Atip Bijanonda, vice-chairman of the Board of Trade of Thailand, said money transfer procedures for foreigners buying condos are very complicated and cause many hurdles.

“To get a condo transfer, foreigners are required to transfer money from overseas with their own currency and declare or show a foreign exchange transaction certificate to the Lands Department,” he said.

Many foreign buyers, who have business in the country or a Thai spouse, experience heavy inconvenience in transferring money out of the country and back in to buy a condo unit.

“Many countries’ governments don’t care about inbound money transfers, but they do care about outbound moves,” said Bijanonda. “The Thai government should amend this rule.”

He noted that Thais shouldn’t perceive foreign property ownership as treasonous because many overseas countries allow Thais to buy homes, and they do not view selling to foreigners as treason.

“Most Thai properties sold to or preferred by foreigners are in a different segment to Thai buyers. Foreigners frequently choose locations which are not preferred amongst Thais and vice versa,” Bijanonda added.

The Thai economy may struggle without the help of the property sector, said Nonarit Bisonyabut, senior research fellow at Thailand Development Research Institute.

“Local [housing] demand will shrink due to the declining trend of population growth,” he said. “Skilled labour shortages will also be a problem and we still have no plan to pay back the THB1.5 trillion (USD45 billion) debt,” he said.

He added that Thailand is highly attractive among foreigners who seek relocation, and the country will lure back foreign investors if the pandemic recedes.

“Attracting long-term residents will provide an enormous revenue boost to the country and stimulate the economy, investment and employment. It will boost the growth of the new S-curve economy as the government hopes,” he said.

The target group of long-term residents includes rich global citizens, remote working professionals in Thailand, wealthy pensioners, and highly-skilled professionals. An estimated THB800 billion (USD24 billion) of investment is expected to come from 10,000 wealthy global citizens and 80,000 wealthy pensioners.

Thailand will start welcoming long-term residents by the end of Q1 or Q2 2022.

“Opportunities come with risks,” said Bisonyabut. “There will be a number of wealthy retirees coming here. We should increase the number of medical staff to support a rising demand from senior people, both foreigners and Thais.”

The Property Report editors wrote this article. For more information, 
email: propertyreport@propertyguru.com

Despite people and organisations’ movement to decrease CO2 levels, not enough is being achieved as there has been a continual increase in carbon emissions and CO2 part per million (ppm). The Intergovernmental Panel on Climate Change (IPCC) was formed over 32 years ago in 1988, with the CO2-baseline-level recorded at 350 ppm. Fast-forwarding to 2018, the CO2-baseline-level increased by 16 percent to 409 ppm.  

Oehme notes that around 40 percent of all carbon emissions result from the built environment, with a significant amount coming from the real estate sector. As the rate of real estate development is expected to continue increasing exponentially, the proper approach to addressing this environmental problem isn’t through reducing the number of new buildings.

Real estate has enabled better quality of life for billions, a celebration for all. Rather, we need to develop comprehensive and holistic actions.  

The PropertyGuru Asia Real Estate Summit in 2020 explored the property industry and the four pillars of sustainability to see where we are succeeding and failing. The facts and science expertise are here, but holistic reviews are urgently needed.  

“We are proud to be joined by so many championing sustainability – its progress is in our hands.” – Stephen Oehme  

Read the full version at asiarealestatesummit.com/ares-digital-white-paper-vol-1/

Write to editors at propertyreport@propertyguru.com.

Tjeert Kwant, group CEO of Banyan Thailand, said that transaction values at Banyan Hua Hin, the healthy active lifestyle community, have surpassed THB125 million (USD3.7 million) so far this year.

This sharp rise in sales is being driven by Thai nationals and local expats who want a change of pace to their lifestyles.

“Over a quarter of buyers said they are going to purchase a second home because of the pandemic [and] that they will use it as a retreat they can escape to. That especially counts for people who live in metropoles where it’s congested. After a period of confinement, people want space, they want to be close to nature and water, they want to have privacy and live safely, away from external threats like a pandemic. These homes have become a place where they can work, exercise, learn, socialise and relax,” Mr. Kwant stated.

According to data by Lazudi, the average property prices in Hua Hin have recently increased, as demand from domestic buyers, particularly for luxury villas, compensates for the downturn of overseas investors.

Costa Savva of Lazudi said, “Villas offer exceptional value for space, privacy, and amenities, such as private swimming pools and common area facilities within gated compounds. Comparing average property prices across other main developed regions of Thailand, such as Bangkok, Pattaya, Phuket, and Samui, the value-for-money in Hua Hin is another main differentiator.”

C9 Hotelworks, the tourism and hospitality industry analysts, revealed that hotel room supply continues to rise in Hua Hin.

Bill Barnett, managing director at C9 Hotelworks and jury chairperson of the PropertyGuru Asia Property Awards (Greater Niseko), said: “Unlike other Thai leisure destinations that are heavily reliant on international visitors, Hua Hin is strongly leveraged by the domestic market. Pre-COVID, 74 percent of visitors originated domestically. The destination’s legacy is a getaway for Greater Bangkok. Typically, average occupancy is 90 percent and above during the weekends and public holidays. We expect to see even more Thai residents wanting to escape the city in the post-pandemic era.”

More: Bangkok’s residential market to improve next year due to positive buyer sentiment

Moreover, the key factors that contribute to the increased demand for second homes in Hua Hin include personal health considerations and remote working arrangements.

“Even before the pandemic, we were noticing a definite shift toward guests seeking a healthy active lifestyle. COVID-19 has accelerated this trend, and we are very proud to enable so many families and residents to enhance their physical, mental, and emotional wellbeing.

Looking ahead, we are planning to expand our offerings to include more sports, leisure, and wellness facilities, as well as brand-new villas adjacent to Banyan Golf Club. We look forward to giving even more Thai residents the chance to change the way they live and work, here in Hua Hin,” Mr. Kwant concluded.

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com.

These public spaces are much loved by Bangkokians who descend typically early morning and late afternoon to get their outdoor fix and often a chosen destination for exercise.

Nowhere is this more apparent than Lumphini Park, which is considered Bangkok’s prize park. Walkers, joggers and keen cycling enthusiasts frequent the circuit around the park, and in the early evening pop-up aerobic workouts spring up to throngs of music for participants to embrace in a high spirited communal workout.

There is also plenty of space to sit under the shade of a tree, pedalos to explore its lakes and plenty of monitor lizards to spot. Those wanting to live near what is dubbed as Bangkok’s version of New York’s Central Park should opt to live in nearby Silom, Sathon, Rama IV and the Lumphini area itself which includes Ratchadamri, Langsuan and Wireless Roads.

North of the city centre is Chatuchak Park positioned next to Bangkok’s famous Chatuchak Weekend Market. The Chatuchak area itself has become an increasingly popular place to live thanks to an overspill of neighbouring hipster Ari and Saphan Khwai, not to mention the extension of the mass transit lines in this direction.

However, the other appeal is its more laid back persona that is home to independent shops, restaurants and businesses not to mention that housing budgets typically go further here.

Chatuchak Park and neighbouring Queen Sikrit Park that is perfectly manicured with flowers and shrubbery, provide a perfect escape from city life. There is a butterfly park to discover and somewhere to hire bikes to whizz around the park and over its bridges. These are also both popular picnic destinations.

Throbbing Sukhumvit continues to retain its status as the most sought after locale to live in thanks to its wealth of conveniences from shops, restaurants, schools, hospitals, infrastructure and entertainment. However, Sukhumvit is not all about urban life thanks to Benjakiti Park just south of Asoke and Benjasiri Park next to Phrom Phong BTS station.

Benjakiti Park is marked by its vast lake framed by towering skyscrapers. This park is so expansive that those living around Nana, Asoke and even Rama IV have easy access to it for those wanting to clock up some laps around the lake or just enjoy the pretty greenery.

Benjasiri is probably your more typical park set up also around a lake. Just like Lumphini, there is regular group exercise, is popular amongst runners and a good children’s play area.

The last, and newest, park to Bangkok is Chulalongkorn University Centenary Park closeby to Chula University but also accessible from Siam and Silom. Its clever design stores about one million gallons of rainwater during the wet season giving it a dual purpose other to be enjoyed by its visitors. There is also an amphitheatre, playground and lawn.

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The Thailand Elite scheme was established in 2003 and achieves just that. For a fee, members can acquire a visa and access to numerous complimentary services within Thailand such as fast track immigration and passport control when arriving and departing at Suvarnabhumi and Phuket Airports as well as limousine transfers at other Thai airports.

Other privileges are available at several Golf Clubs, Hospitals, Banks, Legal Firms, Restaurants, Hotels, Boxing Stadiums, and Cooking Classes to name just a few. The aim is to lure high-net-worth individuals to the Kingdom.

ThailandElite offers several tiers of membership. This includes the most popular type of card: the Elite Easy Access that comes with a five-year stay. Other memberships include family schemes, ten and twenty-year memberships visas, the latter being the highest level: the Elite Ultimate Package costing THB 2 million.

Guide

5 Facts about Bangkok’s Living Arrangements

Ahead of the COVID-19 outbreak Thailand Privilege Card Co, the company behind the scheme, the focus was to expand its reach paying particular attention to high-net-worth individuals from Bangladesh and India, Australia and New Zealand, United Kingdom, China and Japan.

The aim to sell 2,460 cards costing from THB 500,000 to generate THB 1.5 billion in membership fees. For its latest financial year, October 2018 to September 2019, the company generated THB 1.3 billion revenue, an increase of 27 percent year-on-year revealing the success and profitability of the scheme.

Guide

The Ins and Out of Thailand’s Home Loans

Membership was held by 125 countries with China holding the most, followed by the United Kingdom, Japan, the United States and France. The Chinese experienced a 88% increase year-on-year and it will be interesting to see how these figures pan out with recent global pandemic.

However, while many countries remain in lockdown, China has started to open up giving indications of the desire to travel again. Many are citing that Thailand will remain high on the agenda for traveling Chinese least of all because the Kingdom's cases remain relatively low and the country still retains many of its attractions: culture, low cost of living, and sun-drenched beaches adding to the appeal of Thailand Elite’s visa packages.

Stay abreast of the industry’s news and updates sending directly to your inbox, sign up here.

However, there are some distinctive variations in living arrangments in Bangkok that are likely to differ from on home soil. 

1. Eating out is the norm

Bangkok is world-famous for its street food, but more recently it has shot to fame as a gastronomic destination due to the arrival of several Michelin star restaurants to the capital.

Eating is also very much a social affair with the majority of office workers taking a religious hour lunch break every day as well as catching up with friends after work for dinner or grabbing food on the go. This explains why kitchens in Bangkok condominiums are small as they rarely get used.

Guide

4 cheats way to upgrading your kitchen

2. First-floor condominiums are a rarity

Parking areas within residences are often built above the ground starting on the first floor and finishing around the seventh floor. Facilities then occupy the eighth floor although newer developments locate these at the very top of the building or even split them between both.

Consequently, condominiums start on the ninth floor explaining why the ground floor lobby lift does not have an option to stop at floors two to seven.

3. North facing units are more favourable

In colder climates, there is a real desire for south or west-facing homes to maximise the sun. However with Thailand’s tropical weather, north-facing units tend to be more preferable as they are cooler, often experience a breeze and use less electricity to keep cool.

4. Developers compete to build the best facilities

Unlike Hong Kong and Singapore, a condominium swimming pool is standard. In fact, developers are increasingly becoming more creative in utilising communal spaces to fit with today’s society.

Some condominiums have roof gardens, co-working spaces, even private dining rooms, and cinemas. While typically only luxury condominiums were accustomed to this range of facilities, now the lower end of the market is welcoming these new facilities to satisfy the needs of residents.   

Guide

How important are facilities?

5. Diverse choice

Bangkok condominiums come in all shapes and sizes in all locations across the city. Developers tend to focus on building a particular property type suited to a certain budget or style.

The result is that as a buyer or tenant there is something for everyone regardless of the budget with many expatriates arriving in Bangkok happy that they can afford to rent a single unit rather than living with friends.

The best way to gauge what is on the market is to check www.ddproperty.com/en which has extensive listings of all properties for sale and for rent across Thailand.

Stay abreast of the industry’s news and updates sending directly to your inbox, sign up here.

Buyers apply for a home loan from a bank and since Thailand has become a magnet for foreign investors, the banks have become more open to lending to non-residents. Products geared towards this segment were launched with UOB and Bangkok Bank leading the way.

Guide

Tricks on Reducing a Home Loan

Over the years more banks have jumped on board and now ICBC offers loans to investors from China, Hong Kong, and Macau as well as MBK Guarantee that falls under the umbrella of the sprawling Bangkok shopping mall of the same name.

Whilst the good news is that overseas investors looking to dabble in the Thai property market do not have to possess a work permit, investors are subject to slightly less favourable conditions. These more stringent measures include typically higher interest rates, shorter lending terms, restrictions on the type and location of the property purchase and less attractive loan to value rates.

This is not that surprising considering banks could argue that lending for an overseas property or to a non-resident is a riskier business model. 

Guide

6 Most Popular types of mortgages

Foreigners with a Thai spouse can bypass this with the possibility to acquire lending with a joint mortgage application. Alternatively, their spouse can act as their guarantor. Thai banks do not openly advertise these serviced but it does allow the borrower a larger pool of products to choose from, resulting in more competitive lending rates.

Foreigners going down this path will, however, need to prove their status in the country, illustrating their income and holding a valid work permit. Their Thai spouse will need to prove they are financially stable, have a good credit rating and a sufficient income to borrow against the loan.

For foreigners wanting to secure a Thai home loan, the advice is to research, shop around and contact the banks directly. Be prepared for a thorough analysis of your finances and save the biggest deposit as possible to reduce any inflated home loan fees.

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According to research collected by DDproperty, Greater Bangkok was the most sought after destination accounting for nearly 74 percent of all purchases in 2017. When you consider that second position is Pattaya with just shy of six percent, proves how Greater Bangkok is a real magnet incomparable to the rest of the Kingdom. Phuket occupied the third position at 4.8 percent, followed by Chiang Mai with 2.9 percent and Rayong with 2 percent.

The draw to Bangkok is spread across various different locales. The top four most searched keywords on DDproperty for the first four months of 2019 were Bangkok, followed by Nonthaburi, Chiang Mai, BTS On Nut and BTS Ari.

DDproperty Tip

These top four searches remain unchanged for the same period of 2018 cementing Bangkok’s popularity as well as individual neighbourhoods.

Foreigner investors choosing Bangkok want to take advantage of its strategic location within the region that means that many businesses are headquartered here. This lures in people who all need somewhere to live.

One area is Rama 9 that also benefits from being on the MRT Blue Line as well as expressways for those travelling by car. Since property prices and land values have risen in the traditional CBDs such as Sukhumvit and Silom, businesses have been pushed out to more affordable locations and this has created a hub of its own around Rama 9.

Additionally, it is also still possible to buy a property here for less than two million baht. Amenities have popped up to cater for demand, and residents relish in the convenience of being able to live, work and play all within one area.

Guide

The Merits Of Buying Near To An Already Popular Area

Another area that enjoys relatively lower property prices is Charansanitwong-Pinkao. Situated on the Thonburi side of Bangkok, where there remains a strong local sense of community that adds to its charm. The BTS Green Line travels this way but it will also benefit from the future MRT Blue Line extension too which has propelled development.

Foreigners buying in Phuket, Chiang Mai and Rayong are more likely to be owner-occupiers, and maybe even retirees which illustrate how foreigners focus mainly on buying properties for investment purposes in Bangkok.

Another popular retirement hub is Hua Hin where the property is also available for less than two million baht. Since Hua Hin is a mecca for Bangkok’s residents wanting to escape the city at the weekend, investors here can be reassured that there is always demand here.

Read more insights about Bangkok property market and home tips, check out DDproperty Property Index Report, DDproperty Property Market Outlook Report and Property guides

For the case of resales condominium units, the process is relatively straightforward. Once a sale price has been agreed between the buyer and seller, the buyer is required to pay a deposit to the seller.

The percentage of which forms part of the negotiation but one percent is considered to be a normal figure. At the same time, both parties sign the sales and purchase agreement which details the sale transaction and change of ownership including payment terms.

• Tricks Of Off-Plan Property Purchasing

The transfer of ownership goes through once the full selling price has been paid to the seller in the form of a cashier's cheque and when the new owners' name is registered on the property’s titles deed. This happens at the local land office and is the official point of transfer of ownership.

For foreigner investors, a foreign exchange document is also required for any payment coming from outside of Thailand as per the Condominium Act.

• 5 Most Frequently Asked Questions Among First Time Condo Buyers

Since off plan projects are purchased ahead of the building being completed, the process varies slightly. It is often the case that the sale of the units fund the construction of the condominium too so it is recommended to buy from a reputable developer for a less risky investment. Whilst the payment plan will be dictated by the developer, typically a reservation fee is paid to secure a unit.

Next, the first deposit is due to between 10 and 20 percent which is paid once the sales agreement is signed. Going forward, the buyer must pay instalments throughout the construction phase with the final lump sum payment of usually 50 percent of the sales price, due once the condominium is finished which is when the new owner can be registered on the title deeds.

This staggered payment system opens up speculative investors and those who need time to finance their purchase. Since the price is determined on the exact size of the unit, it might be that once the condominium has been built that this amount will vary every so slightly thus affecting the price.

The land office will measure each unit upon completion and this figure is used to alter the price, assuming that there is a relevant clause in the sales and purchase relating to this.

• 6 Most Popular Types Of Mortgages

Read more insights about Bangkok property market and home tips, check out DDproperty Property Index Report, DDproperty Property Market Outlook Report and Property guides

Simultaneously many families are downsizing from larger family homes into condominiums, which they find easier to manage and take care of. Plus with commuting times on the road taking longer than ever before, having a downtown pad reduces the time it takes to get to work.

Whilst the majority of luxury properties are purchased for own use, there is certainly a number bought for investment purposes that are available on the rental market. Great news for tenants wishing to live in their own slice of luxury.

These upmarket condominiums set themselves aside from other residences due to their quality. Built to the highest of standards, incorporating the latest interior trends that resemble a five-star hotel and with the best and most extensive facilities.

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Many expatriates have become accustomed to this level of living in their home country, and so expect the same from their rental property in Bangkok too. More recently the market has seen various high-end hotel brands working alongside condominiums to help them reach their luxury status. If you enjoy the added services of hotel life that include room and concierge services, but with more space than a hotel room, then this is the type of condominium for you.

Bangkok has welcomed a host of luxury condominiums that are typically focussed in the more upmarket parts of the city such as the Lumphini area. Here the release of new units is reaching new prices and breaking existing records.

However, due to a shortage of land, much of this new development has occurred on the banks of the Chao Phraya River where there is more space. This is a good place to start for renters eying up a palatial home.

Offering beautiful river and cityscapes, residents choosing one of these luxury buildings can enjoy this along with all the bells and whistles of one it's neighbouring or even adjoining five-star hotels.

Due to their success, it is predicted that even more luxury homes will be coming to Bangkok. This is great news for renters with a larger budget and who like the finer things in life.

>>DDproperty Property Market Outlook Insightful Data And Analysis

Receive the latest guides on email from Thailand’s No.1 property website here, or read more project reviews

Once there were only a handful of luxury condominiums across the capital but now they have sprung up in the most sought after neighbourhoods. Here land prices are high and so for the sake of profitability, developers have little choice other than to build high-end products. >>The Lastest DDproperty Property Index

These new schemes are painstakingly put together with every element considered from the colour of the walls in the lobby area to the door handles for every door, and it shows. Demand for these properties is high and the appetite for luxury homes has risen from both buyers and from tenants. Some are a collaboration with a hotel brand that stresses the level of services on offer. The ethos is to create a five-star hotel environment but within the privacy and space of a home.

Facilities are second to none. Having a picture-perfect swimming pool and state of the art fitness centre is not enough. Sky lounges, automated parking, private theatres, concierge, meeting rooms, and jogging tracks are just a few of the amenities on offer. Each new building sets to outdo the previous to create a lifestyle matched to the expectation of those living there. >>Why Tenants Have Fallen In Love With Vertical Living?

This new slice of the property market is welcome news to renters who want to lap up this level of luxury. Many people rent due to the flexibility that is on offer and historically there were just a few for buildings for tenants to pick from.

Today they can be found along Sukhumvit, Silom, around the prestigious Lumphini area that encompasses the enclave north of Lumphini Park and east of The Royal Bangkok Sports Club, and alongside the banks of the Chao Phraya River.

This area is seeing a lot of interest of late since development here is rife, not to mention the riverside views that have such a great appeal. >>Fine good areas in Bangkok

Despite many purchasers investing in luxury properties for their own use, there will be some available on the rental market too. Those investing in this tier tend to have multiple homes to occupy freeing up some for the rental market.

Also, some investors will park their money in this type of property with the hope of a good capital return some years down the line, thus renting in the meantime is a way to generate an extra income too. Good news for tenants who like to enjoy the finer things in life! >>Property Mortgages Calculator

Related Articles

• Renting In Thailand What You Need To Know
• Top 3 Locations For Condos Dubbed “Lifestyle-Mass Transit Hub”
• 2 Expenses Tenants Need To Know Before Signing A Rental Contract

Receive the latest guides on email from Thailand’s No.1 property website here, or read more project reviews

5 most frequently asked questions among first-time condo buyers

5 most frequently asked questions among first-time condo buyers

1. Is it possible for a foreigner to get finance in their own name from a Thai bank without a Thai spouse? 

Answer: Actually, there are 2 banks and 1 finance company that offers mortgage for foreigners that express interest in purchasing a condo in Thailand. Click the question to find more information.

2. What is the procedure for buying a condo in Thailand? 

Answer: The process of buying a "condominium" in the wizard to select a condo easy as you think. Begin with finding a condo with the requirements of its own budget, then select the project. Click the question to find more information.

3. Can Australians buy a villa or home in gated communities in the Bangkok area? 

Answer: It doesn’t relate which nationality you are from, any foreigners that wish to buy a land or landed property, you will need a Thai partner and owns 51% of shares and you will own 49% of shares. Click the question to find more information.

4. Which one I should buy between a detached house and a townhouse? 

Answer: Not only location but the type of property also an important factor for the home buying decision. Except for a detached house and condominium, there are detached houses and townhouses. But what's the difference between them? Click the question to find more information.

5.if you would like to buy a studio or one-bed condo unit as an investment, what area is better for finding tenants quickly, Sukhumvit nearby BTS Phrom Phong/ Ekkamai or Sathorn nearby BTS Chong Nongsi? What about value appreciation in the two areas? 

Answer: One-Bed condo unit usually fetches the best ROI in terms of Rental Yields (Average Rental Yields in BKK ranging from 5%-7% per annum) In every area of BKK, you will be able to find a tenant quickly if you rent price is set correctly. Click the question to find more information.

Find out more property's questions and answers in AskGuru and read more project reviews before making a decision.

However the uninitiated could find buying a confusing process. Mark Bowling, Senior Manager of Colliers International Thailand’s Pattaya office, created a comprehensive Buyers Guide to Condominium Projects that outlines what you should look out for and what questions you should ask.

Thinking of finding a home? Here's how to make the right move!

Strategy

When considering a condominium you should try to decide what is most important to you as either an investor looking for capital appreciation or rental yields or as an end-user seeking a retirement or holiday home.

Low priced units may look the best value as an investment, but bear in mind a high-density development of similarly sized and furnished apartments may be more difficult to resell in if many units enter the resale market and supply could outstrip demand.

Act early

Get in early and act quickly. As soon as a project is released it’s best to move decisively whilst you can. Cherry-pick the unit(s) that best suit your requirements. The early bird catches the worm and delays in decision making can prove to be disappointing.

Buy wisely

As a foreigner it is possible to buy a condominium unit under your own name providing the condominium you select comes under the 49 percent sellable square meters maximum allocation to foreign buyers. In the building that is popular with foreign buyers, it is advisable to insist upon foreign ownership whenever possible.

If buying a condominium solely for resale purposes you should try to buy in foreign ownership. Thai unit pricing is often lower for reason: it can only be sold to a Thai national or Thai company.

You might be interested in:

• 9 mistakes that you can make when buying a property in Thailand      
• 6 concerns before buying a condo

Suitable room size 

A good-sized one-bedroom unit between 40-50 sqm is likely to attract a longer-term tenant for a minimum lease period of 6-12 months, whereas a smaller 22 sqm studio is really only suitable for monthly short term holiday lettings.

Many agents may not consider listing a low income generating property for short periods due to low commission and time involved. Of course, if renting isn’t on your agenda, a small studio can be perfect holiday accommodation for your own use.

Avoid oversupply

If your investment strategy is to achieve an attractive yield through renting your property, it is advised that you consider low/medium density projects in areas where there is not an oversupply.

Long-term corporate tenants may demand easy access to highways network, while retirees and long-stay tourists may prefer a sea view and to be close to a beach or local amenities.

Maintenance

When buying a condo always check what the maintenance fees of the building are. A general rule is that you get what you pay for.

Some developments may require a very low maintenance fee but expect that the property will be poorly maintained, badly managed and will look tired in a very short period of time.

That can be detrimental to finding tenants. Expect to pay between THB40-50 per sqm for an adequately maintained building.

Unexpected fees

Ensure that you check who is responsible for such things as land office transfer fee, specific business tax and withholding tax. Usually, the land office transfer fee is split 50/50 and the other remaining taxes are paid by the developer or landlord - but this isn’t always the case and you could be faced with unexpected fees if you don’t read the contract properly.

Sinking funds

You should also ask what sinking fund is payable to the juristic management upon transfer of ownership. The sinking fund is a contingency fund held by the juristic office to pay for building upkeep and repair work not usually covered by maintenance fees.

This may include painting the building or roof repairs at a later date. In a new building, the sinking fund is very rarely used for the first few years, but in older buildings, the co-owners could be asked to top up the fund from time to time as necessary.

Use a lawyer

Use a lawyer to read through the sales and purchase agreement and handle the transfer in your absence. It’s surprising to hear that many buyers are told they don’t need a lawyer, particularly as they wouldn’t dream of purchasing a property in their home country without one, so why should Thailand be any different? A good lawyer will explain the contract to you and make sure you understand everything fully.

Use an agent

Always use a reputable real estate agent to ensure you receive the best possible advice on buying. Visit their offices to assess their ability to look after your investment whilst you’re not in Thailand.

Whether you wish to rent or resell your property it’s wise to ensure you will receive a professional after-sales service from someone you can trust. A professional agent will also make you aware of any developments or developers who are best to avoid and make safer recommendations of tried and tested developers for you to consider if necessary.

Agents will also provide the best possible information and resources as they want you to keep coming back each time you buy.

If the condominium has hit its quota of 49%, the foreigner will not be able to purchase a unit under the foreign quota.

Additionally, foreigners are able to buy the entire building except for the land. Land in Thailand cannot be owned by foreigners. 

While foreigner is unable to buy property under his own name, there are a few save ways to ‘own’ property in Thailand;

• Through a Thai Private Limited company
• Condominiums
• With a natural born Thai citizen

Thai private limited company

The company must have mixed Thai and foreign ownership. Foreign ownership of the company must be 49% or less. 

However, the foreigner can maintain control of the company via handing control to foreign directors, giving foreign partners greater voting rights or through the legal power of attorney from the Thai shareholders.

As many foreigners commonly take this route, getting a lawyer to help with all the processes is necessary. 

 Condominiums

Legally a condominium is the only property a foreigner can ‘own’ under his name. The foreigner is also able to purchase the entire building but not the land it rests on. 

Natural born Thai citizen

One of the more common ways to ‘own’ land in Thailand is to marry a Thai citizen and put the deed in her name. 

This can be dangerous for the foreigner as the land will be legally owned by the Thai citizen. Should the foreigner be evicted, there are no legal avenues to fight this. However, the terms in the lease can be specified by the foreigner such as the lease amount or what happens if the foreigner wishes to sell the property. 

The foreigner must take steps to protect his investment because if he is married to a Thai citizen and the marriage ends in divorce, the property will be owned by the Thai citizen. 

The foreigner can legally protect himself by leasing the property for 30 years with an option to renew. The foreigner must register or the lease is good for only three years.

After 30 years, the foreigner can renew further but the renewed lease will not be registered which means should the Thai owner choose to sell the property, the foreigner will not be able to contest the issue. 

Acquiring a 30-year renewable lease without having a trusted Thai counterpart to hold the deed is dangerous as there is absolutely no guarantee after the 30 years is up that the land/property will not be sold even if the foreigner has successfully renewed it.

Additionally, the costs involved with a renewing are usually many times higher than the initial price. 

You can also find more information about Buy property guide

 
Check out these related articles Ten top tips for buying in Thailand, Advantages of new home

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The real estate agent is therefore, your best asset. An agent is instrumental in helping you acquire a place to stay.
 
As the policies may differ in the different regions in Thailand, getting an estate agent localised in that specific area is advised.
 
Even if your agent ends up doing everything for you, it’s best to go into every potential transaction armed with information. 
 

These are the things you want to do before you hire an agent; 
 

1. Source out locations you want to live in
 
2. Establish a price range and size of the apartment you are comfortable with
 
3. Decide on the type of furnishing you want included
 
4. Find a reliable and knowledgeable agent
 
Once you’ve acquired the services of an agent, he/she will embark on finding potential places for you to look at based on your criteria.
 

As you meet various landlords, there are things you need to know;
 

1. All rent can be negotiated and are not usually adjusted for the duration of the contracted period.
 
2. Cheap apartments may require a 3-6 month contract. The best rates obviously come with a longer tenure so you’ll have to negotiate.
 
3. Most landlords require 1-2 months down payment. Sometimes, the landlord may require 3 months if the furniture is new or if you’re moving in with a pet. The amount will be completely refunded once the tenure ends and you leave, provided the property is undamaged.
 
4. Landlords are required to inform tenants in advance of any pending rent adjustments. This usually occurs when the lease is up for renewal.
 
5. Rent is paid at the start of each month, not the end.
 
6. Utility bills such as electricity and internet may or may not be included in the rental amount. You must verify this with the landlord.
 
7. Prematurely ending the contract results in the deposit being forfeited. However, consider setting up a diplomatic clause to avoid this. This is however, subject to the landlord’s approval.
 
8. The landlord can call the police to forcibly evict the tenant if the contract has been breached. Prior negotiations will usually happen before such extreme actions are taken.
 
9. There are no specific laws protecting tenants in Thailand. Contractual rights are all that governs the working relationship of the landlord and tenant.

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Quick Facts:
• Thailand is a country with a population of around 67.01 million people.
• Bangkok and Chang Mai are the most popular city for expats in the country.
• The official language is Thai.
• Agriculture, forestry, fishing tourism and manufacturing are the main industries in Thailand.

The people who come to Thailand to call it their second home often find the picturesque beaches and the food quite tempting, which is why it’s one of the world’s favorite tourist destinations as well. However, since we are talking about expats, they need a place to stay and won’t be leaving the country anytime soon. Let’s look at some of the most in-demand types of rental properties they find most alluring.

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Serviced Apartments: The most popular type of accommodation having hotel like services with housekeeping services makes these properties the most sought after among expats.

Rented Condominiums: Coming in at second; rented condominiums offer a luxurious ambience minus the added benefits of a serviced apartment.

Town Houses: Town houses also happen to be one of the most popular rental accommodations since they offer additional living space compared to condo and at affordable rates also lesser costs compared to houses.

Houses: Typically, 2-3 times larger than the town houses; they offer convenient living, the maximum space at higher costs compared to others.

Being the capital of the country; Bangkok isn’t cheap when it comes to property rental with rents typically varying between THB 5,000 to THB20,000 for a small apartment and between THB10,000 to THB50,000 for a comparatively larger accommodation. However, if you were to move to other areas within the country you would find yourself shelling a lost less with rents varying from THB3,000 to THB11,000 and THB7,000 to THB26,500 for a small or large apartment respectively. Rental yields vary from 5% to 8% in Bangkok which has seen yields increase significantly for a medium sized apartment.

The one question an expat would often find themselves asking is where should they rent a property in Bangkok? This can get pretty confusing since the city’s booming and almost all the areas have witnessed significant real estate activity. However, if you want the very best, here are the top areas you should check out:

• Chit Lom
• Nana
• Thong Lo
• Surasak
• Pholen Chit
• Phra Ram 9
• Asok
• Phrom Phong
• Saphan Taksin
• Lumphini

Thailand property rental scene has been growing ever since the economic boom hit the country. With so many multinational companies and foreign organizations active in Thailand; the need to rental properties have hit an all-time high. This boom is here to stay and the chances are that a much higher number of expats will be hitting the shores of this nation in the coming years.

The other two, Sor Por Kor 4-01 and Sor Kor Nung are included here strictly for information purposes only. The foreigner should not seek to acquire either of these deeds if he wishes to purchase a home or land in Thailand. 

Chanote (Nor Sor 4)

This is the strongest property right a person can attain. This title deed clearly and specifically defines the size and boundaries of the land via government boundary markers which are corroborated with satellite imagery. 

This title deed is by far the most secure type of land title. 

This title deed must be registered with the local Thai land office where the property is located in order to obtain it. 

Nor Sor 3 Gor

The second strongest title deed in Thailand is the Nor Sor 3 Gor. It is second only to the Chanote due to the fact that this title deed does not have the boundaries of the property officially defined. No satellite imagery or government marked property boundaries are included in this deed.

However, the owner of this title deed has the right to request for the proper Thai agency under the government of Thailand to have the property properly surveyed so as to convert/obtain this deed into a Chanote. 

As a foreigner, this is one of two title deeds you should consider as land with the Nor Sor 3 Gor title deed may be sold, leased or used as mortgage collateral. 

The foreigner who successfully obtains this title deed cannot leave the land unattended for more than 12 years. 

Nor Sor Sam

This has been performed. The foreigner can request for the relevant authorities to have the land properly is a confirmed certificate of use but not all the procedures to officially endorse the right to use surveyed but a notice of intent must be made and 30 days public notice allowed before any changes over the status of the land can be legally registered. 

Condominium title

The condominium title provides the foreigner with the deed to a part of a building or buildings with more than one owner. It also offers a limited interest in the land and common assets such as swimming pool, gym and communal areas like the stairwell or lobby. 

Sor Por Kor 4-01

This is an agricultural title deed intended for Thai farmers as it gives them the right to use and farm on Thai property with a small plot of land reserved for personal dwelling. This is not obtainable to foreigners. 

Sor Kor Nung

This is a certificate of possession which recognizes that a person is in possession of land but does not imply or explicitly state that there are any rights associated with the possession.

This is not recommended for foreigners looking to purchase property as they have no rights to the property even if the certificate was paid for.

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An effective house hunt procedure can greatly help in getting the ideal property at a competitive market rate. Before deciding on buying or renting a house one has to consider a few factors that are the budget, location, type of house and amenities available.

Location Guide

The location of the house is of prime importance before deciding to own or rent a house. For this one has to consider various factors that are most convenient and suitable for oneself and one's family.

These include closeness to one's workplace, spouse workplace, kids' school, shopping area, food outlets and easy access to road and rail transport.

Amenities Guide

Depending on personal choice one has to consider all the amenities available nearby. Many housing estates offer world-class amenities that comprise shopping malls, hotels, parks, entertainment, and recreational facilities.

Preference of having an MRT station and BTS as well as bus interchange can also be regarded as a convenient transport facility before opting for a residential home.

Sources (Agencies, Properties consultants, Brokers)

Property consultants, brokers and agencies in Thailand make property buying and renting hassle-free and easy. It also saves a lot of time and money for the prospective investor while looking for an ideal residential property. These consultants and brokers cater to all specific needs and requirements of property investors.

Things that foreigners/expatriates should do

After deciding on their budget, location, amenities, and facility a foreigner or expatriate can consult a reliable agent or broker to meet their specific housing needs. Thereafter they can ascertain the value of the property in order to obtain a loan.

Financial institutes and various banks grant a loan to all foreigners after fulfilling certain criteria. Thereafter all purchase formalities and documentation have to be done. The buyer can also opt for inspecting the property before taking over the property.

Conclusion

Thailand's booming economy and a progressive real estate property market have led to an ever-growing demand among property buyers. Foreigners and expatriates can make easy and cost-effective purchases or rent an apartment by following these house hunting guides.

These tips and house hunting guides should be considered and evaluated properly to obtain the most suitable apartment of your choice.

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