In Thailand, the words apartments and condos are heard quite often. Perhaps most of the people have the perception that both of these are the same. But actually, condos and apartments are not exactly similar. Phuket condos and apartments are popular amongst the foreigners for investment purposes. It is, thus, crucial to hold the knowledge of the difference between the two especially if one is thinking to invest in the real estate in Thailand.
- Apartment – An apartment is basically a block of units which can be owned by either a company or a family or by an individual. An apartment in most of the cases comes unfurnished. Foreigners can only rent an apartment block or have the lease of the apartment for certain years. When it comes to looking at an apartment as an investment opportunity, then it is to be noted that the apartment can only be leased for 30 years and can be renewed for a more 30 years. Most of the apartment owners add a premium to the different bills such as power bill, utility bill, etc. This means it is costly to live in an apartment but the maintenance is paid by the apartment owner.
- Condo – Phuket Condos are particularly famous for investment. Condominiums or simply condos are owned and shared jointly. These units mostly come with all the furnishings. A condo developer needs to apply and obtain a condominium license. A foreigner can buy a condo in their own name. Having a condo on one’s name means no premium charges added on utility, water and other bills. However, the maintenance amount needs to be paid by the owner.
This is the difference between a condominium and an apartment in Thailand. Phuket Condos are a popular investment opportunity for many foreigners since they are slightly cheaper to live in and the condominium block can be owned in one’s own name.