Bangkok is attracting a lot of foreigners – both expats and travelers – with its lively cityscape and long list of things to do. Bangkok is a vibrant city not only because of its tourist attractions, but also because of the business hubs and new startups based in the city.
As the city grows, the property market in Bangkok grows alongside it. Bangkok is one of the best cities for real estate investors and expats who want to spend more time in the country. Before you jump ahead and start looking at properties, however, there are a few things you need to know first.
You Need a Partner
Foreigners are not allowed to own land in Thailand, so it is not possible to buy freehold properties in Bangkok if you are an expatriate living in the city. What you can do is buy apartments in the city’s hottest districts. Alternatively, you can choose to go for leasehold properties.
Having a partner to navigate through the local real estate regulations and help you with the investment makes the entire process easier. Not only will you be able to buy the property you want, you can go through with the process faster.
On top of that, you can partner with the best property marketing consultant and find more investment opportunities in the latest projects in Bangkok. Plus Sole Agent, for example, manages the hottest new projects such as The FINE Bangkok.
Understand the Money Aspects
The two things you also want to understand about buying real estate in Bangkok are the tax considerations and how you can finance the purchase. While properties in Bangkok are very affordable – you can buy low and earn a healthy return after a couple of years – you may still need financing for the purchase.
Do your homework and find out if you can qualify for a loan as an expat in Bangkok. Banks offer their mortgage loans to foreigners thanks to the secure nature of the financing, so you should have no trouble at all getting the funding you need to go through with the purchase.
Let’s not forget that you can also secure financing from your own bank. Many US and European banks now offer financing for international real estate purchases. As for property tax, you have nothing to worry about when investing in Bangkok; there are no taxes on condos and apartment units.
One interesting thing about the real estate market in Bangkok is the fact that it is more competitive than ever. You can’t expect to see a great condo and sleep on it for a few days; when you do find a property you like, moving quickly is the key to securing that property.
What you want to do is put in a deposit on the unit. It doesn’t need to be a big deposit, but enough to book the unit for purchase. The property agent will start the process of drafting a contract once a deposit is made.
The rest is easy from here. With these three basics covered, buying a property in Bangkok is incredibly easy. It is the kind of investment you don’t want to miss.