In Q1 2026, median asking prices for off-plan condominiums in Phuket range from 4.8 million to 12.5 million THB, depending on district and specification. That positions off-plan stock at roughly 15-25% below comparable completed units in the same developments once they reach the secondary market. We monitor this discount continuously because it is the core investment argument - but only when a buyer fully understands the transaction mechanics and the risk profile of each construction milestone.
A fundamental point for any international buyer: Thailand has no statutory payment-protection mechanism for foreign real estate purchasers. Financial exposure grows with every instalment transferred, and the only genuine safeguards are contractual clauses and the developer's own track record. Below we break down the full mechanics.
Quick answer
- Off-plan discount vs. secondary market: approximately 15-25% in Bang Tao, Layan and Kamala (Q1 2026 data)
- Typical payment schedule: 5-7 tranches spread over 18-36 months of construction
- Reservation deposit: usually 100,000-200,000 THB, commonly non-refundable
- At contract signing, the buyer pays a further 20-30% of the purchase price - the single largest step-up in exposure
- Standard contractual penalties for developer delay: 0.01-0.05% per day of the amount paid to date
- On Koh Samui (Bophut, Maenam), off-plan entry prices start lower - from approximately 3.5 million THB for a managed-rental studio
Options and scenarios
Scenario A - early pre-launch purchase
Developers across Phuket offer the steepest discounts before a project holds a full Building Permit and a cleared Environmental Impact Assessment (EIA). In Bang Tao and Layan we observe starting prices of 4.8-6.2 million THB for units of 35-45 sq m. The discount relative to the projected post-completion price reaches 20-25%. The risk: the project may fail to clear EIA requirements, or the developer may not secure sufficient reservations to break ground. Funds transferred at this stage - reservation and any first instalment - carry no statutory payment protection.
Scenario B - purchase during the construction phase
Once a structure has reached shell-and-core stage, a buyer has tangible evidence of progress. Prices at this point run 8-12% above pre-launch levels but remain 10-15% below the projected post-completion market value. Our on-the-ground monitoring in Kamala, Surin and Rawai shows that at this stage developers typically have 50-60% of units sold, which meaningfully reduces abandonment risk. Cumulative buyer exposure by this point is generally 50-60% of the contract price.
Scenario C - near-completion purchase
Lowest risk, but minimal discount - typically 5-8% against the secondary market. Some developers at this stage require payment in a single tranche or two instalments. In Nai Harn and Karon we find this option popular among buyers who prioritise a shorter capital lock-up period (3-6 months rather than 24-36 months).
Scenario D - Koh Samui (Bophut, Maenam)
The off-plan market on Koh Samui is smaller in volume, but in 2026 we are tracking a growing pipeline of villa and condominium projects in Bophut and Maenam. Off-plan pricing for studios of 30-40 sq m starts at 3.5-4.5 million THB. Payment structures here tend to be more flexible - we frequently encounter 30/70 schedules (30% at contract, 70% at handover), which significantly limits the buyer's mid-construction exposure.
Comparison table
| Parameter | Pre-launch (A) | Construction phase (B) | Near completion (C) | Koh Samui (D) |
|---|---|---|---|---|
| Indicative price, studio 35-45 sq m | 4.8-6.2M THB | 5.4-7.0M THB | 5.8-7.5M THB | 3.5-4.5M THB |
| Discount vs. secondary market | 20-25% | 10-15% | 5-8% | 15-20% |
| Cumulative payment at entry | 25-35% of price | 50-60% of price | 90-100% of price | 30% of price |
| Time to handover | 24-36 months | 12-18 months | 3-6 months | 18-30 months |
| Completion risk | High | Medium | Low | Medium |
| Payment protection | Contract only | Contract only | Contract only | Contract only |
| Standard delay penalty | 0.01-0.05%/day | 0.01-0.05%/day | 0.01-0.05%/day | Negotiated individually |
All figures are indicative, based on our Q1 2026 market monitoring.
Typical instalment schedule in detail
The following is the averaged payment structure we observe across mid-to-upper-tier condominium projects in Bang Tao, Layan and Kamala. Individual developers vary, but the proportions are broadly consistent.
- Reservation - 100,000-200,000 THB (1-3% of price). Usually non-refundable. Buyer exposure: minimal
- Contract signing (within 30 days of reservation) - 20-30% of price. Cumulative exposure: 23-33%
- Foundation completion - 10-15%. Cumulative exposure: 33-48%
- Shell and core (structural frame) - 10-15%. Cumulative exposure: 43-63%
- MEP installation and fit-out - 10-15%. Cumulative exposure: 53-78%
- Technical handover and title transfer - 20-30%. Cumulative exposure: 100%
From a risk-mathematics perspective: after the third tranche (foundation stage), the buyer has approximately 40-50% of capital locked into a project over which they have no operational control. Every subsequent instalment compounds that exposure.
Discount arithmetic - a worked example
Consider a 40 sq m unit in a Bang Tao project. Off-plan pre-launch price: 5.2 million THB. Projected secondary-market price at completion, based on our estimates: 6.5 million THB. Gross discount: 1.3 million THB, or 20%.
However, buyers must factor in the following costs:
- Transfer fee at first registration (approximately 1-2% for a new build)
- Sinking fund contribution - typically 500-700 THB per sq m (20,000-28,000 THB for a 40 sq m unit)
- Annual common-area management fees - approximately 40-80 THB per sq m per month
- Currency risk: the THB/USD and THB/EUR exchange rates are subject to meaningful fluctuation over a 24-36 month payment window
Once transaction costs are accounted for, the net discount narrows to approximately 17-18%. That is still a material advantage, but it is below the 20-25% figures that typically appear in developer marketing materials.
Risks and mistakes
No statutory payment protection - the primary risk
We make this point in every analysis we publish: Thailand has no payment-protection mechanism for foreign property buyers. Instalments are transferred directly to the developer. Contractual clauses are the only safeguard. When we review contracts on behalf of buyers, we verify the presence of:
- A refund clause triggered if construction is not completed by a specified longstop date
- Delay penalties calculated on the total amount paid, not on the unit's full contract price
- A termination right for the buyer if the developer exceeds a defined delay threshold (for example, 180 days)
- A completion guarantee - ideally backed by a parent-company guarantee or a mortgage charge over the land
Delays at each construction stage
- Foundation and EIA phase: administrative delays (permits, environmental reports) can extend this stage by 3-6 months. In Phuket during 2025, our monitoring recorded cases where the EIA process ran 8-12 months against a projected 4-6 months
- Shell and core: dependent on material supply chains and labour availability. The monsoon season (May to October) demonstrably slows external construction work by 15-20%
- Fit-out and finishing: imported premium materials (European sanitaryware, large-format tiles) can push handover back by 2-4 months
- Technical handover: condominium registration formalities with the Land Department can add a further 1-3 months
Common buyer mistakes we observe
- Failing to verify the developer's completion history (how many projects delivered on schedule, and at what specification)
- Signing a contract that lacks a refund clause for non-completion
- Transferring funds without obtaining a Foreign Exchange Transaction Form (FETF) from the receiving Thai bank - this document is required both for foreign-quota title registration and for future capital repatriation
- Ignoring currency risk across a 24-36 month instalment schedule denominated in THB
- Treating the marketing brochure as a binding technical specification - only the signed sale and purchase agreement is legally enforceable
FAQ
What is the standard reservation deposit for an off-plan unit in Phuket in 2026?
Based on our current market data, the standard reservation fee is 100,000-200,000 THB. In premium projects in Layan and Surin, deposits of 300,000-500,000 THB are not uncommon. Reservation fees are typically non-refundable.
Does the off-plan discount really reach 20-25% against the secondary market?
In the pre-launch phase, in districts such as Bang Tao, Layan and Kamala, that range is broadly accurate as a gross figure. After accounting for transaction costs and currency exposure, the net effective discount narrows to approximately 17-18%. At the construction-phase entry point, the discount has already compressed to 10-15%.
How can a buyer protect payments in the absence of statutory escrow in Thailand?
Protection rests entirely on contractual terms. Critical clauses include a refund provision triggered by non-completion, daily delay penalties calculated on amounts paid, and a buyer termination right if delays exceed a defined threshold. Equally important is a thorough due-diligence review of the developer's track record - number of projects completed on time, corporate structure and capitalisation.
Can a foreign national purchase an off-plan condominium in Phuket?
Yes. Foreign nationals may hold freehold title to units within the foreign ownership quota, which is capped at 49% of a building's total usable floor area. Units outside the quota may be acquired on a leasehold basis, typically 30 years with renewal options. We track available foreign-quota inventory across active projects in our coverage areas.
What documentation is required when transferring funds for an off-plan purchase?
Incoming international transfers should be clearly referenced as 'purchase of condominium unit'. The receiving Thai bank will issue a Foreign Exchange Transaction Form (FETF), which is a mandatory document for registering foreign-quota title and for repatriating sale proceeds at a later date.
How long does a typical Phuket condominium take to build?
Based on our project tracking, the period from ground-breaking to technical handover is typically 18-30 months. Larger projects (above 100 units) frequently run to 30-36 months. Delays of 3-6 months beyond the contracted schedule are statistically common across the market.
Are off-plan prices on Koh Samui materially lower than in Phuket?
Yes. In Bophut and Maenam, off-plan studios of 30-40 sq m start at approximately 3.5 million THB, compared with 4.8-6.2 million THB for comparable beach-proximity units in Phuket. The differential reflects lower land values on Samui and a smaller pool of international demand.
What delay penalty rate should a buyer negotiate in an off-plan contract?
The market standard is 0.01-0.05% per day of the cumulative amount paid. On a 3 million THB payment and a 180-day delay, that produces 54,000-270,000 THB in compensation. Based on our analysis of current contracts, we regard 0.03% per day as the minimum rate worth accepting without further negotiation.
Can I resell an off-plan unit before handover?
Most developer contracts permit an assignment (novation) of the purchase agreement, subject to a fee of 1-3% of the contract price. In practice, pre-completion resales are a recognised strategy in Phuket for buyers who want to crystallise the discount gain without waiting for the full build cycle to complete.
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