Foreign Ownership Pointers for Condos in Bangkok
Getting a condominium, or, condo unit, is known as the least complicated as well as the most hassle-free way for foreigners to take a property in Bangkok. In other words, condo is probably the biggest and most desired investment option for foreigners who like to live in Bangkok.
Buying a condo in Bangkok is relatively inexpensive in distinction to other Asian cities such as Shanghai, Singapore and Hong Kong . While it costs billions of cash for a typical condo unit in cities which include Hong Kong and Singapore, you can easily own a condo complete with high-class bedrooms and features such as swimming pool, for just around $700,000.
However, condominium investment decision in Bangkok is generally based on the location where it is located as well as the hassle-free transportation. For example, condo complexes located in such posh areas as central business district (CBD) , BTS, and MRT stations are much sought after, just like newly lunch property in condo like hills
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Since they can considerably cut down the transportation expense and can clear away the chaos of traveling to and from your work place, condos located near to Skytrain and subway routes are moreover of great demand. Likewise, condominium units in close proximity to strategic shopping areas including Sathorn, Silom, Sukhumvit areas, and Rama III areas are moreover a lot desired by the foreigners.
Relying upon the buyers' flavor, budget, and preference of location, condominium units in Bangkok come in a myriad of options such as small studios, three-bedroom complexes, and penthouses. The vast majority of the condominium property found in the city's areas including Sathorn and Sukhumvit, and range in size in between 55 to 60 sqm and 75 to 80 sqm, just like rezi 3two condo. For investors trying to find deluxe condominiums, then a plethora of high-end alternatives are offered in the form of three-bedroom units, ranging in size in between 100 square meters to 120 sqm and 140 sqm to 200 square meters.
When comes to costs, the price tag of a condo unit in major areas such as Silom and Sukhumvit are around Bt100, 000 per square meter. Investing in these kinds of strategic places have superior resale value, and can additionally fetch you favourable profits in the form of rent. The selling prices are even higher for condominiums located in areas such as Soi Langsuan and Wireless, Rajdamri or Sathorn roads, which is up to about Bt200, 000 per square meter. The need for condo is at its height now in the capital city. Currently, several investors, both foreigners and locals, purchase condominium in Bangkok pre-build.
According to certain information, overseas investors have been accounted for over 15% of all condo units bought and sold last year in Bangkok. Criteria such as lower rates on mortgages, extra liquidity in the financial and banking system and enormous boom in stock market have led many foreigners to invest in condominiums in Bangkok.
Above all, the laws pertaining to acquiring a condominium is fairly simple and liberal when when compared to other Asian cities. In other words, a condominium or condo is merely type of property that can be lawfully bought by a foreigner in Thailand. The only restriction for a foreigner to obtain a condo is that a foreigner can normally acquire up to, but not exceeding 49% of a condominium property.
However, in order to be qualified for condominium ownership or buy a condo unit in Thailand, it is obligatory for the foreigners to fulfill any of the five requirements put forward by the Condo Act B.E 2535 (1992) such as:
- To own a residence permit
- A foreigner with the permit to stay in Thailand in accordance to the Investment Promotion Law
- Foreigner who is capable to bring in the entire money for getting the condo unit in the country in foreign currency
- Foreign juristic entity with BOI privileges in the country
- Foreign juristic person possessing some land right as per stated in the Land Code
In addition, there are certain requirements for obtaining a condo in Thailand, such as, the foreigner must have a bank account in the country and a copy of the foreigners' passport showing an immigration stamp that he or she is in the country at the time of the purchase of a condominium.
Mostly, foreigners own a condo unit in the town by bringing in 100% of budget for the purchase of condo unit in foreign currency. Additional, it is important that money that have been utilized for the purchase of condominium are properly recorded on a Foreign Exchange Transaction Form, which is a bank account issued by the bank on receiving foreign currency into your bank account in the country. It is also significant to state in the Foreign Exchange Transaction Form that the remittance has been completely made for the purchase of a condominium in Thailand.
A myriad of property developers and real estate agents are in the circumstance to find you a condo unit that goes with your standards. Currently, quite a few of them have their individual internet websites on the web, inclusive detailed description on property, digital photos of the property, complete floor plan, and a location map. This in turn allows you to easily choose a condominium according to your style and budget.