BUYING PROPERTY IN THAILAND
Specific legal issues under Thai land law has regulated the ability of foreigner to acquire rights to Thailand property.
However, there are available ways to acquire legal rights to land and real estate in Thailand, which do not amount to outright ownership.
Freehold condominiums are the best purchasing option in Thailand for foreign buyers. With a special status, outlined by the Condominium Act B.E. 2522 (1979), freehold condominiums allow foreigners direct freehold ownership of the condominium unit, as well as common property co-ownership. In other words, freehold ownership grants absolute ownership of the property, and it is the best form of tenure that foreigners can be granted in Thailand.
Sansiri offers foreign buyers a range of purchasing options, with freehold condominiums situated in Bangkok and a number of key resort locations throughout Thailand.
- Completed property requires 100% payment of the property cost.
- Property still under construction requires only 30% of the cost to be paid initially. The remaining 70% is paid upon completion.
Foreigners can purchase up to 49% of the total floor area of a condominium on a freehold basis. It is therefore important to be aware of a condominium’s foreign ownership quota before buying.
Alternatively, foreigners may register leasehold rights of a property with the District Land Office. This includes the lease of condominiums and freehold land. Through this process, foreigners can effectively use land with a leasehold tenure and are permitted to own buildings or structures erected on that land. Thai law limits the duration of leases to a maximum of 30 years, after which the lease term can be renewed. With a registered company in Thailand, foreigners may also buy land or a house.