buying property in Thailand

The real estate industry around the world is known to be very inconsistent mainly because of the disparities in cities and locations. To put this into perspective, take for example a studio apartment in New York City, according to brg.com, renting such a space would set you back $2,000 a month. Compare this location with a location such as Detroit, where buying a house would cost you a mere $500 – this is just in the United States. Back here in Thailand, property sale Bangkok is considerably cheaper than; say the United States and Europe.

China and Property Sale Bangkok

Thailand is a popular option for people who want to live abroad. There are many reasons why people choose Thailand, from the nice weather year round to the cheaper cost of living, to better medical care. Thailand has many amazing places where you can live, but Bangkok is a popular location to live. Most people either own or rent a Bangkok condo, so they enjoy the city while living in other areas of Thailand.

 
Why Bangkok is The Best Place to Live in Thailand

Bangkok has gained reputation as one of the best cities in the world. It presents a stark contrast of the old and the new, which is well-loved by many. You can eat traditional Thai food along the streets or indulge in a fine dining experience in high-end restaurants. There is something for everyone, including work opportunities. With this, there is no wonder why the expat population is on the rise, and consequently, there is an increasing demand for Bangkok condo. Year after year, new condos in Bangkok are opened, which is an indication that there is indeed high demand. 

It is commonly thought that potential buyers of property in Thailand must have to form a company in Thailand in order own freehold property. This was true until the Condominium Act of 1979 was passed. So in other words this has not been true for over 3 decades now! For over 30 years it has been possible for foreigners to purchase condominiums in their own names and on a freehold basis. The Condominium Act in Thailand (B. E. 2522) has been amended in 2008 to allow additional protection for owners and flexibility.

Demand from wealthy Thais has seen prices rise in Bangkok by 35% since last year with new projects in Bangkok’s suburbs of PhraKhanong, On Nut, Chatuchak, Bang Sue, Ratchada and Ladphrao. Many rental condos bought by out-of-state investors are concentrated in Thailand, likely because they are relatively inexpensive markets. Many of these mom and pop investors are young professionals with good-paying jobs, or baby boomers with an eye toward retirement who want to invest some of their home equity into these lower-cost properties.