The Thai are a proud people and their country is famously called “the land of smiles”. Thailand due to the wise leadership of its monarchy, has avoided many crises which hit and hurt its neighbouring countries within South East Asia. With its beautiful beaches and fantastic scenery, Thailand is a dazzling destination for all. But buying property in Thailand be it for Sukhumvit Condos in Bangkok or Villas on Phuket.
If you are someone who is a regular tourist in the country. You will understand the knee busting prices that you pay for lodging and or a hotel in some resorts. And, whilst the Thai are very hospitable to tourists, they are somewhat difficult when it comes to those who wish to stay in the country. The country has always maintained a strong nationalistic approach when it comes to western powers and their denizens.
A major reason for this comes from the atrocities of the colonial era and how big empires and kingdoms suffered and were looted to the bones by the Europeans. So while you will receive big smiles from the Thai when it comes to Tourism, business or even investing in real estate is an entirely different ball game with a somewhat harsh opposition from the Thai people.
Buying Real Estate in Thailand:
Owning Real Estate is strictly prohibited in Thailand for Foreigners. The country is strict against guarding the vested interests of its citizens and local businesses. The only piece of real estate available for other nationalities or International investors is the condo. Foreigners can only own and lease out condos in Thailand. As the land then is still owned by Thai’s.
Problem Faced by Foreigners When Buying Condos in Thailand:
While you can buy condos in Thailand, it's not an easy process and the legal loopholes give way for authorities to create trouble for foreigners. While it’s a tough nut to crack, Thailand has a robust economy which is targeted to increase. This is thanks to many international projects which place the country at the epicentre of the Asean Region.
Key Policies That Undermine Foreign Real Estate Influence:
However, Thailand has strict laws even for condo ownership. The first major thing before your application for a title deal is approved. Is that the investment must be from outside of the kingdom, otherwise your application will be rejected. A second Law to safeguard local businesses and Thai states is that only 49% of the total Condos in an Apartment Project can be purchased by Foreigners.
How to Buy Condos in Thailand:
Condo projects like the ones you find on Sukhumvit can be purchased by Foreign clients through “off-plan” schemes. Which is a popular method for foreign investors in real estate business in the country. Off plan means that before the start of construction for any project, you provide a certain percentage of the investment as a deposit to book the Condo. This sort of buying strategy works very well here in Thailand, because construction laws that state construction companies must show a percentage of bookings before they can officially begin their construction. If you would like to know more about buying a condo in Thailand as a foreigner, please visit us at EkamaiCondo.com.
