Thailand Real Estate
Thailand Real Estate
Buying Property Thailand
Planning of starting a new life in Thailand,an investment in property is worth keeping in mind,Thailand has very low interest rates on loans compared to the bank lending rates in the west,although almost impossible for a foreigner to get a loan in Thailand especially for a property,the Thais can keep the property market alive because getting a loan and maintaining it is within their means.
Property values are increasing in Thailand with more foreigners coming here to live and
with more Thais with money to spend,real estate is a good investment although the Thai economy slowing,but real estate continues its growth.
What does all this mean for the expat wanting to buy property in Thailand?
The rules are complex and restrictive so it is something you will want to go into with your eyes wide open and follow the rules.
Foreigners cannot own free hold titles (many expats use their Thai wives name,a balance between love and trust required).
A foreigner can buy lease hold property based on a 30 year lease this can be extended 3 times 30,30,30 a total of 90 years if you are still alive by then I guess they kick you out.
The easiest way to buy property here and the safest is a Condominium there are however 3 main conditions
.Foreign national must be a permanent resident,or
.Investment promotions must be done through Thai investment board,or
.Funds used to buy condominium must be from overseas funds (not Thai bank loan).
There are also limitations on how many condominiums in one building can be owned by Farang.And Bangkok and Pattaya are the places Farang are allowed to buy.Always go through a professional or at least seek their advice before signing a contract.
There are professional real estate agents and lawyers who have firms and companies in Thailand some are run and operated by Foreigners in Thailand.Using such a service will ensure there will not be a language issue or a contract paper you cannot read.
Welcome to Thailand.
- 19 Nov, 2015