If you have ever visited Thailand’s exotic beaches, wandered its eclectic streets, or enjoyed some of its world-renowned cuisines, you’ve probably found yourself daydreaming of living in this beautiful country at some time or another. But many people unfortunately never get past the dreaming stage, thanks to the common belief that it’s tough or even impossible to be a foreigner in the Thai real estate market.Strict Laws On Foreign Ownership
Thailand has earned the stigma of being a tough market for foreign buyers thanks to a law preventing non-Thai natives from buying land outright. While there are ways to get around those laws, including the ability to hold up to a thirty-year lease on a property, those longing to buy a property outright may feel that their options are limited. But it is not necessarily the case.
How foreign buyers can own a 100% Freehold Property in Thailand
What many people don’t know is that foreign buyers are free to purchase condominiums outright, as 100% freehold properties, as long as a certain percentage of the units within that particular development are owned by native Thai people. Some condominium developments do not even have these restrictions, depending on the types of permits that were obtained by the developers themselves. But for many properties, the percentage of Thai buyers within an individual development only needs to be 49 percent, which leaves over half of the property open to foreign buyers. If that percentage has already been met, but a foreign buyer has their heart set on living in that particular development, they may still be able to lease a unit, and possibly buy it outright eventually. Foreign Buyers Flock to Thailand for Condos
The ability to buy a 100% freehold property in Thailand makes condominiums a popular choice among foreign buyers. This has led to an influx in the number of developments being built, particularly in Bangkok, in recent years. Potential buyers often have their choice of locations, styles, and amenities. From luxury high-rises in the urban Bangkok market to holiday homes near the beach in the popular party city of Pattaya, to a tranquil hideaway in beautiful Phuket, there is a condo for every buyer’s tastes and needs.
If you’re thinking about buying a condominium in Thailand, and particularly in Bangkok or one of Thailand’s other major cities, it is a good idea to start doing your research early. With the great number and wide variety of options available, it can be difficult to narrow down your options. If you find yourself getting overwhelmed, Terra International Realty can help you home in on your options and find the property of your dreams. By getting started on your property hunt as quickly as possible, you’ll not only get the chance to discover all that Thailand has to offer to potential buyers, but you’ll also be able to snap up units in popular new developments before they hit that 49 percent. This is likely to save you money, depending on the development.
There’s never been a better time to break into Thailand’s growing real estate market. Buying now not only means that you’ll be able to find a property at an appealing price, but it also means that you’ll be likely to see that property increase in value in the coming years.