Are you looking for a condo in Thailand to buy, but not sure where to start? Look no further! This comprehensive guide will answer all your frequently asked questions and provide valuable tips to help you make an informed decision to have a condo in Thailand.
Not only giving you informed decisions on how to buy luxury residences in Thailand. But we also provide free rental yield calculator for you guys as well. If you are looking to at real estate for investments, it is important to know your annual gross rental yield to have a healthy return of investments.
Table of Contents
How much does a condo in Thailand cost?
Condos in Thailand are available at a wide range of prices. The cost will depend on several factors, such as the location, size and amenities of the condo. In general, you can expect to pay between ฿1 million to ฿30 million for a condo in Thailand. If you are looking for a condo in a prime location or with luxurious amenities, you can expect to pay more. Prime district in Thailand for examples are Sathorn, Silom, Asoke, Nana, Thong Lor and basically along Sukhumvit BTS station. Along these prime districts condos can cost up to 5-6M Thai Baht to 120M Thai Baht. From a 1-bedroom condo to a 3-bedroom penthouse.
On the other hand, districts on the outskirts of Bangkok or up-and-coming districts such as Bangna, Charansanitwong, Chinatown and On Nut districts. Cost of condos from a 1-bedroom to 3-bedroom cost is between 1.7M Thai Baht to 9.2M Thai Baht. Mainly because residences in these districts consist of low-rise residences are somethings they are sold as mildly furnished condos. Do understand the 4 major property types in Thailand, check the guide here.
It is crucial to determine your budget beforehand and set realistic expectations.
Can foreigners buy a condo in Thailand?
Yes, foreigners can buy a condo in Thailand. According to Thai law, foreigners are allowed to own up to 49% of the total area of a condominium building. However, there are some restrictions and regulations that you need to be aware of before making a purchase.
For example, you must transfer the funds for the purchase from a foreign bank account, and you need to obtain a Foreign Exchange Transaction Form (FET) from the bank to transfer the funds to Thailand. Additionally, you must have a valid visa and a work permit or proof of income to be eligible for a mortgage. For proper understanding for the law on foreign ownership check out from a local real estate guide here.
For more in-depth analysis on foreign ownership, read the post here.
Is a condo cheaper than a house?
You might be wondering if a condominium is the best choice of me and my lifestyle. Or should I purchase a house. The question first to answer: am I buying real estate for myself or as an investments opportunity? Then determine the location of your purchasing journey in real estate.
In general, condos are more affordable than houses in Thailand. Condos offer a more compact and efficient living space, which reduces the cost of construction and maintenance. Moreover, condos come with amenities that would be expensive to install and maintain in a house, such as a swimming pool, gym, and security system. However, the cost of a condo will depend on the location, size, and amenities of the property.
Are condos in Thailand a good investment?
Investing in a condo in Thailand can be a profitable venture, provided you make an informed decision. Thailand's real estate market has seen steady growth in recent years, and the demand for condos is increasing.
If you invest in a condo in a prime location, you can expect a steady stream of rental income or capitalize on capital gains when the property value appreciates. As stated above it is important to know the overview of gross rental yield. But for further investment research and to know the full cash flow for your real estate investments. You need to understand the cash on cash returns. Check out the full guide here on how to calculate cash on cash returns with free real estate calculator.
However, you need to conduct thorough research and due diligence before making a purchase to avoid any potential risks and ensure that your investment is secure.
In Conclusion
Buying a condo in Thailand can be a challenging and overwhelming process, but armed with the right information and guidance, you can make an informed decision. Whether you are a first-time buyer or an experienced investor, it is crucial to do your due diligence and work with a reputable and experienced real estate agent to help you navigate the process. We hope that this guide has provided valuable insights and answers to your frequently asked questions. Happy condo hunting!
