Thailand has shown steady and progressive growth economically in recent years. Even after the military coup period in 2014, the country gives you good reasons to invest in property there.
It is open to foreign investments and makes it easier for investors to invest.
When buying a particular property, there are certain factors to take into consideration:
The cost of living :
We are considering necessities like rent, food, and transportation to miscellaneous costs, Which is 20.000 baht to live comfortably in Thailand on average.
Financial ownership rights:
Though the property ownership rights in the country are not that flexible, a legal advisor can make it easier. A foreigner can’t own land, but it is possible to purchase buildings.
There is no restriction of time on a foreign investor to “freehold” the property.
Foreigners can only own a condominium unit above the ground floor in a building.
Condo ownership is the only acceptable way for foreigners to buy real property in Thailand Outright. Another option would be getting a long-term lease, which is up to 30 years.
There is no general annual property tax in Thailand; the tax is imposed at 12.5% yearly on a rented property.
Registration fees, it is essential to pay transfer pay to land department,
Leasehold property, the prices include 1.1 percent of value written in the contract.
Freehold property varies from 5-7 percent of the property’s value, depending on the time seller owned the property.
Financing of property:
It is possible to buy property in Thailand with a loan, but only specific banks prefer foreign direct investment rest there are strict rules to follow.
It’s better to get an advisor and get familiar with financing before taking a bank loan.
Type of Property out for investment:
● Villas in Phuket or Koh Samui
● Condos can be a good asset appreciation; the beach resorts are there for that.
Locations to invest in:
● Chiang Mai cultural spot of Thailand, its a place of particular attraction with promising returns to investment in property.
● Phuket is a popular tourist spot in the country, and the location is rapidly developing with scenic views.
● Koh Samui is an exotic island with many beach villa front projects on the way.
● Hua Hin, With attractive residential options and royal connections, can be an excellent choice to buy land here.
● Pattaya is a popular seaside resort destination.
● Bangkok, Full of skyscrapers capital of Thailand, and an economic hub, make it an appealing center for buying property.