Thailand Property For Sale
Guide to Buying Property in Thailand
Thailand is often ranked as one of the most livable places in Asia, if not in the world. Thailand property market is valuable for several reasons; it’s friendly people, good infrastructure and healthcare facilities, excellent food, pristine beaches – most importantly, good value for money – make it one of the most attractive places to retire.
Bangkok and Chiangmai not only sit at the heart of Southeast Asia but are also only a few hours flight journey away from key Asian metropolises such as Hong Kong and Singapore.
Thailand property regulations allow foreigners to own property with relative ease. You have two main options: you can either buy a house or a condominium.
Buying a condominium is a better option than buying a house, due to restrictions regarding land ownership by foreigners. You might have to form separate companies in which Thai nationals have more than 51% ownership if you prefer to buy a house. It is doable but you can save the hassle. Thailand property market is also flexible. Recent changes in law have made it possible or foreigners to have full ownership of the house under their own name. This is because condominium buildings usually already have an ownership structure that is split between Thai name (51%) and a foreign name (49%).
If you are planning to buy Thailand property that is under construction, you can do so by paying 20% to 30% deposit and advance. To enter Thailand property market, you don’t need to be there physically in person: all you need is a legal representative who can process the purchase on your behalf by using your passport and personal details.
Foreigners must follow standard procedures while buying Thailand property. They must have foreign currencies sent to Thailand via international bank transfer. (This rule applies to those foreigners who might be residing in Thailand and earning money in Baht.)
Banks in Hong Kong, Singapore and Malaysia have loan schemes for those exploring Thailand property market with a view to own Thailand property. As for your investment returns, Bangkok offers rental yields of up to 6% while this could go back to 8% in some tourist areas, and higher, if it is rented short-term. In Bangkok, it is important to be close to the metro: locations within 100m to 200m distance to the metro garner premium price.
As for the visa, there are no government schemes that provide visa with the purchase of property. However, some builders can help get you a special 5-year visas but most foreign buyers can stay in the country on a multi-tourist visa for up to six months a year. There is also a retirement visa for those above 50 years of age.
On the whole, buying a condominium is an easier route to owning a property in the kingdom, even though many foreigners in place such as Phuket do own houses. It might also be easier to sell condominiums than houses; hence an easier exit strategy in the end.
Owning a property in the Land of Smiles is no longer a distant dream. If you want to fulfill your dream of owning your own pad in Thailand, all you need to do is start researching and planning now.