Phuket vs Bali vs Dubai: where investors should buy real estate in 2026

Phuket — balanced market with a mature legal framework (Thai Condominium Act 1979) and yield focus. Bang Tao, Layan and Laguna are the strongest districts. Well-suited to investors wanting steady income and acceptable liquidity.

Bali — the highest headline yields in Asia but the weakest foreign-owner legal position (no full freehold, only Hak Pakai / long lease). Works for risk-tolerant investors comfortable with weaker legal protection.

Dubai — the only market of the three where foreigners get full freehold in designated freehold zones. The most liquid market with the clearest rules. Higher entry ticket, zero rental income tax, but realistic yield is lower than Asia.

Phuket: freehold on condominium (49% foreign quota) and 30+30+30-year leasehold on villas. Registered at the Land Office. Legally clear with substantial case law.

Bali: freehold (Hak Milik) not available to foreigners. Primary structures — Hak Pakai (~30 years with renewal), long lease (25–99 years), nominee-style structures via PT PMA (foreign-owned entity). Every structure has limits.

Dubai: full freehold in designated freehold zones (Dubai Marina, Palm, Downtown, JVC, Business Bay, etc.). Registered at Dubai Land Department. Full foreign ownership without district-level restrictions.

Phuket: 1-bed in investment districts — from 4–6M THB (~$120–180k). Total transaction cost +7–9% (transfer, sinking fund, furniture, lawyer).

Bali: 1-bed villa in Canggu / Ulun — from $150–220k. Total transaction cost +8–12% (nominee structure, lawyer, inspections). More fragmented market.

Dubai: 1-bed mid-market (JVC, Business Bay) — from $220–300k. Total transaction cost +6–8% (DLD fee 4%, broker, registration).

Phuket: gross yield 7–12%, net yield 5–8%, occupancy 65–85% in top districts. Moderate seasonality with meaningful shoulder-season demand.

Bali: gross yield 10–15% (headline), net yield 6–10% after realistic deductions. Occupancy 55–75%. Highly location-dependent: Canggu and Ulun work, secondary areas don't.

Dubai: gross yield 6–9%, net yield 4–7%. Occupancy 70–85% in proven districts. Low seasonality, but new-supply pressure is meaningful.

Phuket (Thailand): 15% withholding on gross for non-residents, or effective 10–15% via a Thai company. DTAs with most countries are in place.

Bali (Indonesia): 10% withholding on gross for a non-resident individual, or 22% corporate tax via PT PMA (with expense deductions).

Dubai (UAE): 0% tax on individual rental income. Only market of the three with no rental tax — a 1.5–2 percentage point net-yield advantage against Phuket/Bali.

Phuket: average time to sell a quality Bang Tao condo — 3–9 months. Off-plan assignment permitted. International buyers active.

Bali: selling to foreigners is harder due to legal structure. Average time — 6–18 months. Fewer institutional buyers.

Dubai: the most liquid of the three. Average time in top districts — 2–6 months. Large international brokerages (Betterhomes, Allsopp, LuxuryProperty).

Phuket: Elite Visa (5–20 years), LTR Visa (10 years for investors), Retirement Visa (50+). Property purchase alone doesn't grant a visa, but LTR requires ≥$1M in assets, which may include real estate.

Bali: KITAS (work), investment visas via PT PMA. No direct 'buy property, get visa' pathway, but investment through a company creates grounds.

Dubai: Investor Visa (2 years) from $205k property purchase, Golden Visa (10 years) from $545k. The most direct 'property → visa' link of the three.