Buying a condominium in Thailand

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Buying a Condominium in Thailand: an Investor's Guide

Owning property in Thailand as a foreigner can be a complicated affair, but with a condominium it's easier.

In this guide, you'll learn everything you need to know about buying a condominium in Thailand, including legal considerations, hidden pitfalls and the best investment locations.

What is a condominium?

A condominium is an apartment building in which individual apartments are owned by different owners. The common areas, such as the hallway, the swimming pool or the garden, are owned in common by all owners.

Advantages and disadvantages of condominiums

Benefits:

  • Ownership without the need to own land: Foreigners cannot own land in Thailand, but it is different with condominiums. You only own the apartment, not the land it is built on.
  • Lower price: Condominium apartments are usually cheaper than detached houses.
  • Shared costs: The cost of maintenance and operation of common areas is shared by all owners.
  • Services and facilities: Many condominiums offer a swimming pool, gym, reception and other services.

Disadvantages:

  • Limited control: You don't have control over the whole house, only your apartment.
  • Aging of the building: Older condominiums may require repairs and renovations.
  • Fees: In addition to the price of the apartment, you will also pay management and maintenance fees.

Legal aspects

  • Foreigners can own a maximum of 49% of the total condominium area, ownership is then determined by a quota for Foreigners (49%) and for Thais (51%)
  • Quota for Thais is always cheaper, however, to make this purchase you need to set up a Thai company as with any other property
  • It is advisable to consult a lawyer.

Best investment locations

  • Bangkok: The capital of Thailand with the largest real estate market.
  • Pattaya: Popular resort with a wide range of condominiums.
  • Hua Hin: Quieter resort with beautiful beaches.
  • Samui and Phuket: Islands with luxury condominiums close to the beach and beautiful nature.

Tips for investors

  • Check out the developer and the condominium thoroughly before buying.
  • Read the contract of sale carefully.
  • Consider maintenance and operating costs.
  • Consult real estate experts.

Conclusion

A condominium can be a good investment choice for foreigners who want to own property in Thailand. However, it is important to do thorough research and consider all aspects before buying.

 

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