Real Estate and Property Ownership in Thailand

The territory of Thailand lies in the heart of Southeast Asia, covering the area of 511,771 sq km that is divided into seventy six provinces. It has maximum dimensions of around 2,500 kilometers north to south and 1,250 kilometers east to west, with a coastline of approximately 1,840 kilometers on the Gulf of Thailand and 865 kilometers along the Indian Ocean. Thailand is divided into four natural regions. These regions are the North, the Central Plain or Chao Phraya River Basin, the Northeast or the Korat Plateau and the South or Southern Peninsula.

The Modernization of Thailand

Bangkok and most parts of Thailand have already been modernized. There are a lot of house, condominiums and apartments that are constantly being built to support the current population and the numerous immigrants flocking to this gifted land. In choosing the right place to live in means choosing the right location. Bangkok is vastly spread out, as the city has approximately 8 million in total population. Thailand is actually as populated as the U.S. west coast.

The Laws for Foreigners Buying Land in Thailand

Certain laws of Thailand forbid non-Thai nationals from owning land. In order to purchase a house in Bangkok, it is must for the buyer to also purchase and own the land; however, with the help of professional legal advice, there are smart and feasible ways to work around these Thai property laws. Do you know that a bulk of the people who are buying property and houses in high end societies at the edge of the city are foreigners with Thai spouses? These types of people come in after middle class Thais who also buy a lot of these high end properties. The idea of setting up a 30-year lease with the Thai owner of the land is quite popular among foreign buyers. Also, another solution that foreigners are taking is to form a company that is majority owned by a Thai applicant or partner, while they remain in control of the property. This was once a common method that has recently come under the scrutiny of the Thai authorities.

The Property Purchasing Process in Thialand

Many obstacles arise in the purchasing process, making it riskier than purchasing condominiums and apartments. More of the high end real estate developments are on the outskirts of the city because land availability in Bangkok isn’t as abundant in the center, as it is in its outskirts. Purchasing home in the center of the city is, thus, more costly than buying property away from the city center. Price ranges quite considerably depending on land area, proximity to highways and public transport, and whether or not you choose to stay in the burgeoning number of housing estates that the Thais favor for the prestige. These luxurious estates with heavy security, impressive entrances and a brochure packed with facilities that include sports and social club with pool and fitness centre, exercise parks, restaurants and convenience stores etc. are the hallmark of success in the modern Thailand.

Buying Land in the Countryside of Thailand

Buying land or houses on the outskirts of Bangkok now seems to be a growing trend, because it offers remarkable value for money. Although the land areas are smaller, the developers of houses in Bangkok guarantee quality and avoid the trouble of trying to build in Bangkok or buy a latently defected property. However, serious problems are still faced by those who need to travel daily to central Bangkok for work, as traveling might at times last for unbearable lengths. Renting houses and properties is, thus, more convenient and also one of the solutions to this problem. The choices of rental properties are as follows:

Serviced apartments: These, when rented, are more expensive than rented condos, and many have a hotel-like atmosphere. They also have a relatively higher percentage of foreigner occupation.

Rented condominium units: They offer a wider selection of prices and furnishings, and also tend to have more quiet and less transient occupants. They are rented via real estate agencies by owners individually.

Houses: They are mostly in the outer edge, and provide the maximum amount of space for a given price. However, houses around the CBD are enormously expensive and far less in supply.

Townhouses: These are similar to houses, but comparatively less expensive.

Purchasing a Condo

Purchasing a condominium is still the easiest way to own a property in Bangkok (Thailand). The foreign nationals, however, must fulfill one of these conditions if they wish to purchase a condominium. He or she must be a permanent resident. They must have obtained Investment promotion privileges from the Board of Investment, or lastly, the funds for purchasing the condominium must originate from a third country.

We at Bangkokfinder can guide you through the process at no cost to you. The staff here is English speaking and have been dealing with westerners a long time. Just fill out the contact form.