Considering Home ownership in Thailand? Bangkok is the largest city by far, with 8 million in population. With a wide range of job opportunities, it is quite popular to those who choose to work and live in the city life of Thailand. For those who would prefer smaller cities, Nonthaburi or Chiang Mai are quite smaller but with enough amenities to draw an expat crowd. Chiang Mai has been very popular with foreigners who visit and live in the country for a longer period of time.
Home ownership in Thailand
Home ownership in Thailand is quite high – reaching up to 80%, compared to lower percentages in the UK and America. There are also limits set on foreign ownership of Thailand property. Foreign investors can own condominiums and apartments, provided that majority of the total ownership of the building remains in Thai hands.
As property prices has gone stagnant in Thailand, with rental yields shooting up. Condominium rents continued rising even after the purchase price index have slowed down.
Foreign investors are subject to various restrictions pertaining to purchasing property in Thailand. Buying a condo or a flat would be possible, but owning a land would be far more difficult. Meaning, foreigners can own buildings but not the land where it stands on. There are many ways around property purchase in Thailand like setting up a company in joint names with local Thais, wherein it would be possible to purchase land under the company name. It is highly recommended to seek legal advice from a property lawyer when choosing this method of property purchase in Thailand.
If you are planning to purchase property in Thailand, the price range would be significantly influenced by the location that you choose. In those large cities, there will be a huge difference in average price if within the city and those in central districts come in at a high price. Other expat locations such as Chiang Mai is much lower compared to housing in Bangkok. Prices in smaller towns or in the more rural areas are cheaper than those in the huge cities. Consider all the options when it comes to home ownership in Thailand.