AMAZING THAILAND

Described as the land of smiles, Thailand is a distinguished holiday destination with remarkable real estate offerings for foreign buyers. As one of the best of all worlds, amazing Thailand will always astound you.

Author: Temitope Adereni

For many years, Thailand has been a popular hub for business in Asia, being one of the biggest exporters of vehicles and electronics in the world. Its strategic advantage is owed to its central location. More over, Thai’s government has always created dynamic gateways for Thailand to drive the ASEAN economy. With the much-acclaimed success in Thailand’s economy, it is no surprise the property market in Thailand has gained prominence. Needless to say, the housing sector contributes about 8% of Thailand’s GDP.

Foreign investors who come to tap into real estate wealth of Asia often turn to Thailand. Again, its location and the friendly nature of the country towards foreign investment has been attracting buyers from all over the world. The ease of doing business in Thailand gave it a rating of 29 out of 190 countries. Hereby, gaining an edge over Malaysia and Singapore.

Although, Thailand has proved to be a bright spot for real estate investment in Asia, its property market has been experiencing a downturn lately. The trade war between China and the U.S is also attributing to the decline in the number of Chinese (one of the major investors) investing in Thailand. Another issue is the change in lending policies. Taking a cue from Asia Property HQ; “in 2020, Thailand’s real estate sector may still slow down due to the tighter lending policies put in place in April 2019.”

By law, foreigners are not permitted to own land in Thailand. However, a foreigner has the options of buying the property through a limited company or a 30-year leasehold. One of the easiest properties to purchase in Thailand is the condominium. Condos drives the real estate market in Thailand and it caters to all social strata. These condos are not as expensive as you have in other Asian countries, because of the law that has been enforced to maintain balance in the sector. Let’s take a look at some of the best places to invest in Thailand;

Bangkok

Bangkok is the capital of Thailand and it is where all the big things happen. Most multinational companies and financial institutions are headquartered there. Looking at its real estate sector, prices tend to be on a high side. Notwithstanding, there are some areas with cheaper property offerings. One of the attractive factors in Bangkok’s real estate is the stability and low risk it possesses. However, one of the best ways to invest here is to buy off-plan properties because their prices tend to be 10-20% lower than already completed properties. Another way is to buy old buildings at a cheaper price, upgrade them and sell off at a higher rate than you bought them.

A one-room condo could be priced between ฿1,000,000 to ฿10,000,000; a two-bedroom condo between ฿6,000,000 to ฿50,000,000 and three-bedroom condo between ฿16,000,000 to ฿100,000,000 (prices vary greatly depending on the area of Bangkok you are willing to buy a property). Popular areas in Bangkok are Lumpini, Silom/Sathorn, Sukhumvit and Riverside.

Chiang Mai

Although, smaller than Bangkok, Chiang Mai is the second-largest city in Thailand with about two million people. It is home to digital nomads, entrepreneurs and retirees. Chiang Mai is one of Thailand’s brightest spots with an eclectic blend of nature, culture and history. Given this, Chaing Mai is also popular among property investors because cheap properties can be found here.

The Green Valley Condominium in Chiang Mai with the best views of the mountain goes for about ฿5,700,000 for a spacious corner unit. Chiang Mai also has some other new projects spring up and might as well follow Bangkok’s real estate trend.

Phuket

Tourists usually have an eye for Phuket anytime they visit Thailand. Well, maybe for its unspoiled beaches with enchanting scenery. As tourists keep rolling in every year, Phuket’s property market has been said to witness significant changes with high property transactions. The Panora Phuket and southern end of Bang Tao close to Surin can boast of beautiful condominium developments. A studio condo in Phuket is between ฿1,999,000 to ฿15,000,000, a two-bedroom condo costs around ฿2,990,000 to ฿53,000,000 while a three-bedroom condominium is priced between ฿4,400,000 to ฿195,000,000.

BUYING PROCEDURE

Look for a property agent

As a foreign buyer, you will need a local to help you communicate your intention (especially when you can’t speak Thai). Property agents are also familiar with the areas, and can help you decipher which offer appears best. Buying through an agent equals getting a property at a fair rate most times.

Contact a Thai lawyer

A Thai lawyer will be in the best position to guide you on the legal process required to own a property. A little investigation and comprehensive examination of the title deed will be done. The investigation involves tracing the
property to its first owner and also validating your access to the property. The lawyer will stand-in to review the contracts (terms and conditions) the seller has prepared for you.

Make a deposit

After all said and done, you can go ahead to make a deposit for the property. Upon payment, the seller reserves the property for you and begins to process contracts for purchase. However, deposited money will not be refunded.

ATTRACTIONS IN THAILAND

Krabi Town

Celebrated for its pristine beaches and picturesque views, Krabi Town is a vacationer’s paradise in Thailand. Quite adventurous and inspiring as you immerse yourself in the scenic wonders the town has to offer. Phi Phi Islands, Railay Beach, Tiger Cave Temple, Krabi Elephant Sanctuary, Ao Nang Beach and Hong Islands are some of the places to visit.

Ayutthaya

An archaeological awe with a plethora of monuments, ancient statues, Buddhist temples and monasteries, Ayutthaya is a remarkable blend of historical beauty. Famous places to visit in Ayutthaya are; Ayutthaya Historical Park, Wat Phra Sri Sanphet (Temple of the Holy, Splendid and Omniscient), Wat Phra Mahthat and a host of others.

Mu Ko Chang National Park

At the gulf of Thailand offshore, you will find the marine national park known as Mu Ko Chang. It is reputable for its waterfalls, coral reefs and viewpoints. Mu Ko Chang hosts over 120 bird species and rare monkey species among other animals. You can swim the unspoilt beaches, go rock climbing, munch on some local cuisines and have all the fun you want here. However, topless sunbathing and nudity are prohibited here.

Koh Tao

Also known as Turtle Island, Koh Tao is a popular location for scuba diving. The impeccable white-sand beaches with crystal clear waters create a form of natural excitement for its visitors. The abundant marine life Koh Tao boasts, has made it an attractive holiday destination for tourists.

Erawan National Park

A noteworthy national park in Thailand, Erawan National Park, offers natural attractions at its best. It hosts the charming Erawan Waterfall that runs down a 2100m tall mountain which is also notable for its emerald green clear waters. The limestone hills, green valleys and wildlife present in the park, are truly worth the views of tourists. The park is usually very busy during weekends and public holidays.