Buying in Bangkok: the back story

About Buying in Bangkok: the back story

By the ULTIMATE Bangkok Editorial Team

Editor-in-Chief: Jai Michael

Foreigners who want to own property in Thailand have few options, in the Thai government’s own words. The Condominium Act B.E. 2551 (2008) allows foreigners who enter Thailand legally to buy and own a condominium unit, as long as foreign ownership in a building does not exceed 49% of the space of all its units. Land is a different matter (thailand.go.th).

Condominiums

Under the Condominium Act B.E. 2551 (2008), foreigners or juristic persons who enter Thailand legally, or under the Investment Promotion Act, may buy and own a condominium unit; in total, foreigners may not own more than 49% of the space of the whole units in any one condominium. The government’s example: in a building of 1,000 units, 490 can be sold to foreigners (thailand.go.th, source: the Real Estate Information Center).

Land

Foreigners are generally prohibited from owning land. Section 96 bis of the Land Code allows a limited exception: a foreigner who invests at least 40 million baht in a qualifying investment, held for at least five years, may buy up to one rai for residence only, in designated areas such as Bangkok and Pattaya and outside military zones (thailand.go.th).

Check the building’s foreign quota before you fall in love with the view.

Where people buy

Our property guide compares the riverside condominiums of Charoen Krung and the Thonburi bank, the towers around Lumphini Park and Wireless Road, the residential sois of Sukhumvit and Thonglor, and the quieter lanes of Ari. We never publish prices.

Before you sign

Work with a licensed agent and an independent lawyer; ask the building’s juristic office for its current foreign quota; and keep the bank documents for the money you bring into Thailand.

Our advice: take independent legal advice from the start, especially for anything other than a condominium unit.

Opening hours, prices and seasonal openings change, so please check with Buying in Bangkok: the back story before you go.