Thailand has always been the hottest destination for tourists from around the world who come here to soak in the tropical coastal climate and enjoy the nightlife. In the past few decades, Thailand has emerged as a popular destination for real estate investment by foreign nationals as the vast majority of them are interested in buying holiday homes and beachfront properties for the short term, and long term stays. If you are thinking of buying a Thai condo for sale or any other real estate in Thailand, there are few things you must consider before investing your hard-earned money as a foreign national.
Thailand has emerged as an ideal real estate investment destination in the last two decades
Thailand is a tropical paradise and an ideal place for retirement if you want to spend the latter half of your life in a peaceful yet cosmopolitan environment. Thailand is not only about Bangkok and its nightlife. There are some exotic places like Phuket, Koh Samui, Krabi, Phi Phi islands which have world-class beaches and rolling mountains that are easily accessible by air. Thailand might seem like an ideal place for real estate investment, but it is important to know all the facts before buying property in this beautiful country. Thai rules and regulations differ for foreign nationals, especially when it comes to buying real estate in Thailand.
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Ways to own real estate in Thailand
There are two ways of owning real estate in Thailand. One is leasing a property for a 30-year lease. This usually happens when a foreigner marries a Thai woman who purchases the land and stipulates a lease with the foreigner. It is important to ensure the information on the deed is accurate, and the property you have leased has a clear title. The other option is setting up a limited company in Thailand that must be 51% Thai owned with the lone exception for U.S citizens who have a treaty with Thailand for full ownership. The immigration officer has to be notified once the Thai ownership signs over the company to you.
Due to the restrictions of buying land in Thailand for foreign nationals, it is recommended to buy a condo or an apartment as a foreigner can buy 100% of a condo or an apartment outright. This is the easiest and uncomplicated way to own a property in Thailand. The buildings which have condos, 49 percent of the units are designated for sale to anyone. Almost 20 percent of condos in Thailand are owned by foreign nationals who have invested heavily in these units. If you are eager to invest in a Phuket condo for sale or in any other location in Thailand, there are few stipulations in regard to financing. Thai banks vary in giving housing loans to foreign nationals, and this is true for foreigners who have been living in Thailand for several years and holding work permits. If you haven’t lived in Thailand, it is better to secure a housing loan from your own country as the property is going to be in your name and the money has to come from overseas anyway.
Avail the services of a reputed real estate agent and an experienced lawyer before investing in Thailand real estate
While buying real estate in Thailand, it is important to perform due diligence to ensure your investment is safe. Property developers have mushroomed in Thailand in the past two decades as the government has relaxed norms to boost real estate in the country. Make a site visit and ensure that the quality of construction of a condo is not compromised. Hire the services of a reliable real estate agent and an experienced lawyer before buying a property in Thailand as they will assist you in finding the right property, ensuring that your investment is a good one.