What the same budget buys on each island
Take Rp 4 billion. In Canggu it pays for a two-bedroom leasehold villa and the pool in its garden. In Phuket it's roughly a 50 m² (≈ 540 sq ft) one-bedroom condo. New Phuket condos sold at a median of THB 144,000 per m² (C9 Hotelworks, May 2025), or about Rp 78 million at September 2026 exchange rates.
Our Bali catalog runs cheaper per meter: Rp 41.8 million per m² for the median villa and Rp 61.4 million for the median apartment. Quality doesn't explain the gap. Thailand sells foreigners mostly condos, because that's where they can own outright, and a condo tower carries its lobby, lifts and shared pool in the price.
| What | Bali | Phuket |
|---|---|---|
| Median new condo or apartment | Rp 61.4 mn | About Rp 78 mn |
| Median villa | Rp 41.8 mn | Freehold not open to foreigners |
| What Rp 4 bn buys | 2-bedroom pool villa | 1-bedroom condo, about 50 m² |
Source: Rise Real Bali catalog, September 2026; C9 Hotelworks via Thaiger, May 13, 2025; baht converted at about Rp 540 (Trading Economics, September 23–24, 2026)
Ownership: Thailand's freehold quota against Bali's leasehold
Thailand gives a foreigner something Indonesia doesn't: a freehold title in their own name. The catch is the Condominium Act. Foreign buyers together may hold no more than 49% of a building's saleable floor area, and the money has to arrive from abroad, backed by a bank's foreign exchange form. A proposal to lift the quota to 75% has sat under study since late 2024 and hasn't become law.
Land and villas are a different story. A foreigner can't own Thai land, so sellers offer villas on leases, and Thai law registers a lease for 30 years at most. In March 2025 the Supreme Court (case 4655/2566) held that courts won't enforce renewals promised at signing, the familiar "30+30+30", beyond the first term. The government shelved a plan for 99-year leases in September 2025.
In Bali a foreigner doesn't own land either. Most buy a leasehold of 25–30 years with an extension written into the contract. Residents may register Hak Pakai, the right-to-use title, on a house from Rp 5 billion, and it renews under statute. For a commercial rental, a PT PMA, the foreign-owned company, holds the land on a right to build (HGB).
Phuket
- Condo freehold in your own name, as long as foreign buyers stay inside the building's 49% quota
- Villas and land on leases of up to 30 years
- No enforceable renewals
- Purchase money wired in from abroad
Bali
- Leasehold of 25–30 years, extension by contract
- Hak Pakai for residents on houses from Rp 5 bn
- A PT PMA with a right to build (HGB), for a rental business
- No freehold land for foreigners
Source: Thai Condominium Act, section 19; Civil and Commercial Code, section 540; Supreme Court judgment 4655/2566 of March 18, 2025, via Addleshaw Goddard and Siam Legal; Nation Thailand, September 2025; PP 18/2021; Kepmen ATR/BPN 1241/2022
Want the numbers for your budget?
Gusti Ayu will send the net yield math for your budget on WhatsApp.
Rental yields: gross in Phuket, net in Bali
Most Phuket yield figures you'll see are gross. Global Property Guide put Thailand's average at 6.49% gross in the first quarter of 2026, and agencies selling in Phuket quote 5–8% gross and 4–6% net for condos. Nobody publishes measured occupancy for private Phuket units, so treat any single number with care.
Our Bali figure is net: 6–10% a year on a managed villa after management, upkeep, empty nights and tax, and 8–12% in the strongest spots. That's the comparison that matters. Our rental yield guide shows how we get there area by area.
Many new Phuket condos come with a guaranteed return for the first few years. The guarantee is a developer's contract, not a measure of the market, and it ends on a fixed date. Ask what comparable units earn without one.
- 8–12%
- 6–10%
- 4–6%
Source: Global Property Guide, Thailand rental yields, Q1 2026; Phuket agency estimates, 2026; Rise Real Bali yield model, September 2026
Taxes when you buy, hold and rent out
Buying in Thailand costs a 2% transfer fee on the appraised value, usually split between the parties. The seller then pays either a 3.3% business tax, if they've held the unit under five years, or 0.5% stamp duty. The famous 0.01% transfer fee, extended to June 30, 2027, applies only to Thai individuals.
Rent is where the two systems differ most. Thailand withholds 15% of gross rent from a non-resident. A Thai tax resident pays progressive rates of 0–35% after a 30% standard deduction. Indonesia takes a flat 10% final tax from residents and 20% withholding from non-residents, with no return to file on that income.
| Tax | Bali | Phuket |
|---|---|---|
| On purchase | Transfer duty up to 5% on titles, none on a lease | Transfer fee 2%, often split |
| On sale | 2.5% final tax on titles | 3.3% business tax or 0.5% stamp duty |
| Each year | Land and building tax up to 0.5% of assessed value | 0.02–0.10% for residential property |
| Rent, resident | 10% final | 0–35% after a 30% deduction |
| Rent, non-resident | 20% withholding | 15% withholding |
Source: Tilleke & Gibbins and Nation Thailand, July 2026; HLB Thailand, 2026; Thai Revenue Department; Law 1/2022, Articles 46–47; PP 34/2017; PP 34/2016; Income Tax Law, Article 26
Supply and demand in 2026
Both islands are working through a wave of new supply. Colliers counted 44% of Phuket's 2025 condo launches in a single area, Bang Tao. Phuket hotel occupancy slipped 6% in 2025 while room rates rose 5% (C9 Hotelworks, March 2026).
Bali shows the same pattern in its villa areas. Pererenan added 45.6% more short-let supply in a year while each listing earned 27.9% less (AirROI, September 2026). Arrivals have leveled off on both sides: Thailand's foreign arrivals were down 3.08% for January to August 2026, and Bali's down 1.98% for January to July.
Source: Colliers Thailand, March 25, 2026; C9 Hotelworks, Phuket Hotel & Tourism Market Update, March 2026; Ministry of Tourism and Sports of Thailand via Nation Thailand, September 3, 2026; BPS Bali via Antara, September 1, 2026; AirROI
Residency: Thailand sells it separately
In Thailand, buying property doesn't bring a visa. Residency is a product of its own. Thailand Privilege membership runs from THB 900,000 for five years (Gold) to THB 1.5 million for ten (Platinum), and the Bronze tier closes on September 30, 2026. The 10-year LTR visa for wealthy applicants needs assets of roughly Rp 18 billion, about half of it invested in Thailand.
In Indonesia, the link runs the other way. A right-to-use title needs a stay permit such as a KITAS or the Second Home visa first. Holding a leasehold needs no permit at all, which is why most overseas buyers start there.
Source: Thailand Privilege, tier comparison, 2026; Emerhub and HLB Thailand on LTR, 2026; PP 18/2021
Which island fits which buyer
Decide first what the money should do: earn rent or hold a permanent title.
Phuket fits if
- You want a freehold title
- You'd rather hold an apartment than run a villa, with its staff, pool and bookings
- A lower net yield is an acceptable price for a permanent title
Bali fits if
- You want a pool villa on a mid-range budget
- Net rental income above 6% is the goal
- The lease term is priced into what you pay
Source: Rise Real Bali buyer practice, 2023–2026
Compare a real Bali villa with your Phuket shortlist
Send us the Phuket unit you're considering and your budget. We'll match it with villas from our catalog at the same price and run both on net figures, with the lease term priced in. If the Bali side doesn't win on net, we'll say so. Our 10-year model in Is Bali property a good investment? shows how we treat the exit.
What this means for buyers
- Rp 4 billion buys a two-bedroom pool villa in Canggu or a one-bedroom condo of about 50 m² in Phuket.
- Bali nets more: 6–10% on a managed villa against 4–6% agencies quote for Phuket condos.
- Thailand offers condo freehold within a 49% foreign quota, but villa leases stop at 30 years with no enforceable renewals.
- Compare net yield only, and price the Bali lease term into the deal.
Next step: Beyond Bali: Lombok, Sumba, Flores and Nusa Penida for Property Buyers
FAQ
Is it better to buy property in Bali or Phuket?
For net rental income, Bali usually wins: 6–10% net on a managed villa in our model against 4–6% net that agencies quote for Phuket condos. For ownership, Phuket wins, because foreigners can hold a condo freehold within a building's 49% foreign quota.
Can foreigners buy a villa in Phuket?
Not as freehold. Thai land is closed to foreign ownership, so sellers offer villas on registered leases of up to 30 years. The Supreme Court ruled in March 2025 (case 4655/2566) that courts won't enforce renewals agreed at signing beyond that first term.
What rental tax does a foreigner pay in Phuket and Bali?
Thailand withholds 15% of gross rent from non-residents, and residents pay 0–35% after a 30% deduction. Indonesia charges tax residents a 10% final tax and withholds 20% from non-residents.
How much does a condo in Phuket cost per square meter?
New condos sold at a median of THB 144,000 per m² (C9 Hotelworks, May 2025), about Rp 78 million at September 2026 exchange rates. The median apartment in our Bali catalog asks Rp 61.4 million per m².
Does buying property in Thailand give you a visa?
No. Thailand sells residency separately through Thailand Privilege memberships, from THB 900,000 for five years, or the 10-year LTR visa. In Indonesia, a stay permit comes first if you want a right-to-use title, and a leasehold needs none.
How we know this
Bali prices per square meter are medians from our catalog of published listings in September 2026. Phuket prices come from C9 Hotelworks, and we convert them at about Rp 540 per baht, the market cross rate of September 23–24, 2026. Bali net yield is our model: nightly rate times occupancy, less management at 18%, upkeep and vacancy at 12%, and the owner's tax. Phuket yields are the figures published by Global Property Guide and by local agencies. No independent measure of private unit occupancy exists there. Legal points rely on Thailand's Condominium Act, Civil and Commercial Code and Supreme Court judgment 4655/2566, and on Indonesia's PP 18/2021. Treat the tax rates as orientation. Your own case depends on residency and on the tax treaty between Indonesia or Thailand and your home country.
- C9 Hotelworks, Phuket market updates, May 2025 and March 2026
- Colliers Thailand, Phuket residential roundtable, March 25, 2026
- Global Property Guide, Thailand rental yields, Q1 2026
- Thai Condominium Act, section 19; Civil and Commercial Code, section 540
- Supreme Court of Thailand, judgment 4655/2566, March 18, 2025, via Addleshaw Goddard and Siam Legal
- Tilleke & Gibbins and Nation Thailand on transfer fees, July 2026; HLB Thailand on rental income tax, 2026
- Thailand Privilege, membership tiers, 2026
- Ministry of Tourism and Sports of Thailand, arrivals January–August 2026; BPS Bali, arrivals January–July 2026
- PP 18/2021; Kepmen ATR/BPN 1241/2022; PP 34/2017; Income Tax Law, Article 26
- AirROI, Bali short-term rental data, September 2026; Rise Real Bali catalog and yield model
By Dmitrii Rogov, Rise Real Bali.
Rise Real Bali is a real estate agency in Bali. We write from the deals we handle and from public data, and we name our sources.
This report is published under the CC BY 4.0 license. You may quote, republish and use the figures and text commercially if you credit "Rise Real Bali", name the license and link to this page. Photos and renderings are not covered by the license: their rights belong to the developers and other rights holders.
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