Off-plan means you buy from a developer while the building goes up and pay in stages. Resale means you buy a finished property from its owner and pay at transfer, and each route has its own payment schedule and buyer.
What is the difference between off-plan and resale property in Thailand?
An off-plan purchase is a contract with a developer for a property under construction, while a resale purchase transfers a completed property from its current owner. Off-plan payments follow construction milestones in the contract, and you move in at completion. Compare the early-stage price with completed-stock prices in the Phuket quarterly property market report.
A resale runs through reservation, due diligence, a Sale and Purchase Agreement (SPA) and Land Office transfer, and you inspect the property before you commit the full price.
Both routes apply to condos, villas and townhouses, with the same ownership structures: freehold for condos within quota, leasehold plus superficies for villas.
How do off-plan and resale purchases compare?
Off-plan gives staged payments and room to customize, with developer risk. Resale gives a property you can inspect now, known condition and payment at transfer.
| Dimension | Off-plan | Resale |
|---|---|---|
| Price (relative to completion) | Meaningful discount at early-stage launch | Market price |
| Time from offer to keys | Construction period | Available after transfer |
| Payment structure | Staged milestones over construction | Reservation + deposit + balance at transfer |
| Capital deployment | Gradual | Lump sum |
| Specifications visible | Floor plan, materials list, show unit | Actual unit |
| Build quality verifiable | No (only at completion) | Yes (inspection) |
| Defect warranty | Contractual warranty | Sold “as is” — no warranty |
| Developer/seller risk | High — developer can fail | Low — seller is just transferring |
| Foreign quota timing | Risk that quota fills before your registration | Quota status known at signing |
| Customization | Possible (specs, finishes, sometimes layout) | None |
| Typical buyer | Long-horizon, risk-tolerant, cash-rich | First-time, immediate-use, lower-risk |
What am I buying when I buy off-plan property?
You buy a contractual right to receive a specified property at a specified time in exchange for a series of payments, not a completed building. Three things back that promise:
- The developer’s obligation to perform — enforceable in Thai courts, but slowly, and only as far as the developer’s assets reach
- Your reservation and deposit — best protected by escrow under the Escrow Act 2008; escrow is optional, and not every developer uses it
- The land under the project — owned by the developer or held under an arrangement; creditors can claim a defaulting developer’s land, and the project can stall indefinitely
Off-plan payment schedule — illustrative
| Stage | Trigger |
|---|---|
| Reservation fee | Property reserved |
| Contract signing | SPA signed, due diligence complete (largest single milestone) |
| Foundation completion | Construction milestone |
| Structure completion | Construction milestone |
| Roof completion | Construction milestone |
| Wall and finishing | Construction milestone |
| Transfer of ownership | Land Office registration (final balance) |
Percentages and the number of milestones vary by developer. By structural completion your payments usually reach the substantial majority of the price, and the rest is paid at transfer. Check the schedule of the specific project before you sign.
What should I fix in an off-plan SPA?
- A quota refund. For a condo, the 49% foreign cap applies at registration, not at SPA signing. Ask for a refund mechanism if the building reaches 49% before your transfer.
- Locked specifications. Replace “subject to revision” with fixed specifications for the major items: kitchen brand, flooring grade, bathroom fixtures, ceiling height.
- A delay penalty and a refund threshold. Ask for a penalty for late completion and a refund if the delay passes an agreed limit.
- Milestone inspections. Ask that an inspector confirms each milestone payment matches real progress, and that the final payment sits in escrow until the punch list is complete.
- Reassignment terms. Ask whether you can reassign the contract before completion, and for what fee.
What am I buying in a resale property purchase?
You buy an existing property from its owner, so you see its price, build quality and condition before transfer. It is sold as is. You pay a reservation and deposit before transfer, and the balance is paid at transfer. Developer failure and stalled projects do not apply to resale, and defects or deferred maintenance show up in due diligence.
What should I check before buying a resale property?
- Building age and sinking fund. An older building can have a thin juristic-person sinking fund, with repainting, lift replacement or major systems work ahead. The price should reflect it.
- The seller’s tax. Specific Business Tax (SBT) and stamp duty affect the negotiation. Ask your lawyer which tax applies and who pays it.
- Existing tenants. Registered leases survive the sale, and the new owner takes the property with them. Check lease terms, rents and tenants before you sign.
- The juristic person and management. Walk the building at off-peak hours, talk to the security guard and ask the juristic person about pending issues.
How does off-plan pricing compare with resale prices?
Off-plan is often priced below the future completed property, to pay for construction risk and capital tied up before delivery. The discount is not a guaranteed gain, and it narrows as construction risk falls:
- Early launch (foundation phase): a meaningful discount to the projected completion price
- Mid-construction: a smaller discount
- Near completion: a minimal discount, close to resale prices, with residual completion risk
- Resale just after completion: market price, or slightly above for a new building
The discount becomes value when the project completes, completes on schedule, and the market holds through the build. Compare the price with completed resales in the same building or area. For rental income evidence rather than a projected yield, see Rental yields in Phuket — what investors actually earn.
Who does off-plan property suit?
Off-plan suits a buyer with a long horizon, a wish to customize, or a specific new project in mind.
- A long-horizon investor with a diversified position, who can carry one project’s risk inside a broader portfolio and wants early-stage pricing.
- A buyer who wants customization — finishes, and sometimes layout changes.
- A buyer who wants a specific new project, where no resale units exist yet.
For these buyers, check the developer as closely as the property:
- Other completed projects — visit at least one and talk to the owners
- Financial standing and project financing
- Escrow arrangements for buyer deposits
- Record on delays and dispute resolution
Who does resale property suit?
Resale suits a buyer who wants known condition, immediate use or an established rental history.
- A first-time foreign buyer in Thailand. The standard transaction (How to buy property in Thailand — step-by-step guide for foreigners) is shorter and simpler in resale.
- A buyer who wants to move in soon. Choose a vacant unit. You can use it right after transfer. A tenanted unit comes with its lease, so the tenant keeps occupancy.
- A buyer who wants known income. A let resale comes with its rental history, known costs and tenants in place, where off-plan rental figures are estimates.
Should I consider a newly completed resale property?
Yes. A resale in a newly completed building combines verifiable build quality and immediate use with a developer warranty that may still apply, although it is priced as a resale rather than an early-stage launch.
How should I choose between off-plan and resale property in Thailand?
Choose resale when you want a known property you can inspect. Choose off-plan when staged payments, customization or a specific project are worth the developer and construction risk, and spend as much time on the developer and the SPA as on the unit.
For the full transaction sequence: How to buy property in Thailand — step-by-step guide for foreigners. For the due diligence that runs alongside: Due diligence checklist for buying property in Thailand. For choosing an area in Phuket: Buying property in Phuket — complete guide for foreign buyers.
