Secrets To Buying Thailand Condominiums

One question we are constantly asked is if you have to obtain permission from the government before purchasing property. To buy a condo or apartment in Thailand is very simple if you're a non-Thai. Most projects have a 51%-49% ownership rule. If the Building is over 51% Thai owned, a foreigner can purchase and own the condo or apartment freehold. If not, you must purchase the apartment as a 30 year lease. Check with the local land office before you purchase if you are unsure about the title deed.

Buying direct from the developer has several advantages: you will get to see a range of properties in Thailand that suit your requirements; you have the benefit of many years experience, as well as a English speaking office to support you in your home country; it may help eliminate any possible misunderstandings; and it helps takes away the stress associated with purchasing in Thailand or abroad.

Transactions and payments are simply made by wiring from you home bank account. It's always better to let the Thai banks convert your money in Thailand then to let you home bank to convert it to Baht before you wire. This tip along can save you thousands of dollars when you go to wire a large amount. Some developers can "lock in" a rate for you before you wire. Make sure you can communicate with your agent by MSN chat, Skype or text message in case you have any last minute questions while at the bank.

The Thai currency system is based on the decimal system. One That Baht is divided into 100 satangs. Coins range in value from ten baht to 25 satangs and six bank notes are in circulation: 10, 20, 50,100,500 and 1000. Always keep lots of small bills as it's a big jump between 100 baht and 500 or a 1000. Most street vendors and taxis can't make change for 1000 baht.

Personal effects, household goods and furniture may be imported duty free. There is very high duty on importing a car. I believe with the hassle of dealing with Thai customs it's better to buy what you need inside of Thailand and leave most of your personal effects at home.

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Market View - Phuket Residential (Villa and Condominiums)

Q4 2009 saw a continued recovery in the Phuket property market. Sales of resort property improved but were still at low levels and mainly concentrated in a limited number of projects. The level of built but unsold inventory of completed condominium and villa units is low.

Prices for built property have remained relatively stable with few examples of forced sale situations. Purchasers are cautious and are focusing on projects promoted by known developers where there has been visible construction progress. We believe that demand is recovering.

Overall Phuket has come through the combination of the global financial crisis and Thailand's political problems relatively unscathed. The opportunity and challenge is for developers to identify target markets and create properties that match those requirements. Potential buyers will be more cautious and will want to be confident about ability of developers to deliver product both in terms of their financial resources and development expertise.