Can foreigners buy property in Thailand?

This is probably the most common question asked by foreigners who do not want to live in Thailand permanently but want to invest in Thai real estate. Under the Condominium Act (BE 2522) of 1979, foreigners are allowed to purchase and own on a freehold basis up to 49% of the total area of a condominium unit. Purchasing a "permanent title deed" allows foreigners to permanently own the property and rent or sell the property at any time. On the other hand, purchasing a “leasehold right” limits foreign ownership of the property, with the maximum registered lease term usually being 30 years, as stipulated in the contract. Therefore, buying a freehold condo is ideal for long-term investors who are looking for 100% ownership.

House viewing and house selection

For new investors who are visiting Thailand for the first time or do not have the energy to investigate, we recommend that you first understand the current status of the Thai real estate market through a local consultant.

Real estate consultants are very familiar with the local market and have a very accurate understanding of housing supply and prices. They can not only help you with market research and analysis, but more importantly, they can recommend the most suitable property to you. Local real estate consultants can also help you a lot in terms of application process, follow-up procedures, house rental, etc. Once you have a comprehensive understanding of the Thai real estate market, you can lock in the property you like. Once you have chosen the house, the next step is to go through the house purchase procedures.

Sign letter of intent & pay deposit

Once the pre-sale project is completed, you will need to pay the balance of the purchase price when you receive the keys to your new home, which is usually 50% to 60% of the purchase price. If you are purchasing a newly built house, you must pay the balance when you sign the contract and deliver the house.

Formal contract signing and down payment

The purchase agreement is delivered to you for review and signature. If you agree with the terms of the contract, you must sign it and return a copy (possibly by email). Then pay the down payment for the house, which is usually 10%-30% of the purchase price. If you are purchasing a pre-sale home, you will need to make interim payments during the construction process of the property, usually 30% to 40% of the purchase price. (You can directly transfer the money to the developer's account; you can also open a local bank account for the buyer in a Thai bank and transfer the purchase money to Thailand)

Handle property transfer and collect keys

The home buyer brings his passport, bank transfer certificate and check to the Land Department to transfer the ownership. Generally speaking, you can entrust the developer or agent to handle it on your behalf, and all the procedures for transferring real estate in Thailand can usually be completed within 1 day.