Buying Property in Thailand
It’s everyones dream to be a part of and own a piece of paradise.
For almost half a century, this has been a dream come true with Thailand’s condominium act, established in 1979.
This opened up for Foreigners (Non-Thai Nationals) to be able to purchase Condominium Units in the Kingdom.
Ownership
Buying a Condominium in Phuket is a great investment and lifestyle, it’s also very straight forward and surprisingly easy.
As a Foreigner (Non-Thai National) you can purchase properties in a few different ways.
In 1979 Thailand’s first Condominium act was established and from then till now, it’s been updated and improved several times to ensure buyer protection and Developer responsibilities.
With almost 50 years of maturity, Thailands real estate market and ownerships has been tried and re-tried to ensure Security for Foreign investors.
Foreign Freehold Ownership
This is the easiest and most straight forward ownership, full ownership for life.
This can be acquired in Condominium as long as the Quota is available.
Common practice in most project, the Foreign Freehold comes with a premium in order to be acquired.
By the Condominium Act, 49% of the sellable Square Meters of a condo project can be sold as Foreign Freehold and is registered in the Governmental Land Department.
Leasehold Ownership
The Longterm Leasehold ownership is a concept that not everyone is familiar with.
By the section 538 Civil and Commercial Code, a condominium unit, land or house can be registered in the Governmental Land Department for 30 years at the time and at this time, it will be written onto the Chanote (Title Deed) attached with the lease agreement.
The lease will then be renewed additionally 3 times as per the leasehold agreement from Diamond Condominium, giving you a total of 120 years.
Freehold Vs. Leasehold.
Both Freehold and Leasehold are ownerships, giving you the right to occupy, rent out, re-sell and even modify and renovate your unit, as long as you follow the rules and regulations of the specific project.
Both ownerships are protected by Law and has been adjusted to protect the progressively growing real estate market of Phuket and Thailand.
Contract us for more consultation and advice on this matter.
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