This site uses Akismet to reduce spam. Foreign ownership of condominiums in Thailand is in the rise as it is by far the easiest way for foreign nationals to own a property here. There are many different types of condos you can buy. The fact that I saw growth in prices and demand gave me certainty, but is it possible to continue in the current economic situation and would a change in this affect you in the long run? Buying a property is one of the biggest decisions we make in our lives. The only exception is if you have a high end unit that you can rent out for 50K+, but that unit would cost a lot in the first place. It is possible to buy a Thai condo while living abroad, and most of the steps above are the same. I would estimate that you could furnish an average one bedroom apartment from one of the above shops for around 80 – 100,000 Baht. Our premium subscription includes reviews of major condo developers in Thailand. Hospital: You can schedule an appointment at a reputable private hospital in Thailand for any treatment you need. They’re also a cheap way to send money to other countries as well. Foreign nationals are permitted to buy a condo (freehold) without restriction, but only in a building where more than 51% of the total number of units are Thai owned, otherwise foreign nationals are restricted to a leasehold condo. Thanks, Thanks – working on some of those already . Thai Condo Values Are Too High. As I have said already in this article a couple of times, it can be difficult to sell a condo in Thailand. 30,000). My former marketing manager now went ahead and started an agency to provide that service to other companies. If you’re buying an apartment in Bangkok, you’re also hoping that the economy will improve enough over the next few decades to allow Thais to be able to afford (and want) to pay a higher price which is comparable to the appreciation of other asset classes. Overall, it has cost around 2-3 thousand baht, but there will be a time when the kitchen units need changing or the fridge packs in and that is a serious cost to bear. Purchasing a condominium in Thailand is by far the easiest way in owning a property on freehold in the Kingdom. Another identical room in my building has just sold for over 200,000 Baht more than I paid for mine, so things are looking promising in this regard. A key thing to triple check at this point is that the condo can be registered under the foreign quota of 49% of the total rooms. For example, the developer suddenly stops the project and does not give you a refund, then you will need to recruit a lawyer from a large firm. It’s particularly worrying for Thailand as, unlike other countries with a decline of people of working-age, the fall will happen while the country remains an emerging market. It was a huge decision to make, and my friends were divided as to whether it was a good idea. The first is that you have the right to see the condo accounts and attend and vote at the annual AGM. It’s in the center of one of the most dynamic and population-dense areas of the world. Thanks. Don't forget: Companies have to pay taxes. Buying a condo in Thailand, or a serviced apartment, can be at the heart of a long term expatriation. During this time he has started a website, put down roots and experienced a lot of what Thailand has to offer. But now, the harsh realities of its demographics are beginning to catch up to it. GlobalPropertyGuide.com has an interesting article quoting the Bank of Thailand as showing condo prices increased between 2017 and 2018 (based on Q2) but at a slower rate – 4.9%, compared to the previous year. Condo units can be bought for as little as USD 60,000 in the outskirts of Bangkok and you can find luxury units for millions of dollars. Location is a key factor when buying a condo in Thailand. Most of us don’t have Thai employees to do this for us, so a lot of people look into agents. The popularity of this practice may stem from the fact that condominiums are the only properties that foreigners can own free hold or that which can be registered in their own names. So now you have decided to buy a condo and have to start doing all the paperwork and arrange for the finances to be in place. You might consider using a lawyer so to avoid any problems or the seller trying to pull a fast one and make you pay fees that aren’t your responsibility. Do your homework first and don’t let emotions get the better of you, especially with impulsive decisions. Downtown area is another popular location with available premium and budget condo options with price starting from million and a half toover twenty millions baht. Foreign buyers can own a condominium in their own name, freehold; Due to the 1979 Thailand Condominium Act, foreigners can own condominiums anywhere in Thailand 100% outright, as long as the building has not already sold its 49% foreign quota. It isn’t ideal but if you are renting to a friend or someone you trust, it might not be a huge issue. You are not restricted to only being allowed one FET form. And looking into rental. Even with underdeveloped financial markets, household debt in Thailand currently accounts for 80% of GDP this year. This is one of the easiest and most clear-cut methods for Foreigners to Buy Real Estate in Thailand. Away from the central zone of Bangkok, you will find more reasonably priced condos, especially away from public transport. You can find an agent through either your condo manager or by looking online at the numerous property sites and dropping them an email. Can foreigners buy property in Thailand? Property Asia a leading property portal website in Thailand. Most importantly, you must own this property for at least three years before you can apply for the IM visa. Buying a Condo in Thailand A foreigner may buy and own a condominium in Thailand . It is a hive of activity and naturally a desirable location to live. If you are looking for a VPN provider that's secure, fast, easy to use, and affordable, check out NordVPN. This would be the price of a basic condo away from the BTS / public transport and built by a developer such as Lumpini. But banks are generally reluctant to lend money to non-Thai people. There are some independent builders and buildings which offer a little more variety than the standard Lumpini-style builds. The initial deposits are often very low, perhaps only 10-20,000 Baht and monthly amount can be as low as 5,000 Baht for a property valued at around 1 million Baht. Under the right circumstances, buying a condo in Thailand can be a rewarding purchase and a good investment. Thailand faces the so-called “middle-income trap” wherein its labor becomes too expensive to supply a cheap workforce, but not advanced enough to transition to a high-tech service economy – so the country has no other option but to economically stagnate. Now the average monthly rental fee for a condo starts at 14,000 baht a month. They are slightly more expensive than the likes of Index and the quality and variety is better. It also tells you which ones you need to pay yourself, and which ones the seller should be responsible for. Consequently, it cannot depend on automatization technologies to make up for the shortfall. For example, if the World Bank forecasts a contraction of about 10% in the working-age population between 2010 and 2040, then it’s not unreasonable to assume a contraction or stagnation in the economy if production capabilities don’t improve at a rapid enough pace. I wouldn’t recommend buying a property while living abroad, as I would want to see everything first hand and check on all the little details before I signed the contract. In the two AGMs I have been to, there have only been minor votes such as to keep the maintenance fee at the same price and to employ an extra security guard. Chiang Mai’s real estate market. The shortfall is dampened thanks to technological advances. Location is a key factor when buying a condo in Thailand. Prices can reach eye watering levels, but if you want the best, this place is where you should head to. In my case, the condo was part of a building owned by a large company, so I didn’t feel like I needed to do any background checks. Another good option is to to head to the Crystal Design Center, often called CDC, which is located between Ramintra and Ladprao in Bangkok. They often have high end condo developers advertising on news articles and banners, so you might find something interesting there while reading the latest news about Thailand. This should be signed by you and the developer if buying a new build condo. Compare 33,719 condos listed for sale in Thailand on the most popular real estate portal in Thailand. If you buy an old condo then there is the possibility it will be quite dated and in need of a new lick of paint to smarten it up. Else, you can take a look at the in depth guide to lawyers website on this site to find out more about finding a lawyer in Thailand. As mentioned above, buying a condo is the most simple and hassle-free way for foreigners to own property in Thailand. Purchasing a condominium in Thailand is by far the easiest way in owning a property on freehold in the Kingdom. Because of this, some foreigners decide to register their condo under their Thai partner’s name. Feel free to get in touch. Most important votes require a percentage of voters to pass, so perhaps if there was a key decision to make, more people would turn up. Here’s Why You Shouldn’t, Don’t Buy From Property Developers in Asia, Top 10 China Property Developers: A Complete Guide, Why You Shouldn’t Buy Vietnam Real Estate, Top 10 Vietnam Property Developers: A Complete Guide, Real Estate Agents in Asia: The Ultimate Guide, Top 10 Cambodia Property Developers: Complete Guide, Great Lockdown: Why Southeast Asia Will Outperform, Investing in Japan Property: The Ultimate Guide, Investing in Vietnam Property: The Ultimate Guide. If you have a large budget for furniture then you have a few more options. Disclaimer: This article may link to products and services from one or more of Expat Den’s advertisers. This drastically reduces real estate growth potential in Thailand. … Buying a condo in Thailand is cheap and easy because condo-building is booming [see these videos]. If you have a higher budget and are looking for something with a bit more quality then your first step should be to the furniture stores found in pretty much every shopping mall. There are of course many other laws and regulations which I will go into in more depth later and give you examples of what they could mean to you. Do your homework first and don’t let emotions get the better of you, especially with impulsive decisions. Thailand is full of markets which have wonderful nicknacks to brighten your place up and make it unique. There are a few very important documents you will need during the process of buying and registering your new condo. The owners had planned to make the top floor into two huge, 1250 sq meter penthouses but never got around to completing the project. Intended to boost the country’s foreign investment, the Thai government have for some time, gave a leeway for foreigners to own real estate in the country. In this section, I’ll give you information and observations based on my personal experience. buying a condo, using a real estate agent can free up a lot of your time. It feels like a prison cell. themselves to sellers and promote both new and used properties. There are no legal requirements in terms of timing, but it seems normal that from the deposit being paid most sellers expect completion within 30 days. The money used to buy a condo must be paid from outside of Thailand; You can read more about these rules and how to buy a condo in our complete guide to buying a condo in Thailand. Find 29905 listing of Condos for sale in Bangkok. The best bet is to use an agent to help promote your property across many different platforms and languages. A famous location in Pattaya is in the central area since it has a panorama sea view, close to the walking street, and Central Festival. You can save up over time, and in the future, the banks might offer foreigners mortgages which are affordable and accessible. Given the complexities involved in buying and selling a condo Thailand, as well as transaction costs, you’re possibly investing for decades when you purchase real estate here. 1 bedroom and 1 bathroom at Nara 9 with living area 39 Sq.m and fully furnished. While the laws governing inheritance of a condominium in Thailand are favourable to foreigners, you might nevertheless consider buying a condo through an offshore company. Thai law only allows foreigners to buy condos in certain circumstances. You will also have to have your passport and any other official documents (work permit, visa, marriage certificate etc) photocopied and come with the originals too when buying and transferring the property. All Rights Reserved. You can decrease advertisement prices by 5% to 20% off the final condo price. This website includes links to partner companies. New condos are sold with furniture in 99% of cases, but you often need to buy a few extras over the basics which are provided. Thanks! Agents will promote your property and show potential renters around. Agent: I’ve met a ton of real estate agents in Bangkok over the years, and most haven't really lived up to my expectations. I also knew that buying a condo meant I could rent it out in the future should I need a place with more space. However, if you decide not to follow the crowds, and go to Kuala Lumpur in neighboring Malaysia, you can find a similar condominium unit for between $3,000 and $4,000. From sofas to fridges, they have the lot; some things are new, others are secondhand. It is a simple building with basic facilities, but that is all I need. Buying any Real Estate in Thailand be it a house or a condo requires the services of a reputable law firm. This applies regardless whether the 10M baht investment is from a condo purchase alone or in combination with the fixed account and bond investment qualifications. They are not permanent residents. 1. There are many laws that foreigners have to consider when buying a condo in Thailand. I am ashamed to admit I bailed on my last rental property after four months to move into my current place. Buying a Condo in Thailand. One concern I have is, it is on the 3rd floor, nice views from the bedroom window, however, there is an empty lot right in front, looks like a demolition site. The ability for renters to give notice is a major benefit, especially if your circumstances change. Let’s say in the scenario that right now i would need to place a 15% deposit for the condo. House and condo was ok but no luxury.There is no value in buying condos in any part of Thailand imo. I was hoping to pay a deposit of 20% but I’m concerned about paying a 100% up front. 2551 (2008) is an amendment to the original law from 2522 (1979) and provides additional legal protection to those considering buying a condo in Thailand, making developers more responsible. Foreign Ownership Foreigners are allowed to buy and own a condominium unit in Thailand. Because of this, they can broadly follow the evolution to developed nations; wherein they can still supply labor at cheap rates while they advance economically. Index, SB and Homepro are the three main players in the market and will have everything you need to kit out your new pad. In Thailand, foreigners can't own land, but they can own a condo or can they? Real estate agents in Thailand normally charge a fee of 1 month’s rent when they get you a tenant. Too many loopholes. As I said earlier, you need to check with the developer if everything you see in the show room will be included in the final price. After a few years, they instead created thirty-two 64 sq meter condos and launched them in 2014. This is based upon three condos in my area that I visited before construction started. And it has been around this percentage for many years. So there we have it, my experience of buying a Thai condo. What is a condominium, buying a condo, who can own a condo, transfer tax, inheritance, management of a condo, leasehold condominium, sale and purchase and more. If you only have the budget for a studio or a room with just a screen between the bedroom and other areas then I honestly implore you to think again if this is how you really want to live. You can do easily rent a car with HappyCar. You can get a good price for a room that is only a few years old. The British Virgin Islands is a popular choice due to its well-established reputation for smooth administration, and its … As the project goes through different stages and gets closer to completion, the date should become more concrete. A due diligence report is always the best way to go. GlobalPropertyGuide.com shows that rental yields in Bangkok ranged around 5-8% in areas close to the BTS and MRT lines from 2016 to 2018. One thing to note is that these proposed lines will take a minimum of three years to be built, so if you buy now, you will have to make do with other transport forms. As you can see from the table above, it is definitely in the entry level guide and I would agree with that assessment. If owning a property is an Australian retiree's primary choice then he can do so on freehold but only on condominiums. attitude from many people towards buying. Great if you are buying yet what happens when the buyer rents and scams the tenants? If you aren’t ready to buy, you can still rent an apartment. Yet, if you go to Bangkok, it’s very difficult to find a condo in the city center for anything less than $7,000 per square meter. Future BTS, monorail and MRT lines in Bangkok mean developers are starting to buy up land near proposed lines and building condos. Buy Rent Sell Popular Regions in Thailand Explore your real estate options across different property markets in Thailand. Outside of Bangkok, the next most popular location for condos is Chonburi which includes Pattaya and Jomtien, the (in)famous beach resorts. You can read Thailand Starter Kit: Save Cash, Land a Job, Avoid Pitfalls, and More! Looking online is the easiest way to find condos to buy in Thailand. You’ll find many places for sale. You can own 100% of your condo. When you are looking at buying a condo in Bangkok, take your time. If you are looking at buying a condo in Thailand, then you are more likely to look at buying a condo in Phuket or a condo unit in Bangkok or Hua Hin.The property market in Bangkok is always changing as more people are looking at developments on the outskirts of the city or close to the BTS or MRT stations. Buying a condo unit in Thailand is a fairly simple process. an agent. Great info, I’m looking into buying one in Chiang Mai. Is this still the case, as sonebody else told me that foreigners can actually now own 100% of a condo? Buying a Condo in Thailand. It’s a quick way to find a place to live and completely free for you. For me, this was around 12,500 Baht and was a one off payment at around the same rate as one years worth of maintenance fees (see below). However, I have been told that I need to pay the total in cash? Over time, this leads to underdeveloped financial markets and makes property financing more expensive and difficult, as what few organizations there are can charge a premium. This information is rarely available on other websites. If you are living abroad and trying to do this, it becomes even more difficult. Property values in Bangkok have shot up in the past 15 years which has translated to a ‘hands off’ approach from the government. They pay with no deductible for all inpatient and outpatient treatment. If you buy an older unit then there is the chance that the owner will want to take the furniture with them, so either check to see if it is included or whether you can make an offer for any items you want. In terms of insurance, you should look to get a policy which covers contents and damage to the building. The information in this guide is sourced from credible news sources, Thai agency websites, forums, Facebook groups, interviews from visa experts, fellow expats’ experiences, and my personal experience as a tourist, then as an expat. Serviced apartments much more legit. Condo purchase or buying a condo in Thailand seems to be the most popular real estate transaction among foreigners in the Kingdom. I have owned my place for around twenty months and so far, I have had to replace two taps, the shower unit and the toilet hose. We talk about it as in of our 100+ exclusive pieces of content available only to our premium subscribers. 4. You can check out our Thailand premium subscription to find out in-depth review information of major condo developers in Thailand, how to get discounts, avoid these hidden expenses, and save your self $1000s a year. ExpatDen: Thailand Community: Join our Facebook group of knowledgeable Thailand expats to share your questions and answers and become part of the Thailand expat community. For more in depth information, take a look at Karsten’s article on accommodation in Bangkok. However, you would do well to consider property values in the neighbourhood, the cost of living in the area, and HOA (Homeowners Association) fees when tallying up final costs. In terms of the transfer fee, I agreed to split it 50/50 with the seller and paid just under 30,000 Baht. Five minutes from where I live is a Lumpini condo, and looking online shows that 127 units are up for rental, each of them identical in terms of size, price and decoration. He made sure everything was clear and in order, and... Leon Bonaventura. This point is very important, the money must arrive in Thailand in your own currency and then be converted by the Thai bank. Here, you will find numerous Sathorn condominiums and apartments for sale that perfectly fit your specified criteria. KellerHenson has a good list of condo you can buy in Bangkok. Accounting: Banchee Legal House can help your company with accounting, taxes, payroll, and social security at rates you can afford. As an example an investor can buy 2 condo units at 5 MB each or alternatively a 4 MB condo and deposit the remaining 6 MB in a Fixed Deposit Account; just as long as the minimum investment requirement of 10 MB is fulfilled. Buying a Condo in Thailand. Another online source which I don’t use to find condos but which has actually promoted a few is the Bangkok Post news website. If you need help finding a lawyer, I can put you in touch with a lawyer I feel comfortable recommending. There is very little restriction in owning a Condo in Thailand unless there are more than 50% of foreigners living in the same place. Most people compare the size of a condo in meters squared to determine the value and rental potential of a property. When not working Richard is normally playing sport, scuba diving or planning a new vacation. Soon after the Great Recession in 2008, buying a condo in Thailand might have been a good idea. You can contact them if you find something interesting. The cost of a one week trip to Thailand would probably be only slightly higher than the legal fees of hiring a lawyer to do all these steps for you. One big decision which many Thai/Foreign couples need to decide on is whose name the condo should be registered under. Soon after the Great Recession in 2008, buying a condo in Thailand might have been a good idea. for Canadian Citizens. There are two pieces of advice I want to pass on about the type of condo you buy. In this article, we’ll discuss why there isn’t as much upside potential left in Thailand when compared to nearby countries like Malaysia and Cambodia. Buying a Condo in Thailand. If interested in this type of residential property, the most common choice is purchasing a freehold unit. It seems like a reasonable investment but I would still be wary when it comes to buy to rent in Thailand. Prime locations in Phuket rival the high end Bangkok properties, while condos in smaller towns and cities are similarly priced to those on the outskirts of Bangkok. 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