Own A Condo As A Farang?

[DtingDtong]

Are you still able to buy a condo/apartment as a farang in thailand? And are there any monthly fees after you bought a condo, except electricity/water? I mean for maintenance.

And I would also like to know how the market is? I know there is a lot of condos for rent and sale in Bangkok. But how is the demand? Would it be very hard to sell a condo overtime?

[Globeliner]

Are you still able to buy a condo/apartment as a farang in thailand? And are there any monthly fees after you bought a condo, except electricity/water? I mean for maintenance.

And I would also like to know how the market is? I know there is a lot of condos for rent and sale in Bangkok. But how is the demand? Would it be very hard to sell a condo overtime?

I personally would sort out one situation at a time

First, will you be able to stay permanent in the country if you do marry a thaigirl?

And are there any legal issues you should be aware of? Like:

* Does the marriage affect anything in your own country?

* What happends if she takes a bankloan without paying back?

* At divorce, is she entitled to any of my moeny in Thailand or my homecountry?

And are there other things you should think about before marrying a thaigirl?

Edited June 29, 2007 by Maestro
Screaming large (size 7) font format for a text passage removed. That was too much.

[Irene]

Are you still able to buy a condo/apartment as a farang in thailand? And are there any monthly fees after you bought a condo, except electricity/water? I mean for maintenance.

And I would also like to know how the market is? I know there is a lot of condos for rent and sale in Bangkok. But how is the demand? Would it be very hard to sell a condo overtime?

DtingDtong,

Yes, as a farang in Thailand, you can buy a condo if the non-Thais in that building do not own more than 40% (or49%, I can't remember the exact figures) of the total sqm of that condo building. All condo charge monthly maintenance fees, in the range of Baht30-40 per sqm/month plus sinking fund as an initial capital fund (the amount varies).

The market for those in the right location especially near to the BTS or MRT stations is still vibrant and a lot of speculators involved in lifting up the future market price. In the long term, prospect of future sales is far far better than those distant condo or hidden in a sub-road. It can be very hard to sell if you are not in a right spot or the condo management is bad. However, its marketability is still better than a house.

Cheers!

[DtingDtong]

Globeliner, Isn´t that my choice to make? Anyway my questions goes hand in hand, thats why I seeking answers for them at the same time. Hope that is okey with you.

And thank you Irene for your extensive answer.

[oldhand]

Dtingdtong,

Suggest you completely ignore the comments from globeliner. I am guessing he is on the wrong end of a relationship gone bad.

Irene gives a lot of good advice. If you are to buy in Bangkok, location is paramount. You can still legally own them in your own name but make sure when you buy that this is so for the particular building that you are interested in.

Best of luck

[backflip]

As for the percentage of floor space, it's 49%. Too, the sinking fund is around 500THB/meter, something to think about if you're buying a new condo. If you buy a used condo, the sinking fund is simply part of the sales price. Another consideration is "freehold", vs. "leasehold", the former - hopefully - is an appreciating asset, the latter - most certainly - not.

[thaigene2]

Sorry - slightly off topic. But regarding the post from globeliner...

Doesn't a spouse need the signature of the other in order to get a loan? Thought that was Thai law. Or is that just required for loans for property purchase?

[Gary A]

Foreigners can legally own up to 49 percent of the units. I own a condo within that percentage. My monthly maintenance is 10 baht per square meter. I have seen developments in Bangkok that charge up to 85 baht per square meter. Since my condo is in a development with large gardens and pristine swimming pools, I would have to say that 85 baht per square meter is WAY too much. Some also add their divvy to the electric bill. Those developments naturally should be avoided. Then there are developers who tell you that of course the unit can be in your name. They DON'T tell you that it is a lottery sort of thing. Maybe you'll get lucky or maybe you won't.

[1Rai.com]

49% of units in a condominium project (and it must have a specific "condominium" title) may be 100% owned by a foreigner, in their own name, freehold. The other 51% must be Thai owned (i.e. owned by a Thai or a Thai company). So, if you want to be 100% sure, get a decent lawyer to make sure the purchase contract specifies that you get one of the 49%.

Maintenance rates very much vary - obviously check out as many as you can and compare.

If you want to know about the market, check prices, then I should suggest you check 1Rai.com. We have many listings from many agents in Samui, Bangkok, Pattaya, Phuket, Chiang Mai so you can look at what they're advertising and for how much.

[laxman1960]

49% of units in a condominium project (and it must have a specific "condominium" title) may be 100% owned by a foreigner, in their own name, freehold. The other 51% must be Thai owned (i.e. owned by a Thai or a Thai company). So, if you want to be 100% sure, get a decent lawyer to make sure the purchase contract specifies that you get one of the 49%.

Maintenance rates very much vary - obviously check out as many as you can and compare.

If you want to know about the market, check prices, then I should suggest you check 1Rai.com. We have many listings from many agents in Samui, Bangkok, Pattaya, Phuket, Chiang Mai so you can look at what they're advertising and for how much.

The way I understand the rule (could be wrong) is that 49% of the usable area (non-common area) can be foreign owned and titled. It is square meters that count, not the actual units.

Right?

[wadsy]

49% of units in a condominium project (and it must have a specific "condominium" title) may be 100% owned by a foreigner, in their own name, freehold. The other 51% must be Thai owned (i.e. owned by a Thai or a Thai company). So, if you want to be 100% sure, get a decent lawyer to make sure the purchase contract specifies that you get one of the 49%.

Maintenance rates very much vary - obviously check out as many as you can and compare.

If you want to know about the market, check prices, then I should suggest you check 1Rai.com. We have many listings from many agents in Samui, Bangkok, Pattaya, Phuket, Chiang Mai so you can look at what they're advertising and for how much.

The way I understand the rule (could be wrong) is that 49% of the usable area (non-common area) can be foreign owned and titled. It is square meters that count, not the actual units.

Right?

Correct. 49% of the total condominium area in square metres, not actual units. When I bought my condo I received a letter from the condo manangement which stated, in my instance, that the foreign ownership was 11%. This letter was required by the land titles office for put my name on the chanote. Oh and Dting Dtong, also dont forget you will need a Thor Tor Sam (foreign exchange transaction form) issued by your bank in Thailand to say that the funds used for the purchase of a condominium came from abroad.

[Irene]

49% of units in a condominium project (and it must have a specific "condominium" title) may be 100% owned by a foreigner, in their own name, freehold. The other 51% must be Thai owned (i.e. owned by a Thai or a Thai company). So, if you want to be 100% sure, get a decent lawyer to make sure the purchase contract specifies that you get one of the 49%.

Maintenance rates very much vary - obviously check out as many as you can and compare.

If you want to know about the market, check prices, then I should suggest you check 1Rai.com. We have many listings from many agents in Samui, Bangkok, Pattaya, Phuket, Chiang Mai so you can look at what they're advertising and for how much.

The way I understand the rule (could be wrong) is that 49% of the usable area (non-common area) can be foreign owned and titled. It is square meters that count, not the actual units.

Right?

Correct. 49% of the total condominium area in square metres, not actual units. When I bought my condo I received a letter from the condo manangement which stated, in my instance, that the foreign ownership was 11%. This letter was required by the land titles office for put my name on the chanote. Oh and Dting Dtong, also dont forget you will need a Thor Tor Sam (foreign exchange transaction form) issued by your bank in Thailand to say that the funds used for the purchase of a condominium came from abroad.

Good point! Because when you sell it, you will be able to remit the money out plus net- of- tax capital gain.

Cheers!

[b1lbo]

Can i own more than 1 condo outright ,, or is it restricted to 1 purchase ,, thanks in Advance .. B1lbo

[PattayaParent]

You can own more than 1.

[ExpatJ]

Regarding maintenance fees- cheap fees are often a red flag meaning that the maintenance of the building will be poor- i personally look for buildings with higher than average fees as its one indicator that the building management take their jobs seriously.