Foreigners Buying Thailand Property 泰国购屋注意事项
Can foreigners buy properties in Thailand?
Foreigners are allowed to buy freehold Thailand condominium properties so long as the majority of units in the building must remain owned by Thai nationals, i.e., not more than 49% of the condo building sellable area can be owned by foreign nationals or a foreign entity such as a trust or company.
Should I buy freehold or leasehold?
Most though not all condominiums are sold freehold in Thailand. Leasehold condominiums tend to command poorer valuations and harder to resell in future as they usually have a registered lease term of no more than 30 years.
Can I buy land or house?
No. Foreigners are not allowed to buy landed property, such as houses, shophouses, etc, except the few exceptions for very large corporate purchases with approval from Thailand Board of Investment.
What is the process for foreigners to purchase condominiums in Thailand?
Foreigners can buy either new condos or resale condos. For new condos, you can either buy directly from the developers or via a reliable real estate agent. These can be completed units or purchased off plan. For resale property, you can buy through the secondary market via trusted real estate agents.
Once you have decided to purchase a particular condominium, place a booking fee and your property agent will verify that there is sufficient foreigner quota for the building.
1-3 weeks thereafter, your property agent will prepare the Sale and Purchase Agreement to be signed by both buyer and seller, and the downpayment (typically 20% of condo price) will need to be made. For off plan condominiums, you are typically required to make progressive payments (monthly/quarterly) till project completion. At time of title transfer at the Land Office, the buyer will inspect the property, and the remaining unpaid amount will need to be transferred. For completed condos (new/resale), you are required to complete the purchase transaction typically within 1-2 months of contract signing.
Are mortgage loans available to foreigners?
Some foreigners can obtain financing but only from a few institutions in Thailand. Housing loans typically come with tenure of 3 to 20 years. The maximum loan value varies between 50% to 70% of the appraisal value of the property.
How to transfer money for payment of the property?
Foreigners buying Thailand condominium property need to demonstrate that the funds for purchase are transferred into Thailand from overseas AND in foreign currency. The buyer will need to show a Foreign Exchange Transaction Certificate (FETC) at the time of title deed transfer at the Land Office.
To know more about foreigner eligibility to buy Bangkok (Thailand) properties / condominiums or other types of real estate in Thailand, speak to us (call/whatsapp) +65 9180 8804 (SG)
In Thailand, call 091 546 5558 or 08 9356 6329
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