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What are the typical costs associated with buying property in Phuket?

Posted by stonepinecompany on January 24, 2025
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When buying property in Phuket, there are several typical costs to consider:

Purchase Price and Transfer Fees

  • The purchase price varies based on location, quality, size, and type of property.
  • Transfer fee: Approximately 2% of the property’s appraised value.

Taxes

  • Stamp duty: 0.5% of the appraised value.
  • Transfer tax: 1% of the property’s registered value.
  • Specific business tax: 3.3% of the appraised or agreed selling price (if the seller owned the property for less than five years).
  • Withholding tax: 1% of the property’s appraised value for non-resident buyers.

Legal and Administrative Fees

  • Legal fees: 1-2% of the purchase price.
  • Due diligence costs: Typically included in legal fees.

Additional Costs

  • Maintenance fees: For condos or developments, around 30-50 ฿ per square meter per month.
  • Sinking fund: Varies, but can range from a few thousand to tens of thousands of baht per unit.
  • Property tax: Approximately 0.1% of the property’s appraised value annually.
  • Insurance costs.

Real Estate Agent Fees

  • While not mandatory, using an agent is recommended and may incur additional fees.

It’s important to note that costs can vary depending on the specific property and circumstances of the purchase. As of 2025, the average price per square meter in Phuket is around $3,140, but this can differ significantly based on location and property type.

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