South-East Asia Destination

By: Paul Burrows

Thailand is the world's 51st-largest country in terms of total area, roughly equal in size to Spain. The capital and largest city of Thailand is Bangkok. It is also the country's center of political, commercial, industrial and cultural activities. Bangkok is known in Thai as "Krung Thep Mahanakorn," or, more colloquially, "Krung Thep" with and estimated population of 63,038,247 covering the geographical area of about 513,115 km.

Thai culture has always been greatly influenced by China and India giving an exotic blend for which The Kingdom of Thailand has become famous. Thailand property is fast becoming the desire of overseas property buyers is accessible, affordable and a great place to buy property abroad. Buyers in Thailand tend to be mostly investors who are looking to cash in on the booming tourist industry however with increasing demand this is set to change.

There are some restrictions on the area, for example foreigners are not allowed to own the land in Thailand, and they may only own the building on such land. Another restriction is found on freehold condominium where only 49% of the development can be sold to foreign buyers.

The process of buying in Thailand can be complicated, but with good research, advice and an English-speaking lawyer, most of these complications can be avoided.

If you are planning on buying land, or a villa then you will be required to setup a Thai company which will cost around 1,000 and will also have on going fees of around 50 per month.

There are agents who will prepare a purchase agreement that will detail price, terms and conditions, settlement date etc. In most cases a 10% deposit will be required to secure the property (in most cases this is refundable should the sale not go through, as long as it was not your fault).

From January 2009 there was an increase in the properties rates in Thailand. Usually the properties are purchased by foreign investors are high compared to local investors. Properties in Thailand are consistently popular with overseas buyers their main regions of interest are: Amnat Charoen, Ang Thong, Bangkok Metropolitan Area, Buri Ram, Chachoengsao, Chai Nat, Chaiyaphum, Chanthaburi, Chiang Mai, Chiang Rai, Chon Buri, Chumphon, Kalasin, Kamphaeng Phet, Kanchanaburi, Khon Kaen, Krabi, Lampang, Lamphun, Loei, Lop Buri, Mae Hong Son, Maha Sarakham, Mukdahan, Nakhon Nayok, Nakhon Pathom, Nakhon Phanom, Nakhon Ratchasima, Nakhon Sawan, Nakhon Si Thammarat, Nan, Narathiwat, Nong Bua Lam Phu, Nong Khai, Nonthaburi, Pathum Thani, Pattani, Phangnga, Phatthalung, Phayao, Phetchabun, Phetchaburi, Phichit, Phitsanulok, Phra Nakhon Si Ayutthaya, Phrae, Phuket, Prachin Buri, Prachuap Khiri Khan, Ratchaburi, Rayong, Roi Et, Sa Kaeo, Sakon Nakhon, Samut Prakan, Samut Sakhon, Samut Songkhran, Saraburi, Satun, Si Sa Ket, Sing Buri, Songkhla, Sukhothai, Suphan Buri, Surat Thani, Surin, Tak, Trang, Trat, Ubon Ratchathani, Udon Thani, Uthai Thani, Uttaradit, YasothonSatun, Ratchaburi, Tak, Krabi, Phangnga, Nonthaburi, Chanthaburi, Sakon Nakhon, Chumphon, Phatthalung. There are many reasons for people opting to buy a property in these areas.

Mortgages in Thailand have always been notably impossible to get and have put many buyers off. Recently though a new branch of the Bangkok Bank has opened in Singapore, which has opened up borrowing possibilities. You should expect to get no more than 50% in finance, with the exception to some well-known developments where finance of nearer 70% is available.

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