A Guide To Buying Property In Thailand

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Posted by Continent Property on September 22, 2022
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What To Consider When Buying Property In Thailand

Every year tourists visit Thailand and fall in love with the Land of Smiles, causing them to start daydreaming about relocating there and living out the rest of their days in the Sun. When the dream starts to become a reality one of the first things to consider is accommodation.

A long-term rental is always an option but many consider that to be “dead money” and start to look at purchasing property in Thailand. The land ownership laws in Thailand differ from other countries so it’s important to do your research when considering a property purchase in Thailand.

Buying Property In Thailand - Tips for buying the perfect property

The Thailand Property Market

The property market in Thailand has always been a steady one with a good supply of quality housing available for Foreign nationals. Recent world events have seen a slight drop in prices and demand for property in Thailand but this is only short-term.

The condominium market is still strong though and with the resurgence of holidaymakers from across the globe, demand and pricing will increase as Thailand’s economy begins to grow again.

Can Foreigners Own Property In Thailand?

Thailand’s laws prohibit foreign nationals from owning land but they are free to own Condominiums and Apartments. This isn’t completely straight forward though as only a certain percentage (40%) of a condominium building can be sold to Foreigners with either Freehold or Leasehold options available.

By signing a leasing agreement, you could also be able to buy a villa or townhouse in Thailand, but you will not be able to own the land it’s built on which is something to consider.

It is possible to own a property through a company, with the company being the registered owner of the “asset”. It’s always best to consult a lawyer about this though as there are some nuances to owning real estate in Thailand.

Do Your Own Due Diligence And Research

It makes sense to feel a bit uneasy when deciding to purchase property in Thailand as the rules and procedures may be different than what you would be used to in your home country. Thailand’s property market and the buying and selling process simply isn’t as well regulated as in other countries, which is why you should always ensure to do your due diligence.

The first and foremost thing for anyone considering investing in property in Thailand is to contact a reputable Lawyer. This comes with its own set of hurdles. There is an abundance of Thailand Lawyer firms to choose from, so do your research and find one that comes with reviews, testimonials, good ratings and a strong reputation for dealing with the Thailand property market.

With the right research and a good amount of caution, finding a property to buy in Thailand will be a much easier process and you will be able to find the right property for you.

Thailand Property Prices - What's a good price?

How Much Does Property In Thailand Cost?

While we cannot give an exact answer to this question, we felt it’s an important one to ask. Prices across Thailand vary but it’s commonly known that the closer you are to the major cities and tourist areas, the higher the property prices will be. That being said, there is always a good amount of low costing Condos available in those areas that start as little as around 1m Thai Baht.

Where Are The Best Place To Buy Property In Thailand?

Thailand is world-renowned for having some truly beautiful areas with crystal clear beaches, tourist hot spots and plenty of historical landmarks.

Property In Phuket

Probably the biggest tourist destination in Thailand, Phuket is surrounded by beautiful beaches. It’s always been a high-demand area for Foreigners looking to invest in Thailand properties with good returns available for rentals and some seriously beautiful properties. Patong is the most well-known area on the island for holidaymakers and ex-pats alike but there are other bustling areas with quality properties available on the island worth noting, such as Chalong, Rawai, Karon, Kata, Kata Noi, Kamala and Kathu.

Property In Bangkok

Bangkok is the capital of Thailand and is a bustling, vibrant city full of opportunity. Many foreign nationals have bought high-end properties in Bangkok throughout the years partly down to how much the city has to offer. While the property prices in Bangkok tend to be on the higher end, it’s easy to see the attraction.

Property In Pattaya

A big draw for holidaymakers and ex-pats is Pattaya’s famous nightlife seen. This has seen the property development in the area grow each year with an ongoing demand for holiday homes and condominiums. A great place to invest in a rental property.

Other Areas

If you’re looking for a quieter place to invest in Thailand property, some of the larger surrounding islands or further north are worth investigating. These include Samui, Phi Phi, Udon Thani and Chaing Mai.

The Main Steps To Buying Property In Thailand

  • Decide on which type of property you want (Condo or Villa) then research the various pitfalls that come with each if any
  • Find and contact a reputable Thailand real estate specialist Lawyer
  • Find a good location and deal for a property that suits your needs
  • Contact your Lawyer to carry out the necessary due diligence and make sure the property or development is above board
  • Contact the developer or seller and arrange reservations and contracts which your Lawyer should thoroughly look through
  • Sign and exchange contracts and pay the balance of the purchase cost
  • Submit all title deeds to the Land Department and wait for registration to be complete
  • Move in and enjoy your new forever home
  • As with most countries, the sale can take anywhere from 30 – 60 days to complete if everything goes smoothly. This can be subject to change though.

To find properties for sale in Thailand, click HERE

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