Bangkok Condos for Sale
If you want to buy a condo in Bangkok, this article should help. Bangkok; glorious city of dazzling sights, exotic scents, great food, and a proud heritage. With all it has to offer, also enjoying the reputation of being one of Asia’s most sought-after tourist destinations. Coupled with the quaint mix of wonderful culture, warm people, and a penchant for modern technology; it has also become a fabulous place to settle down in, beating nearby cities such as Singapore or Hong Kong in terms of property for sale and living costs.
Recent Surge in Real Estate Market
In the 1990s, the Bangkok real estate market saw a rapid rise in condo sales, as urbanization of the city grew, and more opportunities for work and investment opened. However, economics have caused a dip in sales and in building projects, lowering property prices. This has lead to a surge in the buying market as people seek to establish a home in Bangkok by taking advantage of the cheaper deals. Like in most of the world’s cities, the dwelling of choice tends to be for apartments, flats or condominiums, especially in the central district of Bangkok.As they say in any real estate market now is the time buy a Bangkok Condo for sale.
Considering a Condo in Bangkok
Among all the other kinds, a condominium, or condo for short, is the more convenient choice, especially for young, single professionals, couples or small families. Condos offer more privacy and better security, as well as much more available amenities and facilities compared to a normal city apartment. This has been proven correct by Bangkok’s trends: of the 32 condominium projects with condos for sale , set in the central business areas in 2006, 94% have been sold. But how exactly does a person buy a condo?
An interested buyer can an appointment with a real estate agent at BangkokFinder
. After the customer has checked out the condo, a financing method is planned, the papers are set in order, then the renovating, furnishing, and moving in can start. For foreigners however, it’s an entirely different situation.
Legal Considerations to Property Ownership
A condo unit is actually the only property a foreign national can legally own in Bangkok. The qualifications for buying a condo include the following: the foreigner must be a permanent resident or have a residence permit, has a permit to live in the country in accordance to the Investment Promotion Law
, has investment promotion privileges from the Board of Investment (BOI)
, owns some land right under the Land Code, is able to pay the entire amount for the condo unit in foreign currency brought into Thailand, has a bank account in the country, and has proof of his or her presence in the country upon purchase of the condominium.
In addition, there are some restrictions regarding the ownership of condos by foreigners. One is that foreign nationals can only buy condominiums buildings in Bangkok or Pattaya unless given special approval by the BOI. Another is that the number of condo units owned by foreigners in a building must not exceed 49% of the total number of units.
Recent economic events though have led to more chances for a foreigner to buy a condo in Bangkok. A few finance companies have begun allowing non-native residents to take out housing loans or mortgage deals in order to fund a condo deed, but still based on several factors such as monthly incomes, bank accounts or visas.
Indeed, Bangkok is one of the most hip-happening places to live in right now. And those who choose to buy a condo in this city will find that there is no reason to regret the decision. Look around and see all the condo for sale signs then see us at BangkokFinder
to give you a great experience in purchasing your condo in Bangkok.
We hope you found this article for how to buy a condo in Bangkok. Consider us for your Bangkok housing needs; serving the Expat community and relocation to Bangkok for over 12 years with Residential Rentals, Property Sales, and Property Management Services.
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