Acquisition of Thai property: Everything you need to know

Buying Thai property

Regarding the purchase of land, house, or villa in Thailand, these transactions for foreign citizens are prohibited, but there are two exceptions. First, you must open your own company in the Kingdom, which will act as a buyer. However, there is one caveat: 60% of this company must be owned by one or more co-owners who are citizens of Thailand. The second exception is to invest at least ฿40,000,000 in the Thai economy and obtain permission to purchase land from the Ministry of the Interior. By becoming the owner of such a document, you can purchase an area of no more than 1,600 sq. m. Yes, buying land or a house is not easy, but without any problems, you can become the owner of an apartment and more than one.

A condominium is the most common type of multi-storey real estate in the Kingdom. This is not a type of building but a method of management. The peculiarity of condominiums is that the owners of the apartments are also the owners of the adjacent territory, where a swimming pool, garden, fitness club, and parking are usually provided. The area of the condominium is monitored around the clock by a security company. If a foreigner buys an apartment, the adjacent territory will not be listed as his property. Plus, the legislation establishes a restriction: in one condominium, no more than 49% of living space can be owned by foreign citizens.

Purchasing apartments in high-rise buildings under construction and renting them out is a popular way of making money among foreign businessmen. The cost of apartments depends on the region of Thailand. So, in Bangkok, prices start at ฿2,900,000. In Pattaya – at ฿800,000 , in Phuket – from ฿1,800,000.

Buying Thai property

With rental housing in Thailand, things are much simpler. There is only a limitation regarding the maximum lease term for land – 30 years. You can search for a suitable place even at home – many Internet resources today provide such a service. The option found and arranged in advance will be more reliable than searching upon arrival in the Kingdom.

In this matter, the cost of housing also directly depends on the region. The following are approximate amounts, including monthly payments. So, in Bangkok, you can rent an apartment for 9,000 baht and a house – for ฿12,000 ; in Pattaya, an apartment – for ฿8,000, a house – from ฿10,000; in Phuket, an apartment – from ฿10,000, a house – from ฿12,000. The cost is also affected by the remoteness of housing from the sea and the city center, the degree of furnishing, and equipment with household appliances.

If a foreigner comes to Thailand for a long time, the landlord usually offers to conclude a long-term contract for 1 year. However, it is better for the first time to make a deal for a short period, for example, for 1 or 3 months. This will allow you to look at the place and, if necessary, find a replacement. If the contract is designed for 1 year, its termination is not prohibited, but the return of money, in this case, is not provided.

Benefits of exclusive property in Thailand

Real estate in Thailand is a tasty morsel for those who have visited this tropical paradise at least once. Here, vacations always go one hundred percent, and many who have visited this country at least once begin to think about how to buy property in Thailand. This will allow you to relax here with the maximum degree of comfort.

In addition, real estate in Thailand, the relatively reasonable prices, can become an additional source of income. Many vacationers in Phuket are more concerned about rental prices than other issues. Wanting to spend their vacation as conveniently as possible, many ignore hotels and want to rent a house for a short time. And in Pattaya, real estate prices can please vacationers with their affordability. Those who managed to buy real estate in Thailand on time, rent it out, and earn good money by discovering such a source of finance.