Thailand has always been a top go-to spot for travellers looking to relax and enjoy a Mai Tai on the beach, as well as a retiring destination for foreigners as the cost of living in Thailand is relatively low and owning a condo in Thailand is a real possibility for people who wish to invest their nest egg into the Thai real estate market.
A few years ago, travelling to Thailand was an expensive task, however, these days travelling to and from Thailand can be done on a budget due to many low-cost airways offering these services. Moreover, as a Thailand pass is no longer needed to enter the country and entry is now offered on spot or in advance through a valid visa, Thailand is all set to see an influx of travellers including many global citizens who wish to make the land of smiles their home away from home.
That being said, as Thailand has over 35 airports, figuring out your route and way into the country is important for a hassle-free travel experience. Listed below is everything you need to know about Thailand’s International Airports and how the Suvarnabhumi International Airport has influenced the position of Thailand in the ASEAN community.
Domestic Airports Versus International Thai Airports
Travelling to Thailand from an international destination is now an easy task as there are multiple international airports to take passengers to Bangkok, Pattaya, and other top destinations. There are a total of 38 airports in Thailand, out of which 7 cater to International flights, while the others are for domestic passengers flying on Thai Airways and other low-cost domestic airlines. For instance, the Bangkok Don Mueang Airport caters largely to domestic and low-cost airlines while the Phuket airport offers both international flights from Asia and Europe as well as domestic flights within the country. As of 2019, the Phuket Airport saw incoming traffic of 18 million passengers with a large part of this traffic being generated by 55% international flights and a smaller part from 45% domestic flights.
The Chiang Mai Airport is located in the northern part of Thailand and as the fourth busiest airport in the kingdom, the majority of the passengers that arrive here are travelling to and from Bangkok. It takes approximately 60 to 90 minutes for a flight from the Chiang Mai Airport to any one of the airports located in Bangkok. A bus ride for the same distance can cost a fraction but can take up to 12 hours without stops in between journeys. The Chiang Mai city centre is located in close proximity of 4 km from the airport and can be reached in 15 to 20 minutes via cabs.
The Suvarnabhumi International Airport located in Bangkok is the largest and most well-connected hub in the world. There is a multitude of flights from various destinations that arrive and depart every day through the Suvarnabhumi International Airport. The International Suvarnabhumi Airport has been a hub for international scheduled flights that account for 91% of total international passengers travelling to and from the kingdom. A total of 115 airlines offer international scheduled flights at this airport which accounts for roughly 67 million passengers annually.
The Suvarnabhumi International Airport also known as the Bangkok International airport offers both ease of travel from the primary arrival and departure halls. While the airport is situated approximately 26kms outside of the main city, the airport link and well taxi services from the airport to the city have made commuting an easy task.
The Link Between The Suvarnabhumi International Airport and the ASEAN Community
The Suvarnabhumi International Airport is a noteworthy transfer and transport hub and is also largely responsible for Thailand’s good reputation and stature in the ASEAN community. As the main transport and connecting hub for ASEAN, Thailand stands for free and fair trade, which has proved the country to be crucial in a large number of other free trade agreements signed by other countries.
A less known fact about Thailand and its link to the ASEAN community is that the kingdom has played an active and integral role right from the start when the Bangkok declaration was signed on the 8th of august 1967. This important declaration was signed at the prominent Saranrom Palace in Bangkok. The other founding members of the ASEAN community include Singapore, Malaysia, the Philippines, and Indonesia.
As a direct result of being one of the founders and due to the additional facilities offered by the Suvarnabhumi International Airport which acts as the primary port for the transfer of goods for traders, the property rates in Bangkok have skyrocketed. Over the last few years investing in Thai property an ideal choice for serious investors who want to either rent out properties to foreigners or keep them locked up and resell them at a later date. This has indirectly affected the return on investment through higher rental amounts for landlords who wish to rent or lease out their houses when not in use.
A Higher Return on Investment Without Extra Efforts By Overseas Landlords
Due to a dire need of overseas investors for professional help for taking care of their properties while they are overseas, many realtors have begun branching out and offering complete managed real estate solutions, right from check in to check out. Such services cost a fraction of the amount earned through rentals and work out in the favor of the homeowners. This is mainly because the majority of the reputable managed property service providers take care of repairs, installations, furnishings, cleaning, and the overall upkeep of the property.
An example of an exemplary managed property services company from check-in to check-out is Silk Estate which has been trusted by past foreign clients.
3 Facts About Thailand’s Real Estate Market To Be Aware Of
- As per the laws of the land department of Thailand, foreigners can own condos legally in their name. Such condos are registered under the Chanote title of freehold land. Buying, renting, and selling of such property from one foreigner to another is permissible but to ensure that the property is bought and sold legally, find a good realtor to find properties in Thailand matching your needs and legal aid to draft and go over the documents is not only a need but a must.
- Negotiations while buying property are the norm in Thailand but such negotiations have to be done before the token amount is put down and before any documents are signed. The language barrier is a common issue faced by foreigners buying and selling property in Thailand, due to which having a trusted Thai friend or a realtor with relevant expertise is a good move.
- Bangkok is the central district hub of Thailand and due to the impact of the Suvarnabhumi International Airport, this city is a goldmine for investors. There are many ways to purchase a property in Thailand, but the easiest way is to invest money you have earned while out of the country into purchasing a condo. The money has to be transferred from a foreign account into a Thai account to pay the developer. An escrow in place can make life simpler, especially for property purchases, taxes, transfer fees, and other miscellaneous charges. Read more about buying property in Thailand as a foreigner here.
The Decision to Purchase or To Rent A Condo In Thailand – Which is Better?
There are many options to purchase as well as rent a condo in Thailand, and one of the key factors to remember is that Thailand as a country is an investor’s paradise as property rates are only set to increase. This can be seen with the influx of foreign buyers and newer condo complexes that offer state-of-the-art facilities and amenities to buyers.
Spending on rental houses is ideal for travelers staying for a short duration in the country however, investing the amount spent on rent through buying a condo is an ideal solution for people who want to settle in the kingdom or earn money by letting out their houses. There are a handful of banks that offer loans and mortgages for property investment to foreigners as well.
Numerous areas in Bangkok are seeing an increase of modern condo complexes that offer both an old-world charm with new-age facilities for a lavish and comfortable life. To know more about listed properties on Silk Estate visit our website today. To know more about premium unlisted properties meant for buyers who love the finer things in life, contact us today.
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