Thailand.
- Exclusive discounts nationwide.
Visa holders have access to exclusive discounts at restaurants, shopping centers, and tourist attractions.
- Assistance in government institutions.
Support and assistance in government institutions, including visa matters, passport issues, and other formalities.
Investment Attractiveness of Thailand
Thailand is an attractive destination for real estate investments in Asia, positioned as a golden mean between fully matured and developing markets. The stable Thai economy, ranking second in total nominal GDP, and substantial investments from funds in Singapore and Hong Kong underscore the country’s allure for investments.
The Thai economy contributes to the stability of the national currency and the overall economic system. The impact of tourism, especially on Phuket Island, generates a continuous demand for rental properties. Condo-hotel types, such as the 5-star The Base Height Condo Phuket or The Deck Condo Phuket, are particularly popular among tourists, offering both purchase and rental options. The island has fully revived its tourism sector post-pandemic, while Pattaya continues to face labor shortages and limited flights.
Directions like Hua Hin and Chiang Mai, Samui, Krabi, and Phang Nga, hold potential for investors. While these regions have high investor demands, a proper understanding of their intricacies can provide lucrative income opportunities.
Key Strategies for Investors
- Speculative Strategy during Construction.
Entering a project during the construction phase can yield property price increases of 25-30%, sometimes exceeding 60% over 2-2.5 years. The primary concept involves selling the property before completion, reducing expenses for taxes and registration. However, it’s crucial to note that this strategy comes with certain risks and may not be suitable for those with budget constraints.
- Conservative Strategy.
It entails entering into a contract with the developer for 5 to 15 years, ensuring a stable income, and minimizing the risks associated with renting. However, drawbacks include a limited period of personal residence and complexities in reselling the property during the contract period.
- Property Purchase for Rental Income.
Involves buying property with the goal of generating rental income, followed by selling it at the maximum price after 5-10 years. This strategy allows personal use of the property and is considered less risky compared to speculative ventures.
Advantages of Living in Thailand
The country has become a popular destination for both tourists and real estate investors thanks to a stable market and growing demand for rental properties. Thailand is not only attractive for short-term trips but is also becoming an ideal place for residence. Here are several advantages:
- Favorable Climate: Ideal for those seeking to avoid cold winters and enjoy warm weather year-round.
- Opportunity for Permanent Residency through Investments.
- Rental Income provides a stable profit, supported by a significant tourist influx.
- Stable Real Estate Growth allows for substantial returns on resale.
- Developed Infrastructure: Modern transportation networks, high-tech urban areas, and amenities for a comfortable lifestyle.
- High-Quality Healthcare Services.