Buying Property in Thailand is a popular choice for many foreigners and tourists who want to own a piece of the ‘Pearl of Asia’. The tropical paradise offers breathtaking beaches, rich culture, and sumptuous cuisine. In addition, the country is known for its affordable housing prices and friendly locals.
Bangkok is a vibrant city that offers a unique mix of east-meets-west attractions for tourists and expatriates alike. It’s also an easy hub from which to visit world-class beaches and other parts of Southeast Asia.
Condominiums are a common way for Thais and foreigners to purchase property in the capital. However, it is important to note that there are certain restrictions when buying a condominium as a foreigner.
One of the most obvious is that foreigners can only own a condominium if it is licensed and registered under the Thai Condominium Act. It’s also worth remembering that you cannot own the land on which the building is situated.
If you’re interested in purchasing a new condo, make sure you perform due diligence on the build quality of the development before you sign on the dotted line. Even developers who brag about their construction being ‘European Standard’ often fall short when it comes to the actual quality of their units.
A good property lawyer will help you avoid the pitfalls that can occur when buying a condo. He or she will ensure you’re aware of all the legal requirements and guide you through the process.
The first thing you should do is to hire a local real estate agent to show you around the various properties in Thailand. Then you should make a decision on which one is best for your needs.
Another option is to buy a condominium unit directly from a developer. This is an effective and convenient way to get your foot in the door of the real estate market, but it’s important to know your rights before you commit to a purchase.
You should also ask for a building survey before you commit to a property purchase, this will give you an idea of what the state of the property is like and whether it’s in sound condition or not. You should also speak to a specialist to determine the value of the property and any potential risks you might face.
As a rule, most Thais will be happy to rent out their apartments to visitors as long as they can prove the lease agreement has been registered with the local Land Office. If you’re planning to do this, you will need to pay the relevant monthly fees and taxes that apply to this type of accommodation.
There are a number of different types of property that can be purchased by foreigners in Thailand, including landed properties and condominiums. While the laws do not allow you to own a landed property directly, it’s possible to set up a company that will purchase freehold properties for you.
The company must have a minimum of 51% Thai ownership, and you will need to have a qualified lawyer oversee the transaction. The process is complex and requires a lot of attention to detail, so it’s important to work with a reputable Thai lawyer who can take care of all your requirements.