By BBR Research Team / Market Research

Thailand is not just another branded-residence market. It is one of the deepest, most diversified branded-residence ecosystems in Asia, with supply spanning three fundamentally different market types: Bangkok’s urban freehold corridor, Phuket’s resort-income model, and Samui’s boutique lifestyle segment. Each operates under different buyer economics, ownership structures, and risk profiles.

That depth is both the opportunity and the complexity. A buyer evaluating branded residences in Thailand is choosing between distinct sub-markets that happen to share a jurisdiction. This guide breaks down each market, maps the branded-residence landscape, and identifies the ownership, regulatory, and investment dynamics buyers need to understand before committing capital.

BBR view

Thailand is not one branded-residence market. Bangkok, Phuket and Samui offer three different ownership, rental and exit profiles, so the right asset depends on whether the buyer wants freehold urban exposure, resort income, or boutique lifestyle use.

Bangkok

urban freehold and year-round demand

Phuket

resort income and leasehold diligence

Samui

boutique wellness and thinner liquidity

49%

foreign condo quota to verify

For a foundational overview of the branded-residence asset class, see BBR’s introductory guide.

Thailand’s Branded-Residence Landscape: Three Markets in One Country

Thailand’s branded-residence supply is concentrated in three distinct clusters, each with its own character, buyer profile, and investment logic.

Market Split Overview

Market	Format	Ownership Structure	Primary Buyer Profile	Rental Dynamics
Bangkok	Urban condominiums and penthouses	Freehold (condominium, subject to foreign quota)	Investors, expatriates, UHNW urban buyers	Year-round demand, corporate and long-stay tenants
Phuket	Resort villas and condominiums	Leasehold (30+30+30 year structures common) or freehold (Thai entity/quota)	Resort-lifestyle buyers, rental-income investors	Seasonal peak (November to April), strong tourism base
Samui	Boutique villas and resort residences	Leasehold (similar structures to Phuket)	Lifestyle buyers, wellness-oriented, boutique-scale investors	Seasonal, smaller tourism base than Phuket

Bangkok: Urban Freehold and CBD Dominance

Bangkok is Thailand’s most mature branded-residence market and one of the most competitive in Southeast Asia. The central business district, Riverside corridor, and Sukhumvit axis host projects from operators including Four Seasons, Ritz-Carlton, Mandarin Oriental, Rosewood, Banyan Tree, Kimpton, and others ⁽¹⁾.

What makes Bangkok distinctive:

Freehold condominium ownership. Foreign buyers can own condominium units outright under Thailand’s Condominium Act, provided the foreign ownership quota (49% of total unit area per building) has not been reached. This is a significant structural advantage over resort markets where leasehold is the norm ⁽²⁾.

Year-round rental demand. Unlike resort markets, Bangkok’s rental market is driven by corporate tenants, long-stay expatriates, and diplomatic demand, providing more consistent occupancy than seasonal tourism-dependent locations.

Brand density. Bangkok has a high concentration of internationally branded residences by regional standards. Strong competition among operators benefits buyers through service differentiation and competitive pricing, but also means resale competition is higher.

Price stratification. Bangkok’s branded-residence market spans a wide range, from accessible luxury (relative to Singapore or Hong Kong) to ultra-premium river and park-front addresses. Entry points are typically well below equivalent products in Singapore, Hong Kong, or Dubai.

Key branded-residence clusters in Bangkok:

Location Cluster	Character	Notable Brands Present	Buyer Note
Riverside/Charoen Nakhon	Heritage, luxury, river views	Four Seasons, Mandarin Oriental, Banyan Tree (reported)	Premium waterfront positioning; verify completion status of newer projects
Sukhumvit/CBD	Urban, transit-connected, commercial	Ritz-Carlton, Kimpton, other Marriott/IHG affiliates	Strong rental fundamentals; higher unit density
Wireless/Ploenchit	Embassy district, ultra-prime	Rosewood, Dusit, select boutique brands	Lowest supply, highest per-square-meter pricing
Ratchadamri/Langsuan	Central park proximity, prestige	Four Seasons, established luxury condominiums	Mature market with proven resale history

For BBR’s current Bangkok rankings and project profiles, see the Bangkok branded residences guide and the Bangkok Top 10 ranking page.

Phuket: Resort Income and Scarcity

Phuket is Thailand’s premier resort-residence market and one of the most active branded-residence destinations in Southeast Asia. The island’s established tourism infrastructure, international airport, and limited developable land have created a market where branded residences command significant premiums and rental management programs are central to the value proposition ⁽³⁾.

What makes Phuket distinctive:

Tourism-driven rental income. Phuket receives over 10 million visitors annually in strong years, according to Tourism Authority of Thailand and market-report references, creating deep rental demand for resort-format residences ⁽³⁾. Many projects include optional or mandatory rental management programs, where the operator places units into hotel inventory when the owner is not in residence.

Land scarcity. Developable beachfront and hillside land on Phuket’s prime western coast (Kamala, Surin, Bang Tao, Layan) is increasingly scarce. This constraint supports pricing for established projects, though it pushes new development into secondary locations or higher-density formats.

Leasehold dominance. Most Phuket branded residences offered to foreign buyers are 30-year leasehold interests with options for two additional 30-year terms (the “30+30+30” structure). While well-established, this structure carries legal nuances buyers must understand (see Ownership section below).

Operator depth. Phuket hosts branded residences from Banyan Tree, Rosewood, Anantara, Trisara, Amanpuri, Sri Panwa, and other operators. The market is deep enough for buyers to compare service models, rental yield structures, and fee arrangements across competing projects.

Key Phuket sub-markets:

Area	Character	Brand Presence	Buyer Note
Kamala/Millionaire’s Mile	Ultra-prime hillside and beachfront	Multiple luxury operators	Highest price points; established rental track records
Bang Tao/Laguna	Resort district, laguna complex	Banyan Tree, Anantara, others	Established hospitality infrastructure; higher density in some areas
Surin/Pansea	Boutique luxury, smaller scale	Amanpuri, boutique brands	Prestigious address; limited new supply
Natai/North Phuket	Emerging, lower density	Select new-entrant brands	Lower entry points; infrastructure developing

For BBR’s Phuket rankings, see the Phuket Top 10 ranking page.

Samui: Boutique Lifestyle and Wellness

Koh Samui offers a different proposition from Phuket: smaller scale, stronger wellness positioning, and a more intimate resort character. The branded-residence market is less developed but serves a specific buyer segment that values privacy, natural environment, and boutique hospitality over large resort infrastructure.

What makes Samui distinctive:

Boutique scale. Samui’s projects tend to be smaller in unit count and more villa-oriented. This can mean greater exclusivity but also higher per-unit pricing and potentially thinner resale markets.

Wellness positioning. Samui has established itself as a wellness and retreat destination, with Six Senses, Kamalaya, and other resort-wellness operators shaping the island’s reputation. For buyers specifically focused on residence ownership, Four Seasons and Ritz-Carlton are more relevant reference points because they have residence or villa ownership components associated with their Samui resort platforms. Branded residences here often emphasize wellness amenities, natural materials, and integration with the tropical landscape.

Airport limitations. Samui’s airport is privately operated (Bangkok Airways), limiting carrier competition and resulting in higher flight costs. This affects both personal use and rental attractiveness.

Smaller tourism base. Samui receives significantly fewer visitors than Phuket, translating to a smaller rental demand pool. Rental income projections should be stress-tested against realistic occupancy assumptions, particularly during the May-to-October low season.

Selected Samui categories:

Segment	Character	Operator Examples	Buyer Note
Beachfront resort villas	Premium, full-service	Four Seasons, Ritz-Carlton, select international operators	Highest price; verify operator commitment duration
Hillside wellness residences	Privacy, nature integration	Six Senses-style wellness operators, boutique resort brands	Growing demand segment; verify whether the product is for-sale residence, serviced villa, or hotel-only inventory
Mixed-use resort condominiums	More accessible pricing	Regional and boutique brands	Verify brand involvement depth vs. name-only licensing

Ownership Structures: What Foreign Buyers Need to Know

Thailand’s property ownership rules are among the most important factors in any branded-residence purchase decision. The rules differ meaningfully between Bangkok condominiums and resort-market properties.

Freehold Condominium (Bangkok and select projects)

Under the Thai Condominium Act (1979, as amended), foreign nationals can own condominium units in freehold, subject to:

Foreign ownership in any single building cannot exceed 49% of total unit area ⁽²⁾.
Purchase funds must be remitted from overseas in foreign currency, documented by a Foreign Exchange Transaction Form (FETF/Thor Tor 3), the bank form proving the purchase funds came from outside Thailand.
Freehold provides the strongest legal protections and is the preferred structure for most international buyers.

Risk: In popular buildings, the 49% foreign quota may already be filled. Verify available quota before entering a purchase agreement. If full, the buyer may be offered a leasehold unit or Thai-entity structure (see below).

Leasehold (Resort markets, standard for Phuket and Samui)

Most branded-residence projects in Phuket and Samui offer foreign buyers 30-year leasehold interests with renewal options:

Initial term: 30 years, registered at the Land Department.
Renewal options: Two additional 30-year terms, typically documented in a side agreement but not registered as a land-office obligation.

Critical caveat: Under Thai law, only the initial 30-year lease is legally registered and enforceable. Renewal terms are contractual obligations between buyer and developer/landlord. If the developer changes ownership, becomes insolvent, or disputes the renewal, enforcement may require legal action. This is the single most important legal risk in Thai resort-property ownership for foreigners ⁽⁴⁾.

Buyers should:

Obtain independent legal advice on renewal enforceability.
Evaluate the financial stability of the lessor entity.
Consider a 30-year (not 90-year) practical horizon for investment planning.

Thai Company Structures

Some developers and agents suggest purchasing through a Thai limited company where the foreign buyer is a minority shareholder but exercises effective control. While used historically, this carries significant legal risk. Thai authorities have periodically investigated “nominee” arrangements where Thai shareholders have no genuine economic interest. Buyers should obtain detailed legal advice and understand that the regulatory environment may tighten ⁽⁴⁾.

Rental Pool and Management Agreements

Many Thai branded-residence projects, particularly in Phuket and Samui, include rental management programs:

Revenue split: Commonly 60/40 or 70/30 (owner/operator), though terms vary.
Mandatory participation: Some projects require rental pool participation for a minimum period or as a condition of purchase.
Owner usage restrictions: Participation typically limits personal use to 30 to 60 days per year.
Service charges: Annual fees covering maintenance, insurance, management, and reserve funds, which can be substantial for fully serviced residences.

Buyers should obtain a complete fee schedule and model projected net returns after all costs, not rely on gross yield figures in sales materials. They should also ask what happens if the operator changes the revenue split, exits the rental pool, or transfers management to another entity, because those changes can materially affect projected income.

BBR Market Assessment: Thailand

Dimension	Bangkok	Phuket	Samui
Brand depth	Very high (10+ international brands)	High (5-10 international brands)	Moderate, led by a smaller group of resort and villa operators
Ownership clarity	Strong (freehold condominium)	Moderate (leasehold standard)	Moderate (leasehold standard)
Rental demand	Year-round, corporate/expat driven	Seasonal peak, tourism driven	Seasonal, smaller base
Resale liquidity	Good for well-located units	Moderate, brand-dependent	Lower, niche buyer pool
Entry pricing	Moderate to high by Thai standards	Moderate to very high (beachfront)	Moderate to high
Service charge levels	Moderate	High (resort services)	High (resort/wellness services)
Foreign ownership ease	High (49% quota, freehold)	Moderate (leasehold, legal nuance)	Moderate (leasehold, legal nuance)

Risk Matrix: Thailand Branded Residences

Risk 1

Foreign ownership quota

Bangkok: Medium (49% cap) · Phuket: Low (leasehold) · Samui: Low (leasehold)

Mitigation: Verify quota before commitment

Risk 2

Leasehold renewal risk

Bangkok: Low (freehold available) · Phuket: High (30+30+30 enforceability) · Samui: High (same structure)

Mitigation: Independent legal review; assess developer stability

Risk 3

Oversupply

Bangkok: Medium (high pipeline in some areas) · Phuket: Low to medium (land scarcity) · Samui: Low (limited development)

Mitigation: Compare absorption rates; avoid secondary locations

Risk 4

Seasonal rental volatility

Bangkok: Low (year-round demand) · Phuket: Medium (peak season dependent) · Samui: High (smaller base, stronger seasonality)

Mitigation: Conservative yield modeling; 60-65% occupancy assumption

Risk 5

Currency risk (THB)

Bangkok: Medium · Phuket: Medium · Samui: Medium

Mitigation: Consider hedge strategies for large positions

Risk 6

Service charge escalation

Bangkok: Medium · Phuket: High · Samui: High

Mitigation: Obtain 5-year fee history; negotiate cap clauses

Risk 7

Political/regulatory change

Bangkok: Low to medium · Phuket: Low to medium · Samui: Low to medium

Mitigation: Monitor ownership law reviews

Buyer Fit by Market

Bangkok: Strong Fit

International investors seeking freehold branded-residence ownership in Southeast Asia at pricing below Singapore or Hong Kong
Expatriates and frequent visitors wanting city-center residence with hotel-level services and year-round rental fallback
Portfolio builders assembling branded-residence holdings across multiple Asian cities

Bangkok: Weaker Fit

Resort-lifestyle buyers seeking beachfront, villa-format living
Buyers seeking maximum exclusivity (Bangkok buildings tend to have higher unit counts)

Phuket: Strong Fit

Resort-income investors comfortable with leasehold and seasonal rental dynamics
Lifestyle buyers wanting regular personal use in a brand-managed resort environment
Buyers with Thai market experience who understand leasehold structures and local norms

Phuket: Weaker Fit

Buyers who require freehold as a non-negotiable condition
Short-hold investors expecting a quick exit
Buyers uncomfortable with leasehold legal nuance

Samui: Strong Fit

Wellness-focused lifestyle buyers who prioritize privacy, nature, and boutique hospitality
Long-hold buyers with a personal connection to Samui who view the residence primarily as a lifestyle asset
Buyers seeking lower-profile environments than Phuket

Samui: Weaker Fit

Rental-income-focused investors expecting consistent returns
Buyers wanting maximum brand choice (Phuket and Bangkok offer more options)
Buyers sensitive to access costs (Samui airport limitations are a real factor)

Comparing Thailand to Regional Peers

Factor	Thailand	Bali/Indonesia	Vietnam	Malaysia
Branded-residence depth	Very high	High (growing rapidly)	Emerging	Moderate
Foreign ownership options	Freehold (condo) + leasehold (resort)	Leasehold only (with usage rights)	Restricted, evolving	Freehold above threshold
Market maturity	Mature, established resale history	Maturing, limited resale data	Early stage	Moderate
Tourism infrastructure	Very strong	Strong (Bali)	Growing	Strong (KL, Langkawi)
Entry pricing	Moderate	Moderate to high (Bali premium)	Lower	Lower to moderate

For BBR’s coverage of the Bali market, see the Indonesia/Bali branded residences guide.

Due Diligence Essentials

Verify ownership structure. Confirm whether you are purchasing freehold, leasehold, or a company-held interest. For leasehold, obtain independent legal advice on renewal enforceability.
Check foreign ownership quota. For Bangkok condominiums, confirm the building’s current foreign ownership percentage before signing.
Review the management agreement. Understand the operator’s contract term, renewal conditions, service charge structure, and what happens if the developer sells or the agreement expires.
Model net returns conservatively. Request historical occupancy data for rental pool properties. Assume 60 to 65% occupancy for Phuket, 50 to 60% for Samui, and factor in all fees, taxes, and management charges.
Assess developer track record. Verify completed projects, financial stability, and reputation through independent sources.
Engage local legal counsel. Thai property law has nuances that generic international advice may miss. Use a Thai-licensed lawyer experienced in foreign property transactions and branded-residence structures.
Understand tax implications. Thailand imposes transfer fees, specific business tax, stamp duty, and withholding tax on property transactions. Rental income is subject to Thai income tax. Model the full tax burden before projecting net returns.

For a comprehensive framework on branded-residence investment analysis, see BBR’s investment guide.

BBR Bottom Line

Thailand offers one of the richest branded-residence ecosystems in the world, but it is not one market. Bangkok provides freehold ownership, year-round rental demand, and the deepest brand competition in Southeast Asia. Phuket delivers resort-income potential backed by a massive tourism base, with the tradeoff of leasehold structures and seasonal dynamics. Samui caters to a more specific buyer: wellness-oriented, lifestyle-driven, and comfortable with a smaller market.

The common thread is that all three markets reward informed buyers and penalize assumptions. Ownership structures, service charges, operator contracts, and market dynamics vary enough that treating “Thailand” as a single investment thesis is a mistake. Buyers who match their objectives, risk tolerance, and hold horizon to the right sub-market will find Thailand among the more established branded-residence destinations in Asia.

For buyers

Compare Thailand projects by city, brand, and buyer fit.

Use BBR rankings to compare Bangkok, Phuket and Thailand branded residences with market-specific context.

View Thailand rankings

For developers

Show where the project fits in the Thai market.

Submit a project for BBR review if the brand role, ownership structure, service model and development status are clear.

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Sources

Knight Frank, “The Global Branded Residences Report 2025,” Thailand pipeline data and city-level analysis
Thailand Condominium Act B.E. 2522 (1979, as amended), provisions on foreign ownership of condominium units
Tourism Authority of Thailand, visitor arrival statistics and Phuket tourism data, tat.or.th

Read more sources

Tilleke and Gibbins / Baker McKenzie, legal publications on Thai property ownership structures for foreign buyers (various publications)
Savills, “Branded Residences: Annual Review 2024/2025,” Southeast Asian market analysis and Thailand sub-market data
CBRE Thailand, “Bangkok Luxury Residential Market Report,” branded-residence pricing and supply data
JLL, “Phuket Hotel and Branded Residences Market Update,” resort-market analysis
Bank of Thailand, economic indicators and foreign-exchange data, bot.or.th
Revenue Department of Thailand, property transfer tax and income tax guidance