Thailand Real Estate - Condos, Homes or Land?

Thailand real estate gets me pretty excited. I love the houses of Hua Hin with their open air unique styling, thetropical setting of Chang Mai, the beach front condos of Pattaya and Phuket, or the ever changing skyline of Bangkok.

As you may or may not know foreigners are not allowed to buy actual land in Thailand. Foreigners can only own 49 percent of the land and 51 percent must be owned by Thai's.

There are ways to get around this like forming corporations and such but those loop holes are quickly disappearing.

The other option is to own condos as the Thai Government doesn't actually consider this land, just space.

Still some condos sit on land that is owned by the King of Thailand and therefore is only available for long term lease, most likely 30 years or so and renewable after that but these are few and far between. Most condos are just normal buys and a great way for a foreigners to own a piece of Thailand.

Bangkok Property for sale

An example of a mid-priced condo in downtown Bangkok would be the Grand Diamond, which is where I rented from an owner most of the time I lived in Thailand.

An example of a high-end Bangkok real-estate condo would be the Ritz Carlton Residences Development. A friend of mine (who is a Westernborn individual) is an agent of this development. I know the people who can buy these condos must have a hard life, but somehow they manage...

Houses for sale in downtown Bangkok are out of reach for most people, this is prime Thailand real estate. Many of those houses are forthe elite, government, or reserved for business.

Real Estate in Thailand in general

The entry price of condos can be as low as $25,000 usd for a small condo that might even be a short walking distanceto a beautiful beach.

Starting prices on small houses away from city centers can be pretty close to that price as well. They are usually in the country or small town near the ocean.

Most houses around (not in) Bangkok and around Thailand run about $65,000 usd to $200,000 usd. This is the most common average price.

One thing I really like about real estate in Thailand is that almost all buildings are made out of reinforced concrete rebar, even the houses are this way.

The frames are not usually made of wood. This means they will last and do last a very long time. However, still take notice of building details before buying.

Now for a word of caution

Think twice about buying any real estate that isn't completely built yet. The Bangkok skyline is rapidly becoming more beautiful and amazing but some unfinished buildings still linger.

I've had two friends burned on buying condos that were unfinished. One was named the Regent right in downtownBangkok on Sukhumvit Road 13 or so. And the other is The Sails owned in part by Lehman Brothers in Jomtien near Pattaya.

Both my friends put substatial amount of down payment and they're not sure when the condos will finish or get their money back.

There is talk that these two projects will be restarted soon but it's not completely sure.

For some reason the Thai people are great at starting a project but sometimes have trouble finishing it. This seemsto be true in many types of work done there.

Some things to consider before buying an unfinished condo

Is the builder a major corporation with strong financials?
How easy is it to contact and talk with upper management and the board putting this project together?
Who are the owners of this project?
How well am I protected in this contract?
Do I really need to put down this much money or is this negotiable?
How much has the project investors put up of their own money?
Are there any condos of this caliber already built that I could buy?

If you're looking to buy a condo or a house make sure there is continuous work going on. The crane should be moving on the condo and you should see more than just one or two guys showing up to paint or work every day on a house.

Talk with a Thai lawyer if you must. All this shouldn't scare you but it should make you a little more cautious and make you want to look a little deeper before buying. Bottom line, "Due Diligence" and research.

The following links are a great start to learn about buying real estate in Thailand. siamrealestate.com, kkbkk.com, and craigslist.com

Below are a few pictures of typical Thailand Real Estate condos and town homes near the beach: