Phuket apartments are defined as multiple dwellings within a single building, they are otherwise commonly known as flats, units or condominiums. The big difference between apartment and condo properties is in the actual
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ownership of the Phuket property. Thai law forbids foreigners owning land but has special laws allowing up to 49 per cent of a condo development to be sold with freehold titles to foreigners, whereas Phuket apartment projects offer only a 30 year lease with the option of two 30 year lease extensions.
In Phuket ’apartments’ sometimes refers to upmarket condominiums, in many instances the only difference is the price, related to location, style and facilities. Phuket has two types of luxury apartments, those affiliated with international brands, such as Laguna on Bang Tao Beach and those developments with local brands, such as Royal Phuket Marina.
There are thousands of Phuket apartment blocks available to buy or rent either long or short term with the majority being found along the West Coast, the South, Phuket Town, and now the central areas of the Island. Prime locations for condos in Phuket include the South hotspots of Patong, Karon, Kata and East western coastal areas such as Layan, Bang Tao, Surin and Chalong. The tropical lifestyle many are seeking in Phuket no longer comes cheaply, and condos near the popular beach areas are in high demand with foreign investors and expats.
Phuket is well established in the foreign investing property market, which has resulted in a large number of experienced real estate companies supported by good English speaking agents. Buying a condo in Phuket is more practical for buyers who want to retire here as well as buying to rent out their property. Phuket apartments that are serviced apartments have good rental returns, and are popular with visitors, particularly family groups with good facilities that have more space, and features than a comparably priced tourist hotel.
Unlike other places in Thailand, many of the superior condo projects in Phuket are almost entirely made up of foreigner tenants and their expectations for professional management are high. But do your research carefully and make sure there is a proper building maintenance program and maintenance fees will be duly collected. This should not be a issue when dealing with reputable companies, but there are many potential pitfalls that unsuspecting Phuket apartment buyers could face. To find the good companies visit www.phuketpropertydirect.com.
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