Phuket continues to develop rapidly, which is reflected in the growing number of real estate offerings on the market. More and more projects are emerging, both on the primary and secondary markets. When choosing property in another country, a number of questions inevitably arise during the purchase process. Therefore, we have prepared this checklist for selecting and buying an apartment or villa on the island. We recommend saving it and referring back as needed.
Buyer’s Checklist for Purchasing Property in Phuket
- Choose an agent who primarily represents your interests.
Contacting a real estate agency is a logical step. Direct consultations with a developer represent the developer’s interests, as they are focused on selling their specific project. An agent acts as an intermediary, interested in finding a property based on your criteria. An experienced specialist will guide you on market trends, help you choose the ownership structure, and advise on documentation. The cost of realtor services in Phuket is covered by the developer—meaning the service is free for you. - Decide which ownership structure is optimal for you.
In Thailand, there are two main ownership forms: Freehold and Leasehold. In both cases, you effectively obtain legal ownership rights to the property and can resell, gift, bequeath, or rent it out. - Study the island’s real estate market and zoning.
The cost per square meter on the island is constantly rising due to limited land availability and high demand. Keep in mind the characteristics, regulations, and price dynamics of different areas. - Examine the construction company’s portfolio.
The developer’s track record and completed projects are key indicators of a future project’s success: construction schedule adherence, material quality, occupancy rates, and management operations. - Verify the title deed — the Chanote.
The Chanote is the primary document confirming legal ownership rights. Ensure it is legitimate and free of encumbrances. - Carefully review the Sales and Purchase Agreement (SPA).
It is crucial to eliminate any hidden pitfalls and ensure the terms, schedules, and conditions are transparently outlined. - Clarify the final price and installment payment schedule.
Many developers and private sellers offer flexible payment options. The chosen payment scheme may affect the final cost. - Inquire about guaranteed returns and rental pool splits.
Developers offer various guaranteed return programs (e.g., 7% annually for 3–5 years) or profit distribution via a Rental Pool split (60/40, 70/30, 80/20) where you receive the majority of the income. - Determine property management and calculate maintenance costs.
Maintenance of common areas and rentals are typically handled by a management company. Calculate your upfront sinking fund contribution, annual common area fees, and utility expenses. - Handover, payment, and property registration.
You can be in Phuket for the handover and registration at the Land Department, or complete the transaction remotely via a notarized power of attorney.
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Want to protect yourself when buying property in Phuket?
Entrust the transaction process to Phuket Experts. We handle selecting investment properties, verifying documents, and negotiating with developers. All our services are completely free for you.
