In terms of new condos, the starting price for a one bedroom, 22 sq meter property is around 1 million Baht (45,000 THB per meter squared). This would be the price of a basic condo away from the BTS / public transport and built by a developer such as Lumpini.
Under Thai law, up to 49% of the unit area of any condominium may be owned by foreigners . Provided the requisite Thai -owned percentage within a given development is maintained, a condominium unit can be fully and legally titled in the name of a foreigner .
Foreigners cannot buy land in Thailand , only condominium units and apartments. However, a foreigner can buy a whole building, minus the land on which it is built. In recent years, minor changes in Thai law have allowed nonresidents to explore the Thai real estate market.
The Thailand Condominium Act defines a condominium as a building that can be separated into units for individual ownership and which include personal and common properties (land on which the building sits, hallways, elevators, etc.). A building permit for a condo would not be allowed under the Building Control Act.
Obtaining status as a Permanent Resident (PR) in Thailand has many advantages. It allows you to live permanently in Thailand , with no requirement to apply for an extension of stay. You will also be able to apply for an extension of stay and Permanent Resident status for your non- Thai family members.
Buying a condo in Bangkok can be a good investment . A simple studio,1BR can cost about 2.4MB t 3 Million Baht minimum. That can be rented for about 13–16,000 baht per month. a good location will ensure a high rate of occupancy and higher demand which lead to increase in value.
You can apply to live in Thailand long term if you are married to a Thai or if you have a Thai child or children. The marriage visa for Thailand is issued at a Thai Embassy in your home country and it is normally issued as a single entry visa and valid for 90 days once you enter Thailand .
Condominiums can be a good investment for the right buyer in the right location when times are tough , though they can be harder to buy and sell than a detached house. Before purchasing a condo , be sure to do your due diligence and check out the HOA, CC&Rs, and any tax and insurance situations.
Chiang Mai is such an affordable place to live you can honestly live in Chiang Mai on $10 a day. That must be why there are 20,000 westerners retired and living in Chiang Mai because it’s so cheap to live there.
You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. This will allow you to live comfortably without breaking the bank. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time.
If you’re looking to stretch your retirement budget as far as you can and are up for an exotic adventure, consider retirement in Thailand . This country has a low cost of living as well as some of the world’s most beautiful beaches. However, the culture shock of living in Thailand can be significant for Americans.
Opening a Bank Account with a Tourist Visa It’s possible to open a bank account in Thailand with only a tourist visa. Our premium subscription points you to the exact branches that will let you open a bank account . It also shows you where to open a credit card with only a 15,000 baht a month salary.
Newly built average condos generally cost around 90,000 baht per square meter while super luxury condos can cost more than 250,000 baht per square meter. Naturally, condos in high-demand prime areas like Lumpini or Silom are going to cost far more than suburban districts.
Buying a condo is generally the only way foreigners are allowed to purchase real property in Thailand outright. Other options include negotiating a long term lease (up to 30 years) or buying real property using a Thai dummy corporation, a practice which, although common, is technically illegal.
Foreigners are legally able to purchase up to 49% of the registrable area of a Condominium Project (Foreign Quota). The remaining 51% can only be owned by Thai nationals or Thai entities. Therefore foreigners looking for a straightforward and hassle free property in Bangkok , is advised to consider buying a condo .