CONDOS FOR SALE IN PHUKET

Yes, with limits. Foreigners can own a condominium unit freehold, within the 49% foreign quota of the building’s floor area. Land generally cannot be owned in a foreigner’s own name, so villas are usually bought on a registered lease (leasehold). Always have the title and contract checked by an independent Thai lawyer.

Leasehold is a registered lease of land or a building for up to 30 years per term. Promised renewals are not a guaranteed 90-year right: in Supreme Court case No. 4655/2566, a tenant who had prepaid three 30-year terms was evicted after the first. Value a leasehold on the 30 years that are actually registered.

On a freehold transfer, the main costs are a 2% transfer fee and either Specific Business Tax (3.3% effective) or 0.5% stamp duty, depending on the seller’s situation. Who pays what is set in the sale contract. Budget for legal fees, and for common-area and sinking-fund charges in condominiums.

It is difficult. Thai banks rarely lend to non-resident foreigners, so most foreign buyers pay in cash, use developer payment plans on new projects, or arrange finance in their home country.