Our analysts track listing prices and closing prices across Phuket and Koh Samui continuously. Based on data collected since 2019, the gap between asking price and actual transaction price on Phuket's secondary market ranges from 8 to 18 percent, depending on property segment and ownership structure. Sellers typically discover this range only after several months of fruitless exposure. On Koh Samui the spread widens further, reaching 12 to 25 percent in the premium villa segment, driven primarily by the island's structurally lower liquidity.
The discount is not the only exit cost. Transfer fees, agent commissions, specific business tax, and currency movement between THB and the buyer's home currency all compound the total. Our Q1 2026 data set breaks the picture down by price segment, ownership type, and investment horizon.
Quick answer
- Freehold condo under 200,000 USD (Phuket): average listing exposure 4 to 7 months, discount 8 to 12 percent from asking price
- Premium freehold condo above 200,000 USD (Phuket): exposure 8 to 14 months, discount 10 to 15 percent
- Leasehold villas (Bang Tao, Layan, Kamala): exposure 10 to 18 months, discount 14 to 18 percent
- Villas held via Thai company structure (Rawai, Nai Harn): exposure 12 to 24 months, discount 15 to 22 percent - buyers price in the legal-structure risk
- Koh Samui leasehold villas (Bophut, Maenam): exposure 14 to 24 months, discount 15 to 25 percent
- Off-plan contract resale (assignment) on Phuket before completion: discount 3 to 8 percent, subject to developer consent and an assignment fee of 1 to 3 percent of contract value
Options and scenarios
Scenario 1: Freehold condo in Bang Tao, acquired at 180,000 USD
Consider a freehold condo purchased for 180,000 USD in 2021. Net short-term rental income after management fees, maintenance and local taxes averaged 5.5 percent per year, generating roughly 9,900 USD annually.
Projecting a sale in 2026 (five-year horizon):
- Asking price: 210,000 USD (approximately 16 percent nominal appreciation)
- Realistic transaction price after a 10 percent discount: 189,000 USD
- Exit transaction costs: transfer fee (2 percent, typically split equally, so seller pays 1 percent), specific business tax (3.3 percent when held under five years, applied to the higher of assessed or transaction value), agent commission (3 to 5 percent) - combined approximately 7 to 9 percent of transaction price, or 13,200 to 17,000 USD
- Net sale proceeds: approximately 172,000 to 175,800 USD
- Cumulative rental income over five years: approximately 49,500 USD
- Combined outcome: 221,500 to 225,300 USD against a total capital outlay of 190,800 USD (purchase price plus approximately 6 percent acquisition costs)
- Annualised return (IRR): approximately 3.1 to 3.5 percent in USD, before income tax
For tax residents in jurisdictions with a double-taxation agreement with Thailand, both rental income and capital gain are likely taxable at home. After applying a 19 percent capital gains rate the real annualised return in our model falls to approximately 2.5 to 2.8 percent.
Scenario 2: Leasehold villa on Koh Samui, acquired at 350,000 USD
A villa in Bophut purchased on a leasehold structure (30 plus 30 plus 30 years) for 350,000 USD in 2020.
- Net rental yield: approximately 4.5 percent per year (occupancy drops sharply outside peak season) - roughly 15,750 USD annually
- Asking price after six years: 380,000 USD
- Realistic transaction price after a 20 percent discount: 304,000 USD
- Exit costs (approximately 8 percent): 24,300 USD
- Net sale proceeds: 279,700 USD
- Cumulative rental income (six years): 94,500 USD
- Combined outcome: 374,200 USD against total capital of 371,000 USD (purchase plus acquisition costs)
- Annualised return: approximately 0.1 percent in USD - effectively breakeven
This scenario illustrates the impact of a large discount in the Koh Samui villa segment. Secondary-market buyers treat a diminishing lease term as a value-reducing factor, and the island's limited buyer pool amplifies that dynamic.
Scenario 3: Off-plan contract assignment on Phuket
An investor signed a developer contract for a condo in Kamala at 150,000 USD, paying 30 percent upfront (45,000 USD) before completion. The investor now wants to assign the contract.
- Developer assignment fee: 1 to 3 percent of contract value - 1,500 to 4,500 USD
- Assignment discount observed in our data: 3 to 8 percent of contract value, meaning the assignee pays 138,000 to 145,500 USD
- Net outcome for the assignor on 45,000 USD deployed: ranging from a loss of 11,500 USD to roughly breakeven in the most favourable case
- Key constraint: many Phuket developer contracts prohibit assignment during the first 6 to 12 months, or require discretionary developer approval
Holding period modelled over 3, 5 and 10 years - freehold condo, 180,000 USD, Phuket
| Parameter | 3 years | 5 years | 10 years |
|---|---|---|---|
| Purchase price plus acquisition costs | 190,800 USD | 190,800 USD | 190,800 USD |
| Cumulative net rental income | 29,700 USD | 49,500 USD | 99,000 USD |
| Estimated transaction price at exit | 176,000 USD | 189,000 USD | 215,000 USD |
| Exit costs (approx. 8%) | 14,100 USD | 15,100 USD | 12,900 USD* |
| Net sale proceeds | 161,900 USD | 173,900 USD | 202,100 USD |
| Combined outcome | 191,600 USD | 223,400 USD | 301,100 USD |
| Gain / loss | +800 USD | +32,600 USD | +110,300 USD |
| Annualised IRR (pre-tax) | ~0.1% | ~3.3% | ~4.6% |
*After five years of ownership, specific business tax (3.3 percent) is replaced by stamp duty (0.5 percent), which is why exit costs are lower in the 10-year column.
Comparison table
| Parameter | Freehold condo under 200k USD | Freehold condo 200k+ USD | Leasehold villa | Villa via Thai company |
|---|---|---|---|---|
| Typical discount from asking price | 8-12% | 10-15% | 14-18% | 15-22% |
| Average listing exposure | 4-7 months | 8-14 months | 10-18 months | 12-24 months |
| Exit transaction costs | 7-9% | 7-9% | 5-8%* | 8-12%** |
| Typical secondary buyer | Foreign national | Foreign national | Foreign or Thai | Foreign national |
| Legal risk at resale | Low | Low | Medium | High |
| Liquidity (scale 1-5) | 4 | 3 | 2 | 1 |
*Leasehold: no standard Land Office transfer fee, but new lease registration costs apply. **Thai company structure: buyer legal due diligence costs, potential outstanding corporate tax liabilities, share transfer fees.
Risks and mistakes
Mistake 1: Pricing from listing portals rather than closed transactions. We monitor listing platforms continuously and find that asking prices on Phuket are systematically 10 to 20 percent above actual closing prices. Sellers who anchor to comparable listings rather than verified transactions lose months of market exposure.
Mistake 2: Underestimating exit costs. Specific business tax (3.3 percent), transfer fee, agent commission, and legal costs can together absorb 7 to 12 percent of the transaction price. In our experience, many sellers budget only for the agent commission.
Mistake 3: Ignoring the seasonal transaction cycle. Buyer activity on Phuket peaks between November and March. Listing in July to September (low season) extends exposure by 3 to 5 months based on our observation of listing timelines.
Mistake 4: Selling a Thai-company-structure villa without a clean corporate audit. Buyers of villas held via Thai Company Limited require thorough due diligence. Unclear accounting history or outstanding tax liabilities typically trigger additional discount demands of 5 to 10 percent, or cause buyers to walk away entirely.
Mistake 5: No exit strategy at the point of purchase. Based on our estimates, approximately 60 to 70 percent of foreign buyers of Phuket property do not assess secondary-market liquidity before committing. Exit planning should be part of the initial purchase analysis, not an afterthought.
Mistake 6: Currency movement as a hidden cost. The Thai baht appreciated approximately 8 percent against major European currencies between 2023 and 2025. An investor who converts sale proceeds back into their home currency faces a gain or loss purely from exchange rates, entirely independent of the property transaction outcome. On a 180,000 USD position that currency effect can reach 14,000 to 15,000 USD.
FAQ
How long does it take to sell a condo on Phuket's secondary market?
Based on our 2026 data, a freehold condo priced realistically in the sub-200,000 USD range in locations such as Bang Tao, Kamala, or Surin typically sells within 4 to 7 months of listing. Overpriced units have been observed sitting on the market for 18 months or longer.
What is the typical discount from asking price on Phuket?
In the freehold condo segment we observe discounts of 8 to 15 percent. For villas (leasehold or company structure) the range extends to 14 to 25 percent, reflecting higher legal complexity and a narrower buyer pool.
Is selling a Phuket property after 3 years financially viable?
In our models, a freehold condo purchased at 180,000 USD and sold after three years produces an annualised return close to zero (approximately 0.1 percent in USD) once the discount and exit costs are included. A five-to-ten year horizon delivers materially better outcomes, ranging from 3 to 5 percent IRR before tax.
What taxes apply when selling property in Thailand?
The main charges are: transfer fee (2 percent, typically split equally between buyer and seller), specific business tax (3.3 percent when held under five years) or stamp duty (0.5 percent when held over five years), and withholding tax (progressive rate based on appraised value and holding period). Combined seller-side costs typically fall in the 4 to 7 percent range of the transaction price.
Is Koh Samui less liquid than Phuket?
Clearly yes. We monitor both markets and consistently find that listing exposure on Koh Samui runs 40 to 70 percent longer than on Phuket in comparable price segments. A smaller buyer base, limited direct flight connectivity, and fewer large-scale amenities all weigh on liquidity.
Can I assign an off-plan contract before completion?
Yes, but conditions apply. Most Phuket developers require written consent for assignment and charge a fee of 1 to 3 percent of the contract value. Some agreements prohibit assignment during the first months. The assignment discount we observe in practice is 3 to 8 percent of the contract value.
When is the best time to list a Phuket property for sale?
Buyer activity concentrates between November and March. Listing in October allows time to reach buyers arriving for peak season. Activity is noticeably lower from June through September.
How does currency movement affect investment returns?
Buyers and sellers exposed to THB carry two-way currency risk: at acquisition and at exit. Fluctuations of around 8 percent observed between 2023 and 2025 translate into a potential swing of 14,000 to 15,000 USD on a 180,000 USD position, independent of property performance.
Is using a local agent worthwhile when selling on Phuket?
Agent commission on Phuket is typically 3 to 5 percent of the transaction price, payable by the seller. In our data set, properties with professional presentation (photography, staging, and multi-agent distribution) sell 2 to 4 months faster on average, which in many cases offsets the commission cost.
Researching property in Phuket or Koh Samui? Get in touch - our analysts will prepare a data brief for your shortlisted location.