Thailand Real Estate – Buying Condos, Townhouses and Houses in Thailand
Thai law doesn’t restrict foreign ownership of land, but the process can be complicated without an experienced lawyer. An attorney can help ensure that your property is registered correctly and that you are protected in case of any future problems.
From ancient temples and palaces to a vibrant nightlife, Thailand offers visitors a unique east-meets-west balance. This balance is also evident in the country’s real estate market.
Unlike apartments, condominiums are licensed and registered with the Department of Lands and offer freehold title to buyers. In contrast private ‘holiday apartment’ projects not having condo licenses do not offer ownership of individual units or joint ownership of common areas but merely leasehold apartment rights under a legal contract structure between the building owner and the occupants.
When purchasing a condo it is essential to work with a reputable real estate agent that is knowledgeable about the different types of condos available. Your agent will be able to assist you in finding a property that meets your criteria and can guide you through the entire process of buying and registering ownership.
Foreigners are allowed to own condos in Thailand provided that 51% of the total condominium floor space is owned by Thai individuals or companies. Some luxury condominium developments have hotel licenses which allow them to be rented out on a daily basis (condotel).
If buying villas in Thailand has been a dream of yours, then the team at Conrad Properties can help you realize your dreams. They offer their clients unparalleled service shaped by knowledge, experience and professionalism.
Their site features informative real estate infographics of upcoming and current residential and commercial projects. They also post articles, news and updates about the Thai market. They also have a helpful Facebook page to follow.
This is one of the best sites for new project announcements and analysis. They often provide detailed project previews, quick snippets of news and interesting legal reviews. While their focus is on the thai property market, they also publish international news and analysis. This site is popular among luxury property investors. They have an extensive database of properties and frequently update their information.
Townhouses are great for mixing spaces for living and work, which can be useful for entrepreneurs. They are also a good option for people who want to have more privacy and security than a villa.
However, a villa might be a better choice for investors who are looking to enjoy a tropical holiday retreat. Investing in a Thailand villa can be very lucrative for the right investor, and it can even be a great way to save money on rent.
Foreigners can purchase condos in Thailand as long as 51% of the condominium development is owned by Thai citizens. They cannot, however, purchase a townhouse on their own. If you are interested in investing in Thailand real estate, it’s important to research the laws and regulations carefully before making a decision.
Generally speaking foreigners cannot own land in Thailand but they can buy a house on a piece of land that is owned by someone else. This is because ownership of the land itself is separated from the structure that is built upon it through either a lease, usufruct or servitude.
In this situation the Thai person who owns the land will be charged a transfer tax when you buy a house on his/her land. It depends on if the seller is a private person or a company and will be calculated as a percentage of the appraised value.
Various structures have been used over the years to get around this law including the famous ’30 year lease’. These are however not legal under current Thai law.
The country’s robust tourism industry and a strong expat community ensure strong rental demand for houses and apartments in Thailand. Consequently, rental yields are very attractive.
The simplest method for foreigners to own property in Thailand is by purchasing a condominium unit. This offers a unique freehold title for foreign owners and provides a measure of security.
Another option is to buy a house, villa or townhouse on a leasehold basis. A typical 30 year lease with two subsequent renewals can provide a degree of ownership and control, provided it is obtained through a reputable developer and complies with the law.
Purchasing property off-plan typically involves a significant deposit and commitment. Moreover, it is advisable to hire a Thai lawyer for the purchase to ensure that all steps are completed properly and in accordance with the law.