Do Phuket condos actually go up in price over the years?

[rikiderorck]

Hey guys,

In my actual reaserch about different opportunites in Thailand, i been exploring many ideas, one of them are buyind condos in area like Phuket.  Since it’s a major tourist area, my first thought is that prices should go up over time. But I don’t actually know what the reality is.

If I buy condos legally, inside a building under the foreign quota, and keep it for 5 to 10 years, will the value likely go up? Or do prices stay flat, or even go down?

Anyone guys actually bought or tracked Phuket condos over the last decade? wanna know what’s really happened with resale value.

[mstevens]

Can't speak about the wider market, but a friend who bought a condo in Phuket at the cheaper end of the market (around 3 million baht) tried to sell it and there was very little interest, even when he tried to sell it for 35% less than he paid for it! I imagine prime units in the best locations might increase in value but I bet plenty of places don't. Let's not forget that maintenance of buildings and general upkeep are not always a local strength!

[scubascuba3]

In Thailand it seems supply is way more than demand so that keeps prices down, but if you buy at a good price you have a good chance of making money, i see that since covid prices and rents have dramatically increased (my condo and ones i see on Facebook marketplace). 

 

If you buy at top of the market i.e. off plan new builds, they will struggle to go up 

[Peterw42]

Thailand in general, is not a year on year capital gain market. its a buy to live in or rental investment market, there are even specific taxes to stop flipping properties for profit. Thailand has one of the highest home ownership rates in the world, around 70-80%, and new stock is always being built so there is never a supply problem to push prices up.

Actual prices can often be the same as 10 years later. There are always stupid listed prices that are never achieved so foreigners see that as the market going up.

Foreigners often think the Thai market is just like home with percentage gains every year, and they often pay way over what a property is worth, only to find out years later they paid to much and have no chance of selling.

[Jim Blue]

Unfortunately good demand is outweighed by building even more.. 

[KhunLA]

@rikiderorck It's good that all your topics are investing related ... BUT ... what's your home country, how old are you, and how much are you talking about investing ?   As one topic, you stated  'is it good to invest all in 1 thing?'  NO, that's never a good thing, unless experienced.

 

Good that your interest are RE related, as hard to actually lose, but unless you can buy land in TH (you can't) then profits are minimal, if any.  Or long term ROI.

 

Other thoughts, require a Thai partner, so you have no real control.   Job market is fine, if you have a marketable skill, allowed in TH.

 

Investing in RE,  in your home country, would be a much better, safer idea, especially if a socialist country, USA, UK, EU.   

 

TH is not the place to invest, especially your life's savings, unless very experienced, and your queries point out that you are not.

[scubascuba3]

The key point is don't buy too quickly, live in the area for a while, maybe years, then you'll know whether you like it and where the value is 

[newnative]

      I can't speak for condo prices in Phuket as I don't know that area.   Spouse and I have sold 2 beachfront condos in Rayong, both at a modest profit.  That was years ago, in 2010, when we first came to Thailand.  We have also sold 1 condo in Bangkok, an empty condo at a new project that we bought off-plan at a good price before construction started.  We fixed that one up really nicely--one of my favorite small projects--and sold it after about a year when we realized it was a bit too small for us and a bit too far a walk from the nearest subway station.  Netted a small profit as there was no agent involved.  That was 2019.

    Most of our condo sales, about 20, have been in Pattaya, starting in 2011.  As with Rayong, we always bought seaview.  That was key, I believe.   About 7 of those sales were empty shell studio condos of 48 sqm that we bought from a developer called View Talay, in 4 different projects, done from 2011 to maybe 2014.  We did what I think was a nice job of finishing and furnishing the condos and we were able to sell them rather easily and make a profit on them as, at that time, View Talay did not have a lot of competition for seaview condos in prime locations.  

     As with Bangkok, we also bought, one at a time over a number of years, 9 Pattaya condos off-plan, before construction started, and got a good price on them.  I would only recommend doing this with a big developer with a good track record--we bought with Sansiri, Lumpini, Raymond Land, and SC Asset, plus one no-name developer, the first, that, luckily, got the project finished.  Would not do that again.  Live and learn.

   Although the condos were new, we liked to tweak them to make them better and as attractive as possible to buyers,  We sold them after living in them for around a year, with a number of those 9 also being rentals that we didn't live in but also ended up selling. 

    We also did some older condo full renovations.  We picked bargain condos with seaviews in desirable projects and made a profit on all of them, although some condos, generally the larger and more expensive units, made more money than the smaller ones.  Greater risk but bigger payoff.   We have since moved on to houses, both to buy and sell while we live in them.  We switched to houses during covid and we will be making our 4th house sale this Friday.

     Although our experience is not typical, we are certainly not the only ones who have made some money buying and selling property in Thailand--every time I go to the Land Office in Pattaya it is packed, with hardly an empty seat.  The land office here recently moved to a new facility--in the middle of nowhere--and it seems they have already outgrown it. 

    Having said all of the above, there's definitely a chance that you could lose some money, or just break even.  We had some luck, in some cases some good timing, but, primarily, we managed to buy almost all of the condos and houses at a low price, which made making a profit a lot easier.  The 'ol buy low, sell high. 

   For us, though, it has never been about the money, either here or in the US, where we did the same thing on a smaller scale.  We simply really enjoy being property owners, not renters, creating our own, unique spaces to enjoy living in, for a time.  We would buy, as we recently did again, even if it was highly likely we might lose some money or only break even.  Life is short.

    

     

     

[Kinnock]

Nope, not in Phuket or anywhere outside of Bangkok.  If you're lucky enough to have advance knowledge of a future BTS extension, maybe you can get an increase in value.  Apart from that, there's always a newer, shinier condo building going up nearby, with finance deals and a free iPhone, making older condos difficult to sell.

 

You'll see crazy asking prices based on the sellers outstanding debt, but actual selling price if often lower than the original buying price.

 

Older condos tend to be bigger and often with 2 or more real bedrooms, so can be good rental prospects, but capital value is unlikely to increase.

[scorecard]

On 7/1/2025 at 2:06 AM, mstevens said:

Can't speak about the wider market, but a friend who bought a condo in Phuket at the cheaper end of the market (around 3 million baht) tried to sell it and there was very little interest, even when he tried to sell it for 35% less than he paid for it! I imagine prime units in the best locations might increase in value but I bet plenty of places don't. Let's not forget that maintenance of buildings and general upkeep are not always a local strength!

One point to be aware of, Thais generally don't buy second hand anything and that includes houses and condos. Why? Simple: there's no status value in second hand house or condo.

 

The status value is very important in Thai culture / values etc. 

[khunPer]

On 6/30/2025 at 7:01 PM, rikiderorck said:

Hey guys,

In my actual reaserch about different opportunites in Thailand, i been exploring many ideas, one of them are buyind condos in area like Phuket.  Since it’s a major tourist area, my first thought is that prices should go up over time. But I don’t actually know what the reality is.

If I buy condos legally, inside a building under the foreign quota, and keep it for 5 to 10 years, will the value likely go up? Or do prices stay flat, or even go down?

Anyone guys actually bought or tracked Phuket condos over the last decade? wanna know what’s really happened with resale value.

As always, there are a lot of factors to consider when "investing" in property, especially if you are looking for gain rather than a home. Thailand might not be the ideal place for property as gain investment, especially in the more affordable end of the market. In general the saying in Thailand is that a building lose value over time – being used and become old – while the land under the building gain value.

[Tubulat]

On 7/1/2025 at 12:01 AM, rikiderorck said:

Hey guys,

In my actual reaserch about different opportunites in Thailand, i been exploring many ideas, one of them are buyind condos in area like Phuket.  Since it’s a major tourist area, my first thought is that prices should go up over time. But I don’t actually know what the reality is.

If I buy condos legally, inside a building under the foreign quota, and keep it for 5 to 10 years, will the value likely go up? Or do prices stay flat, or even go down?

Anyone guys actually bought or tracked Phuket condos over the last decade? wanna know what’s really happened with resale value.

In 1998, I bought a 127 sq m Condo in Patong furnished for 6 million Thb, 13 years later I sold that same Condo for 14 million Thb.

It was in the 'Andaman Beach Condominium on the 12th floor, with a pristine view of the beach and sea.
Am still of the opinion that it was a very good deal.

[Brick Top]

No , they either go down in price or remain exactly the same like mine , hasnt gone up in value in 20 years and its a unblocked foreign freehold sea view unit in an excellent location in Patong 

Having said that , i do agree with Tubulat that the Andaman Beach Suites are a very rare exception and have increased in value due to high demand in that particular building. 

[Brick Top]

6 hours ago, Tubulat said:

In 1998, I bought a 127 sq m Condo in Patong furnished for 6 million Thb, 13 years later I sold that same Condo for 14 million Thb.

It was in the 'Andaman Beach Condominium on the 12th floor, with a pristine view of the beach and sea.
Am still of the opinion that it was a very good deal.

I can agree that the Andaman Beach Condo is an exception in Patong and foreign freehold units in that particular building were always in high demand. Also the manager there , i forgot his name now was it Mr Sompan ? , anyway he was a very good manager. 

 

[geisha]

I would never buy anything in Thailand. My neighbour bought a new build near Simon Cabaret in Patong. After a few weeks when someone was moving in, all the water pipes burst from the condo above and absolutely ruined everything underneath. When renting in Patong there was a new house built opposite me. About three years later the White House was black .Horrible . Put me off forever. I’ve always been happy renting a nice condo with great pool , where I can walk,  never had a bad experience 

 

[it is what it is]

1 hour ago, Brick Top said:

No , they either go down in price or remain exactly the same like mine , hasnt gone up in value in 20 years and its a unblocked foreign freehold sea view unit in an excellent location in Patong 

Having said that , i do agree with Tubulat that the Andaman Beach Suites are a very rare exception and have increased in value due to high demand in that particular building. 

 

that's terrible financial management, imagine how much you've lost with a non performing asset, never mind the inflation. even if you can afford to take the hit it's not a smart financial decision. i have a nice house back home, increasing in value, i'd always rent here.

[jimmybcool]

IMO buying condos in Pattaya (only market I am familiar with) is a bad investment.  Doesn't mean it is a bad idea.  You will probably get your investment back or close to it if you select a nicer unit in a nicer project.  And you have a place to live in for a lot less than renting.

 

But buying as an investment isn't a great idea IMO.  

 

My history I bought one in the center of Pattaya in a brand new building.  Perfect location between Beach Road and Second Road 300 meters to the beach.  The building was well maintained and ongoing costs properly covered as we had ALL farang owners.  You might wonder how it is because the majority of the building was owned by one man operating as a hotel.  The upper floors were all farang owners.

 

When I decided to sell I did not make a profit.  Doing some math with exchange rate changes I think I was about break even.  But had free rent and a place to keep my stuff when back in the states.  So it was a win for me.

 

 

[Tubulat]

6 hours ago, Brick Top said:

I can agree that the Andaman Beach Condo is an exception in Patong and foreign freehold units in that particular building were always in high demand. Also the manager there , i forgot his name now was it Mr Sompan ? , anyway he was a very good manager. 

 

Yes Songpan, but is long gone there., Mr. Somai was the owner and has also been finance minister.

[scorecard]

15 hours ago, Tubulat said:

In 1998, I bought a 127 sq m Condo in Patong furnished for 6 million Thb, 13 years later I sold that same Condo for 14 million Thb.

It was in the 'Andaman Beach Condominium on the 12th floor, with a pristine view of the beach and sea.
Am still of the opinion that it was a very good deal.

 

OK, good for you, well done.

But for 99% of condos bought in thailand there is from zero to very very small capital gain. 

[Tubulat]

3 hours ago, scorecard said:

 

OK, good for you, well done.

But for 99% of condos bought in thailand there is from zero to very very small capital gain. 

Then had 3 different condos with the intention of renting them out, all in the price range between 2 and 3million Thb.
Have since sold them all for the same price (2x) and at a small loss (1x).

[Tubulat]

3 hours ago, Tubulat said:

Then had 3 different condos with the intention of renting them out, all in the price range between 2 and 3million Thb.
Have since sold them all for the same price (2x) and at a small loss (1x).

Forgot to mention, not on Phuket.