Everyone loves a bargain, right? Thanks to the current economic situation there are bargains everywhere but even more so in the property world at the moment. However, this does come with a few caveats. Many Thai owned unleveraged properties, that is properties that don’t have mortgages against them, the owners are not under pressure to sell. Many owners like this still refuse to discount and wait things out with Covid-19. The sellers that are discounting are usually people that need to release equity more quickly. There are also some foreign owners who left Thailand before Covid and forced to lower their price to attract a sale as their property is now sat empty and they ideally wish to use their money elsewhere.
We have taken the time to compile a Top 5 list of what we believe are the best Krabi bargains at the moment.
5 – Krabi Town Living, Out of Town
Krabi town villas tend to be more Thai style than western style and this usually goes against what our buyers look for in a property and is the reason why we do not list so many Krabi Town properties. This villa is special not only because of the quiet out of town setting, but because there are just so many many features for the price we had to have it in top 5 list.
Lets start with the pool. Where does it start? It’s up to you, but you can start at the parking area, front door or even from the back door and swim around. This is one of the largest and interesting pools for a property at this level and is the defining feature of the property.
The other defining feature (yes there is more!) is the addition of a large meeting room to the upstairs. This was originally a balcony but has since been converted into living space. “Why do I need a meeting room?” I hear you ask. Well you don’t necessarily, but maybe you want an extra bedroom with bathroom, games room, fitness room the possibilities with a private space like this are endless and the size makes it very appealing.
The combination of the living space and the pool make this a bargain home at under THB 7m (US$220k).
4 – Walk to the Beach with this Three Bedroom Villa with Pool
Not many villas are located within walking distance of a beach, let alone one of the most pristine beaches in Krabi! Usually, the closer to the beach you get, the land prices increase exponentially due to commercial influence. Naturally any private villa in a location like this either has to absorb this overhead or pass it onto the buying customer.
The way the developer has gotten around this problem is to have a private lease agreement with the Thai landlords who have agreed to offer unrestricted leasehold use of the land. This is ideal for a foreigner purchase as foreigners cannot own land anyway and with this villa you are legally purchasing the bricks and mortar of the property. No problem in selling again later and you can transfer the physical property and either transfer or register a new leasehold agreement.
This fully-furnished property has three main bedrooms and three bathrooms with the bonus of a small office/ box room which could be also used as a bedroom. Another room is located in the garden near the entrance gate which is currently used for storage but easily made into an air-conditioned office or studio.
Sandy Klong Muang beach is just 8-minutes walk and with several beach bars and restaurants directly available.
The villa has been dropped from THB 4.9m, which was already low, and now to just THB 4.5m (US$143k). This is ideal for a holiday home or for renting out either long term or for holiday rental.
3 – Beachfront Bargain with 40m of Personal Beach
Krabi is all about the beach but unfortunately for most, the beach is a luxury that escapes many purchasers due to the expensive prices. Not so with this property. Built for a foreign owner in 2007, this four-bedroom beachfront property has over 2,500 sq.m’s of beach land on offer with 40-meters of beachfront to enjoy.
Located at Had Yao beach which is just 20-mins south of Krabi airport, Had Yao promises to be Krabi’s latest resort area with the construction of both Club Med and Sheraton luxury hotels. Krabi Boat Lagoon is also located to the north of Had Yao as well as Pakasai Country Club to the east and both only 15-mins drive away.
The price? This has been dropped significantly from around 30m baht and now at under THB 22m ($698k) and is still negotiable. The reason for the drop? Basically this comes down to two factors… the property upkeep and slow development of the area. The property is still maintained and is structurally sound but has not been updated since it was first built. The foreign owners do not come to Thailand much anymore and no one is here to refresh anything.
This is still very much a comfortable property and a bargain for a beachfront purchase. In years to come, when the planned hotels are open and established, you are looking at THB 35m+ for this villa. In top order, well over THB 40m. Time to buy!
2 – Two Bedroom Condominium within Walking Distance of Beach
Located just a short walk from Ao Nang Beach and Krabi Resort, this 2-bedroom condominium has been dropped in price by the foreigner owner who is looking to sell as it is not performing for now as a rental property. The current price under THB 4m (US$125k) makes this one of the cheapest 2-bedroom freehold units around and easily makes our No.2 on this list. Located on the 3rd floor, this condo is a handy 66 square meters in floor space with open-plan living, dining and kitchen areas and a bedroom at each end of the property. The condo complex “The Sea” enjoys the usual common facilities of swimming pool, gymnasium, covered parking, laundry area, wifi etc.
Why is it still for sale? Actually because it is two-bedrooms. Most buyers go for the single units first, especially if it is their first condo purchase as they are cheap and easy purchases for people wanting a personal room or for entry into rental investment. A two-bedroom unit is more for people who wish to stay resident in Krabi or for those looking for a specific rental segment such as families. Due to the recent surge in interest of people looking to stay long term in Thailand, this property now becomes an interesting second home to foreigners and can also work very well as a long term rental option.
With the current asking price, a buyer can snap up a bargain for their own use or use for rental now or later.
1 – Ao Nang Pool Villa with Three Bedrooms and Expensive Tastes
Topping our list in the Number 1 spot is this lavishly furnished pool villa This villa has been floating around on the market for a few years. Originally well over 10m baht (US$310k), this property was already attracting attention due to the large outdoor area and covered pool seating the owner added to the property to make this a comfy tropical paradise home.
In the owners absence, the villa was solidly rented year on year by renters attracted by the setting and level of furnishing. Now thanks to Covid-19 the property is sat empty and the sale price has been dropped to try and sell so the owner can liquidate his asset. When this property was built in 2008 it was a largish, two-bedroom property but without swimming pool or furniture and cost 6m baht. Today with extra third bedroom, pool, features and above average furniture qulaity, the property is valued at well over 8m baht. At 4.8m baht this represents an unbelievable saving and is much lower than most new, unfurnished pool villas.
The villa is set in a small yet pleasant development of six similar villas of different sizes and in a very handy location that is close to Ao Nang Beach but positioned so you can quickly and easily get to Krabi Town for shopping at the superstores, cinema etc and of course fast access to the airport.
Before covid many villas were either used privately or for quality rentals for either long-term stays or holiday rental.
Why has this been on the market for so long? It is a good question as the villa is very good quality and the price being offered could not get you this level of property with pool in most places of Krabi, never mind the included furniture or mountain views.
What I believe has put the dampener on any serious sale is the confusion over the ownership setup.
The development was originally set up with purely foreign buyers in mind with a standard Thai company ownership for all the land and then with a personal leasehold agreement for each villa. This kind of setup is very common in foreigner-centric area such as Phuket and Hua Hin and makes it much more simple for a foreigner to buy into a landed property in Thailand without the need for a Thai company or nominee.
Many people coming to look to buy property these days push for freehold ownership. This is either because they are Thai themselves or maybe a foreigner married to a Thai. Naturally the conversation of freehold ownership comes up and it is explained about the development ownership structure and then buyers can leave confused.
However, the ownership is actually very clear and simple and the project has been established for over 12 years without any issue so you can say everything is thoroughly tried and tested. Leasehold ownership is unrestricted and can be reset to a full 90-years total term upon purchase.
If a buyer insisted on a freehold title then this can be arranged, but there are extra taxes involved for splitting the villa land from the company ownership. With leasehold, there is hardly any tax to pay which is why the advertised price is so cheap. With all this said, the owner is still flexible on the price if anyone wishes to buy as freehold and this makes it our best bargain for either a leasehold or freehold ownership.
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