Bangkok Property is a worthy asset to consider if you are interested in property investment. Foreigners or locals who are not familiar with the property investment market in Bangkok should consider the following points to acquire a condominium.
- Foreign Property ownership laws-
It is a great way to dive into Thailand real estate by investing in Chiang mai condo for sale or earning income by renting a condominium. For property ownership, international buyers must be aware of Thai rules and restrictions before implementing any decision. Properties can be purchased as leasehold, including a condominium for a fixed period (generally thirty years in Thailand) and returned to the freeholder on expiry of the tenure. The leaseholder uses a mortgage to purchase property and claims all rights to the property, but the purchase price is much lower than that of a freehold property since the freeholder owns the land. Freehold purchases are the common ownership tenures applied only to condominiums as they are owned outright until they are disposable. The property owner has an advantage of a future rise in condo prices, enabling a long-term investment strategy. Foreign buyers can also buy freehold condos limited to 49% of the saleable condo areas. It is because of the foreign quota. The rest, 51%, is left for Thai entities or nationals.
- Selecting the appropriate location –
Finding the right location that is more accessible and convenient in terms of traveling is an important criterion in purchasing decisions. Property developers build condos closer to public transport due to the expansion of the mass rapid transit system around Bangkok. This resolves traffic problems and provides smooth traveling opportunities to owners. The 3 location preferences are categorized as –
- Lifestyle Hotspots –
Condominium owners find it suitable for property investment in neighborhood areas that provide vibrant lifestyles and high demand. The 4 locations for expatriates belonging to the high-upper-middle class are –
- Affordability –
Property investment in Phra Khanong and Nut is worthy as these locations provide quick access to commercial hubs, luxury restaurants, night markets, and sky bars. They are well-connected areas that provide abundant, affordable condos and are popular among expatriates. As this location is near central Bangkok, it is more convenient as it saves the commuting costs of those expatriates who work in commercial and business centers of Bangkok.
- Bangkok’s Riverside area-
Owners who prefer the convenience and a peaceful neighborhood show a keen interest in Bangkok’s Riverside district, which gives tranquility of serene surroundings and is well connected to the city center by BTS and MRT lines. You can live in calm and peaceful surroundings without any compromises on distance from the city center.
- Mortgage –
Foreigners who want to invest in Thailand real estate can access finance or Thai mortgage from banks. Professionals with several years of employment and individuals with business links or lengthy commitments with Bangkok can get long-term loans from Thai commercial banks. Foreigners can approach the local banks and inquire about accessing loans along with rates and other conditions and use a condominium mortgage calculator to understand the possible rates.