Thailand is one of the top travel destinations in the world for foreigners, looking to vacation frequently and stay for extended periods in their vacation home. Like most countries that have laws for foreigners who wish to invest in real estate, Thailand has a certain set of laws that have changed over time. Thai laws typically allow foreigners to own certain types of properties provided the total shares of the project are owned in the majority by Thai citizens.
Continue reading to know more about the highlights of Thai Laws and the hot-selling property types in Thailand for foreign buyers.
Single and Twin Houses in Thailand
Single houses are perhaps one of the hottest selling property types in Thailand as they have a large square foot area, offer maximum privacy and do not share a wall with other properties. These houses may be built over 2 floors and may also have a terrace on the top floor with usually 3 bedrooms, 1 living room, 1 kitchen and 2 or 3 bathrooms. Although perfect for people who desire maximum privacy, single houses are expensive to purchase.
Twin houses are a lot like single houses with one exception, they share a wall with another property. While these houses are a bit cheaper to purchase, they are getting tougher to find. They don’t offer the same privacy as single houses due to the shared wall but are ideal for people who are on a budget and do not mind sharing 1 common wall.
Single houses and twin houses fall under Thai Land rules, which imply that foreigners cannot own the land the house is built on. They can, however, lease the land for a maximum term of 30 years and live in the house that is built there. They are also permitted to lease empty land, construct their structure, renovate the house as per their fancy and stay there legally on lease.
Town Houses and Row Houses in Thailand
Townhouses also known as terrace roofed houses as well as row houses, are usually built in a line and have 1 or more shared walls with neighbouring houses. Off late developers of townhouses are referring to this type of real estate as townhomes as it gives buyers a warm and family-oriented feeling about the property. Townhomes and row houses in Thailand are available for people with various budgets based on the design, developer’s reputation, built-up area, neighbourhood and amenities inside the house.
Similar to single and twin houses, townhomes cannot be legally purchased by foreigners but they can be legally leased for 3 to 30 years.
Home Offices With Parking in Thailand
Many foreigners in Thailand choose to work from home, which is acceptable and good for the Thai economy as this generates income for Thailand. However, if a foreigner wishes to work from home, and have a semi-commercial setup with parking spots for multiple visitors then a home office is an ideal solution. The main reason for renting or leasing a home office is that the majority of apartments and shared structures do not allow commercial dealings to happen in fully residential housing complexes.
You cannot buy a home office as a foreigner unless you are purchasing a home office through an offshore company that is registered legally and generating income for Thailand on a steady basis.
Flats and Serviced Apartments in Thailand
An apartment in Thailand consists of individual flats, each unit is owned by a single owner and may be provided with either semi furnished with just a cot and wardrobe or with basic fixtures for the bathroom and living space. Usually, flats in apartments come with no kitchen, hence they are affordable to rent or lease.
A serviced apartment is similar to a flat with two differences, it is built with a kitchen and has furnishings in it. It is possible to get service apartments for various budgets. Both flats and service apartments are available in multiple price ranges based on the neighbourhood they are built-in and the amenities as well as the built-up area of the flat.
While a foreigner cannot legally own a flat or service apartment, if he is married to a Thai lady, then the flat can be in her name, however, in such a scenario she has veto power as well as complete rights to sell the property without her husband’s consent.
Condominiums and Condotels in Thailand
Condominiums are the perfect type of property for foreigners looking for luxurious, semi-furnished and independently owned units in Thailand. Right from studio apartments to larger fully furnished condos, the best developers in Thailand have real estate choices for buyers looking to invest. Condos typically come with common area amenities such as a gymnasium, swimming pool and other recreational areas within the complex.
You do not have to just rent or lease a condo, you can have one or multiple units and call them your own home away from home. The main benefit of owning condos in Thailand as a foreigner is that, you can legally own the title deed to such properties. The only two criteria to own a condo are that the developer should meet the minimum Thai law requirement of a minimum of 51% shares to Thai citizens and a maximum of 49% shares to foreign buyers. These shares are calculated on a collective basis for the entire project. The second criteria are, that the money you invest must not come from Thailand income sources and should be transferred from a foreign account to your Thai account before you pay the developer.
Condotels are similar to condos except for 2 differences, the first is condotels are a part of hotels and you can live in a self-owned condotel for 2-3 weeks a year, after which you have to rent back the unit to the hotel. The second is, that condotels are usually fully furnished and are ready to move in properties.
Hottest Property Areas in Thailand – These Are Top Cities You Must Invest in For Real Estate
Invest in Bangkok Real Estate
It doesn’t come as a surprise that Thailand’s top vacation destination is also the top hottest property area in the country. Right from the city’s central business district to the Siam regions and even more, condos and condotels are gaining popularity by the day. The cost to own property in Bangkok doesn’t always have to be exceptionally high, you can get great deals from new developers who are trying to establish themselves in the competitive real estate market.
Invest in Phuket Real Estate
The land of beautiful beaches, Phuket has many villas that are available to be rented or leased by foreigners. While most of these villas are semi or fully furnished, it is possible to get warm shell properties in Phuket.
The island of Phuket boasts only the finest in Condos with Ocean view properties that are built on private beaches. These condos allow for sunbathing and intimate gatherings, lavish house parties and other perks of living in privacy and style. The properties for sale in Phuket are ideal for both young investors as well as retirees that are seeking to invest their nest egg in a tropical paradise. Phuket is also the perfect destination to buy real estate for Last Will, Succession and Inheritance purposes.
Invest Samui Real Estate
The hottest seafront properties in Thailand are the highlights of Samui and these include condos, condotels, villas and other types of luxurious properties. While renting, leasing or purchasing property as a foreigner in Samui, ensure to check for clear title deeds and environmental codes for construction and inhabitation. If you are in doubt then going through a reliable and trustworthy real estate expert like Silk Estate is a good move.
Invest in Ching Mai Real Estate
The best of both worlds, Ching Mai offers foreigners in Thailand, both villas and apartments for rent and lease. It is also a buyer’s market for condos, penthouses and townhouses. It is possible to get both luxurious and quaint as well as cosy properties in Ching Mai especially if you go through real estate experts with premium unlisted property options.
Purchasing Hot Selling Property in Thailand Is Easy With Silk Estate By Your Side
Thailand is a land of fun, frolic and adventure, yet the laws about purchasing property for foreigners in Thailand are written in stone, at least for now! Purchasing hot selling property in Thailand can be cumbersome if you choose the wrong developer or agent who does not inform you about the laws, property taxes, title checks and other legalities.
At Silk Estate, we pride ourselves on providing information and empowering our clients with facts when they choose us as their real estate experts in Thailand. We make property purchase an easy and pleasant task while we handle the legalities and let you plan your move in style.
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