Buy Thailand Property Guide

According to latest report by CBRE – a highest-ranked real estate company, the hotel rates have more than doubled in Bangkok and other popular Thailand cities. The prices of condos in downtown locations have been rising steadily and it is expected that both houses and apartments are going to increase in value over the years. Projected property values in Thailand present opportune time for property investments in Thailand.

As more and more foreigners consider buying a house or an apartment in Thailand, we thought that you should know the legal side of the issue. If you are one of the many potential buyers wishing to make a safe investment and buy a condo, an apartment, land and a house in Thailand, this short guide will list the most favorable options of how to do it legally and safely.

Buy a condo in Thailand

The easiest way to own property in Thailand is to buy an apartment in a condominium as long as foreigners own less 51% of the apartment units in a condominium. When you buy a unit in a condominium, a document is issued to you specifying that after your purchase less than half of the building will be owned by foreigners. Buying a condominium in Thailand remains the easiest and most straightforward option for foreigners to buy property in Thailand.

Buying a House or Land in Thailand

Foreigners are not allowed to own land in Thailand. However, there are ways which overseas buyers use when they want to buy a house or land in Thailand:

• - Foreigners who have lived in Thailand for a long time and have a stable relationship with their spouse or a partner can buy property in the name of the Thai spouse. This option is common among foreigners because it also allows obtaining a mortgage from a Thai bank.

• - Foreigners who want to buy a house or land in Thailand may do so in the name of their company. However, according to Thai laws, foreign ownership of the company cannot exceed 49%. Therefore, when you buy a house in the name of your company, you have to be prepared that half of it will be owned by Thai nationals.

• - The third option is to enter into a 30 year leasing agreement. Although you’ll lose rights to the land or a house you leased once this period is over and you’ll need to renew it. You may also use this option with a Thai spouse or a partner whom you do not completely trust. In other words, your spouse buys a house and then leases it to you for 30 years, this way you can be sure that you will hold ownership of the house for the next 30 years even if the relationship with your spouse will not last.

The government of Thailand is known to be lenient with foreigners who wish to buy property in Thailand and, although there are some legal issues which you need to take into account, buying real estate in Thailand is common among foreigners. It appears that the most legally appealing option is to buy a condo in Thailand, although buying land or a house is also possible, but legally more complicated.

Agents at MyThai.Property know all the ins and outs of the Thai real estate market and are willing to advise you on the legal issues and help you choose your dream house in Thailand.