The prospect of moving to Thailand, owning property, and living in an expat’s paradise is something that many people can only dream of, however, it is a real possibility and something worth your consideration.
In this article, we’re going to talk about all things condos! We are going to look at the following, for your reference:
- Can a foreigner own a condo in Thailand?
- Are there any restrictions to owning a condo in Thailand as a foreigner?
- Are condos a decent investment opportunity?
- What is the best place to buy a condo in Thailand?
- How much is the average condo worth?
- What are the benefits of living in a condo?
- And more!
If you have been toying with the idea of moving to Thailand but you aren’t quite sure, this is the article for you. Want to know more? Simply read on and we will tell you everything you need to know.
Can foreigners own a condo in Thailand?
The first and most important question that people ask is whether foreigners can own a condo in Thailand. The short answer is yes!
Are there any restrictions to owning a condo in Thailand as a foreigner?
Now that you know foreigners are able to own a condo in Thailand, are there any restrictions that you must be aware of?
First of all, the only thing that you need to worry about is majority ownership. Thai law dictates that 51% of the units owned in a Thai condominium complex must be owned by Thai nationals. Other than that, the remaining 49% of the units are up for grabs!
In addition to that, there is no limit to how many condos you can own (under the above terms and conditions). So, for example: if 51% of the units in a development project are already owned by Thai nationals, theoretically, there would be nothing to stop you from purchasing and owning the remaining 49%.
Are condos a decent investment opportunity?
If you are a property investor and you aren’t interested in finding your forever home in Thailand, you’ll likely want to know as to whether investing in condos is worth your time, money, and attention. The answer is yes!
Certainly, you will have to be very careful and do plenty of research before rushing into any purchase. Naturally, there are considerations to be made. Investing in any old condo is not a wise move.
That said, with some careful consideration, there are many prime real estate locations in Thailand were investing in a condo is likely to give you a massive return on your investment.
- Flipping property for profit:?if you wish to flip property for profit, you must invest in areas that are considered to be ‘up and coming’, were real estate is in high demand and your property is likely to appreciate in value.
- Renting property out to holiday makers:?similarly, investing in property to rent out as a holiday home requires an equal amount of consideration. You want to invest in areas that receive a great deal of tourism traffic and isn’t forecast to change any time soon. For example: purchasing a condo in central Thailand and hoping to make a lot of money from tourism isn’t the best decision. Purchasing on one of the Southern islands, or in central Bangkok for example, would be.
Yes, there is always an element of risk when investing in property, no matter where you look, however, the fact remains that Thailand has always been a relatively stable choice.
The Kingdom has gone through some very turbulent times over the years, with the real estate market taking significant blows, but one way or another, it has always made a recovery.
Where is the best place to buy a condo in Thailand?
When deciding on where to invest in Thailand, there is much for you to consider. As we mentioned above, the primary deciding factor is whether you are looking to invest in property to flip, to rent out as a holiday home, or if you are looking for your forever home.
Here’s a look at some of the most popular choices for purchasing property in Thailand:
- Bangkok:?Bangkok, being the nation’s business and administrative capital, has always been a solid choice for people looking to invest. Due to Bangkok’s economic importance, property prices have risen significantly over recent years and as such, you expect a vibrant rental market, often yielding rental returns of up to 6%. That, and you are spoiled for choice, given how vast the Bangkok property market is. Whether looking for a home, a property to flip, or a rental, you’ll be sure to find something here!
- Phuket:?Phuket is one of the most popular tourist destinations in all of Thailand, welcoming millions of tourists from all over each year. If you are looking for a relatively stable location to invest in a holiday home, you cannot go wrong with Phuket. Similarly, Phuket is an attractive spot for expats looking for their forever home.
- Pattaya:?Pattaya is another popular resort city that lies in close proximity to Bangkok. The rental and sales market in Pattaya has been very active over recent years with a number of high-quality and competitively priced projects in the works.
- Chiang Mai:?Chiang Mai is another location that is attractive to both expats looking for their forever home, and investors looking to snatch up some excellent real estate. Often being described as the cultural capital of Thailand, Chiang Ma is definitely worth a look!
- Hua Hin:?Hua Hin is one of Thailand’s oldest and most renowned beach resorts. For those looking for laid-back living in a stunning environment, purchasing property in Hua Hin is an excellent option. Or, for the investors looking to make rental returns on holiday lets, you’d be hard pressed to find a better location.
- Koh Samui:?Koh Samui is Thailand’s most famous island and is a literal tropic paradise! Whether you want to retire in an exotic location, invest in its thriving property market, or purchase an attractive holiday home to let, Koh Samui offers plenty of variety.
How much is the average condo worth in Thailand?
The average value of condos in Thailand varies significantly from one location to the next. In addition, it depends on the quality of condo you are going for.
In most cases, the price for condos is calculated per square metre:
- Entry level:?70,000 THB and below.
- Mid-range condo:?between 70,000 and 90,000 THB.
- Upper-midrange:?between 90,000 and 120,000 THB.
- High end condo:?between 120,000 and 200,000 THB.
- Luxury:?between 200,000 and 300,000 THB.
- Ultimate luxury:?300,000 THB and above.
So, for an entry level, one-bedroom condo at 22 square metres, you are looking at an average of 1-million THB (approx. $28,000).
For a top of the range, luxury condo penthouse on the other hand, you could be looking at 29-million THB and above ($800,000 to several million USD).
For an average condo, you are likely to pay somewhere in the region of $80,000 to $120,000. Location, quality of construction, condominium amenities, and the property size are all important factors that will influence the overall property value.
What are the benefits of living in a condo?
There are so many advantages to living in a condo, particularly in Thailand. Here are some examples of the amazing benefits that you will be able to leverage:
- Safety and round-the-clock security:?while some people may prefer to live in a townhouse or villa, a condominium complex has 24-hour, round the clock security with key card access. This makes living in a condo one of the safest accommodation options available.
- Great location:?this certainly doesn’t apply to all condos, but most are developed in key-locations with plenty of excellent local amenities nearby. For example: beach-front condos with local restaurants and beach-bars nearby.
- Transport options:?similar to location, there tends to be excellent transport infrastructure close to most condos – including BTS access in Bangkok, and motorcycle taxis nearby.
- In-house facilities:?any quality condo complex worth its salt has some amazing in-house facilities for you to take advantage of. These can include (but are not limited to): swimming pool fitness centre, spa and sauna, restaurant, off-street parking, laundry service, room-cleaning services, room service, rooftop bars, and more!
- Fewer pests and insects:?living in a ground-floor villa compared to living on a 20th-floor condo will provide a very different experience in terms of pests. While you will certainly get the occasional mosquito or cockroach, the higher up you are and the cleaner the condo, the fewer pests you tend to have to contend with. Yes, if you keep your villa clean you won’t get too many pests, but you are far more exposed than you would be in a condo – worth considering for those who are afraid of insects!
- Incredible views:?many condo complexes have condos with balconies that boast magnificent views! If relish the thought of relaxing on a balcony, sunbathing, while overlooking the ocean, you’ll find a wide variety of amazing condo complexes that can provide you with exactly that.
- Less maintenance:?in most cases, you can pay a monthly maintenance fee for the public areas to be maintained. That, coupled with a weekly room-cleaning service means that you won’t have to worry all that much about investing time and money in to the general up-keep of your property.
- Foreigners can own condos in Thailand!
- The only restriction is that 51% of the condos in a development must be Thai owned.
- You can own as many condos as you like.
- With time and research, condos can be an excellent investment opportunity.
- Some of the best locations to buy a condo in Thailand include: Bangkok, Phuket, Pattaya, Chiang Mai, Hua Hin, Koh Samuit.
- The average price for a condo in Thailand is typically $80,000 to $120,000, with prices ranging from $30,000 so several million USD.
- There are many benefits to living in a condo, from safety and security, amenities, and transport infrastructure.
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