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.