Above Element | Apartments | 2 bedroom

• Full finishing

• Built-in furniture

• Kitchen set

• Equipped bathrooms

• Furniture package

• Ready-made common areas of the complex

• Reservation Deposit
• Payment of legal fees related to the ownership transfer
• Final settlement with the seller upon signing of all agreements
• Subsequent payments to the developer according to the construction schedule

Payment Methods

-SWIFT Transfer: Payment is made based on the official rental agreement and the issued invoice to the GYP Group company account in Thailand.

-Cash Payment: Payment is accepted in cash.

View: forest

Ownership type: leasehold

Building square: 76

Floors: 7

Location area

Distance to the sea: 2.7 km

Activities: «Laguna Golf Phuket» (3.7 km)

Spa/Resorts: «LANN Spa & Massage Phuket» (600 m), «Gym Club Phuket - Fitness, Spa, Sauna & Ice Bath» (800 m)

Supermarkets: «Panama market» (650 m), «Tops Daily Porto de Phuket» (850 m)

Restaurants/Cafe/Bars: «SōL Phuket» (400 m), «ETNA Restaurant» (750 m), «Ashes Restaurant» (750 m)

Infrastructure

• Security
• Swimming pool(yes)
• Walking zones
• Parking
• Gym

Airport: 14.6 km

Malls: «Boat Avenue Mall» (1 km), «Porto de Phuket» (950 m)

Schools: «HeadStart International School» (2.7 km), «Lumora School Phuket» (450 m)

Golf fields: 3.7 km

Tennis courts: 2.3 km

Is it possible for a foreigner to buy property in full ownership in Thailand?

Buying property in Thailand is a process that can raise many questions for foreigners, especially when it comes to ownership rights and property registration options. Let’s take a closer look at how one can acquire property in Phuket and what options are available for foreign nationals.

- Buying apartments in a condominium

According to Thai law, foreigners have the right to purchase apartments in condominiums in full ownership, also known as “freehold.” This means that you become the rightful owner of your apartment. The only limitation is that the share of foreign owners in one condominium cannot exceed 49% of the total number of apartments. This ensures that the majority of the property remains in the hands of Thai citizens. Alternatively, there is the long-term leasehold option (30+30+30 years).

Developers usually offer buyers the choice between two main options: “freehold” (full ownership) and “leasehold” (long-term lease). The choice depends on your preferences and long-term plans, as well as the developer from whom you are purchasing the property.

- Buying land and a villa

Acquiring land and a villa is a more complex process for foreigners, as under Thai law, land can only be fully owned by a Thai citizen or a Thai company. However, there are legal ways to acquire a villa:

1. “Leasehold”
   Long-term land lease + freehold house. In this case, you lease the land (usually for a period of up to 30 years with the option to extend) and become the full owner of the house. This is a convenient and popular option for foreigners wishing to own property in Thailand.
   
   

2. “Freehold” – full ownership of land and building through a Thai company. For this, you need to register a Thai company to which the land will be transferred. This option allows full ownership of both the land and the building but requires additional effort and consultation with legal specialists.
   
   

3. “Leasehold land + leasehold building” – this option involves long-term lease agreements for both the land and the building. It is the least expensive and simplest method of property ownership, especially if your plans involve temporary living or renting out the property. It also benefits from significantly lower taxes in case of a resale.
   
   

Conclusion:
Foreigners have several legal ways to acquire property in Thailand, and the choice depends on your personal goals and preferences. Whether it’s purchasing apartments with full ownership rights or registering a long-term land lease for a villa, it is always best to consult with professionals to choose the most suitable and safe option.

If you are considering purchasing property in Phuket, our team at Get Your Phuket will help you navigate the intricacies of local laws and offer the best options tailored to your needs.

What is the process for completing a property purchase from a developer in Phuket?

The process of purchasing property from a developer in Thailand can seem complex, especially if you are dealing with local legal procedures for the first time. However, by following a clear sequence of steps with a professional agency, you can safely and successfully acquire your new home or apartment in Phuket. Below are the main stages of this process.

1. Choosing the Right Property with an Independent Market Expert

   The first step in purchasing real estate is selecting a property that meets your requirements and expectations. It is recommended to consult with an independent market expert who can help assess the prospects of various properties and provide up-to-date information about developers and the terms of the deal.

2. Signing a Reservation Agreement and Paying the Deposit

   After choosing a property, you will proceed to sign a reservation agreement. It is important to carefully review the terms of the agreement, as it formalizes your intention to purchase the specific property. Along with signing the agreement, a deposit is required, the amount of which is set by the developer. Typically, the deposit ranges from 100,000 THB to 2% of the property price. This deposit confirms your commitment and ensures that the property you selected will be reserved for you.

3. Drafting, Reviewing, and Signing the Sales and Purchase Agreement

   The next important step is the preparation of the main sales and purchase agreement. At this stage, the lawyers of both parties review the contract, making necessary changes and clarifications. Once everything is in order, the agreement is signed. This process can take up to 30 calendar days, depending on the conditions outlined in the reservation agreement. Signing the sales and purchase agreement legally solidifies the obligations of both parties and sets the stage for further payment actions.

4. Making the First Major Payment

   After signing the main contract, it is time to make the first major payment, which usually ranges from 20% to 33% of the total property price. Further payments are made according to the schedule outlined in the reservation agreement. These can be either a lump sum payment or a series of regular payments during the construction phase.

5. Registration of Ownership at the Land Department

   Once the property is ready, the process of registering ownership begins. This procedure is usually handled by the developer and their legal team, although you can also appoint your independent lawyer to manage the registration. The registration process at the Land Department takes between 10 to 45 days. It is important to ensure that all documents are properly completed and registered.

6. Final Payment and Receiving the Property Documents

   After the ownership registration process is completed, you will receive a final bill for the remaining amount. Once full payment is made, you will receive documents confirming your ownership of the property. At this stage, you officially become the owner of your new home or apartment in Phuket.

Conclusion:

Purchasing property from a developer in Thailand is a process that requires attention to detail and adherence to legal procedures. Our specialists at Get Your Phuket are ready to guide you every step of the way, ensuring the safety and success of your transaction.

What should you consider before purchasing?

The areas for permanent residence are different from the resort zones. It is also important to check the reliability of the developer by researching their past projects, ratings, and customer reviews.

Can third parties (legal entities or individuals) make payments under the contract?

Yes, any legal entity or individual can make payment under the contract.