has anyone bought into a fractional ownership in Phuket? been looking on net at details of villas, is it worth doing and what sort of costs involved? any info on this subject
fractional ownership
I think this is much the same as the old timeshare ownership.
fractional ownership
yeah thats what we thought, but reading articals seems different as you actually own part property, look up on siamrealestate.com/info/fractional-ownership and also www.thailand-fractional-ownership.com would like feedback off thoughts on this, maybe still the same as timeshare? thanks
This %26#39;term%26#39; is appearing now in Thailand quite a lot - not my type of thing at all so I am no hope there : )
When talking property in Phuket is difficult as property is so hugely expensive compared with elsewhere in Thailand.
However, before going along with any sort of Fractional Ownership / Tiem Share or whatever sort of deal I believe it is a help to compare with whyat property does costs to own.
Although not Phuket, keep at the back of your mind that in popular condominium / vacation apartment areas ( such as Jomtien Beach ) in Thailand a decent hotel-room size studio apartment in condo block with pool etc costs to %26#39;buy%26#39; around THB 1- 1.2m about US$ 31-37k , AU$ 34 - 40k, GBP 18-22k - and you own that to use or whatever.
Maintenance charges are minimal, think THB 3,500-6,000 per year covering insurance, security, swimming pool and any other facilities, common areas etc etc.
Legal fees are minimal ( very low ), even as a Foreigner the legal side is quite clear and simple.
I have friends from Canada, US and Europe who have all bought and all have said it was a %26#39;breeze%26#39; compared with buying in their home countries.
A 2 bedroom bungalow ( different laws apply here as you cannot own the land - but this is another whole long story but is still %26#39;do-able%26#39; for those looking at holiday and / or retirement home ) think double those amounts above but again, that would be perhaps Jomtien Cha Am, Hua Hin areas.
It comes down to whether you are hoping for a return on investment, looking to have your own holiday place or whatever.
Keep figures like that in mind and at least it is a base-point to get some bearings whern they start talking money.
It at least gives you a perspective when figures are quoted.
dragonc - that%26#39;s what I thought, I had to look at Wikipedia to ind what it really meant but the mentioned of it%26#39;s not the same as time share and then went on about owning a share in the deeds to a property - at that point I clicked away, not the same but same same but different :) LOL
Mossy, I think it comes down to what you are after.
I would not go down anything that shares with others or some scheme like that. But that is me.
In Thailand you have to be very careful as there are lots of restrictions about foreign ownership of property. Fractional ownership sounds like it may be fraught with legal difficulties here. We only hear about it in Phuket, no where else in Thailand that I know of.
Hi, please do not look at costs involved first.
Firstly evaluate your present and foreseeable lifestyle. Then,familiarise with geographical location of the whole of Phuket.
Familiarise with the unit of measurement used in Thailand for area,though many have converted to SI units.
As the name suggests, own property on the desired period of time for your holiday rather than buy the unit and use only a few times in a year.
In Phuket, if I still remember, David Lloyd was the first to conceptualise this.
Besides the property,other throw ins(e.g. yacht, airport transfer,concierge etc. are available.
Very good point made by Dragonc ;
..and also I too have only heard of this being promoted in Phuket, but again same goes with the time-share which is so big there.
With just one requirement issue about the % of condominiums in a developemnt available for foreign ownership that is the only point for a foreigner buying a condo, otherwise it%26#39;s a breeze and 100% clear, you get full ownsership papers etc etc and there are no %26#39;grey areas%26#39; to worry about.
ok thanks for the info everyone, sheds a bit of light on it all now, but if anyone has actually bought like this please let us know how it went thanks all
';With just one requirement issue about the % of condominiums in a developemnt available for foreign ownership that is the only point for a foreigner buying a condo, otherwise it%26#39;s a breeze and 100% clear, you get full ownsership papers etc etc and there are no %26#39;grey areas%26#39; to worry about.';
I would not be too sure about the gray areas. No more than 49% of the total units of any condo may be foreign owned - sounds straightforward, but who actually is the legal owner under Thai law of the unit you%26#39;re buying %26#39;fractual%26#39; ownership in. I think you would need expert legal advice from a property lawyer, and not one based in Phuket who might have vested interests.
