Can a foreigner buy a studio/2 rooms apartment in Bangkok city ?

Question

How and where to go about it ?

Answer 1

In the future I plan on spending some of my retirement time in Thailand. So, I have been researching where and how of Thailand. It is evolving as we speak.

Yes, they call them condo's there. A foreigner cannot own One Hundred Percent of land but, can own the building. There are deals out there where you lease the land for 10-30 years and own the building. The legality of that is being questioned. The real estate market in Bangkok is disjoint. They do not have a master listing of properties for sale or rent. Nor is there a master list of real estate brokers. The most comprehensive list I have found is at the following website. www.thaiwebsites.com under bangkok real estate section.

Go to a reputable real estate broker. If you are an American you will recognize that there is a CB Richard Ellis real estate office in Bangkok on Wireless road. This one is associated with the others in the USA. See below for web link.

You have to make sure that all your paper work is correct. That you have proper title, that the person selling the property has the right to sell it, etc. Yes, there are stories about a property being so by other not owning the property or sold simultaneously to others. And since alll the paperwork is in Thai, you may want to hire a Thai translator who specializes in Real Estate for your own protection. There are attorneys there that specialize in assisting foreigners or farang in buying real estate. In fact, you will see that some real estate brokers have a legal link.

Other things to keep in mind. At least for houses, they have to be overhauled about every 10 years because of the weather conditions. New paint, maybe roof etc. And for that fact most lenders will only go 10-15 years on a mortgage. Now I understand why, if you don't do the upkeep which it seems many don't the value is not there. Unlike the United States or other parts of the world. Which leads us to check the health of the common area maintenance fund and the service. You may want to check with other owners about it too.

I could go on about this. Prices are higher near the BTS skytrain and MRT subway. Especially when they are close to a station. Especially now, many thai who had moved to the suburbs are getting killed by the drive in, though gas prices are easing in Bangkok they are the same per gallon practically as the USA. So, many are trying to move closer to the CBD or Central Business District or closer to mass transit which is very inexpensive and efficient.

My suggestion is that if you are not in a hurry. Rent a place here and there, that way you get to know your neighbors, how noise resistant the walls are, etc. Most "used" condos are furnished. For whatever reason it is that way. Ever noticed how few trucks there are in Bangkok?

Prices run from USD 80 per square foot up to the hundreds of dollars per square foot. 10.7639 is the multiple for a square meter. I think the most reasonable price is under USD 150 per square foot. Beyond USD 200 per square foot is overpriced.

There is supposed to be a used Condo Expo November 24-26, 2006 at the Bangkok Convention Center in Lad Prao this year. I cannot find the details or the website. They had one in September for new units and it was quite successful.

There are things I left off, like how the money comes in. Your agent will tell you about that. Thai banks will lend to foreigners for half the price and you have to have a certain balance in the bank at all times.

Good luck, there is more I could tell you I think.

Answer 2

Foreigners can buy condos of any size. The restriction is that the building your condo is in needs to have 51% of the condos owned by Thai citizens.

Honestly, if you need to ask this question, it may be better to rent. It's much less risky, and actually *much* cheaper -- the apartment that you would buy for 8 million baht ($200k), you could probably rent for under 20k baht/month ($500). Thailand can be an unpredictable place, and with new visa regulations, you might be able to enjoy your property for only 3 out of every 6 months.

Answer 3

the answer for the most area is bound. lower than the residence act of 1979 residence identify is to area of a progression or homes with diverse vendors, and a fractional interest contained in the land, and different difficulty-loose sources, which incorporates swimming pool and difficulty-loose parts of the progression. The identify will state the floor part of the non-public residence, the floor part of the difficulty-loose land and the percentage interest which that residence has contained in the difficulty-loose sources. This percentage also represents the price of the balloting interest contained in the residence company or vendors association. For foreigners to be eligible to purchase a residence in Thailand they ought to modern-day information to the Land branch that the money were remitted from foreign places in overseas overseas money echange. as with another significant purchase by very careful and do your position artwork even as figuring out to purchase, highly one it really is not outfitted yet. Have your legal specialist examine the developer's monetary heritage, sources, loans, costs, etc formerly turning in funds. And insure that the deposit does not flow on to the developer have an escrow account for the deposit contained in the call of someone both you and the developer trust i.e. a legal specialist. solid look and characteristic interesting in Bangkok

Answer 4

Yes. There are many realestate agents on-line and in BKK that can help you find the condo and help you with paper work. I believe you need to go to have some sort of residency visa to buy one - but you do not have to live there. If you talk to the realestate people - they will tell you waht paperwork you need to file - so many foreigners do that.