Acquiring Real Estate In Phuket In 2023
This blog answers the most critical questions surrounding the acquisition of real estate in Phuket. You are welcome if you are looking for quality information on the topic!
How to buy property without owning land in Thailand
Thai laws do not allow foreigners to hold units of land in the country, but while you cannot own land, you can own units of apartments attached to the ground. This latter part is the hack explored by many foreigners in the country. The hack allows you to own a property, a condominium, or an apartment without necessarily owning the land.
Learn how to buy property for sale in Phuket sea view as a foreigner and not offend any law in the process. Here’s how to go about it:
Own up to 40% of a condominium or any apartment type
Thai property law allows foreigners to own real properties up to 40%, provided that nationals, Thai people, or a Thai company own the equity and interest in other parts of the property.
The aim is to regulate foreign ownership of land capital in the country and prevent high repatriation of funds over capital assets. You can own 40% interest in a condominium or small apartment. The remaining equity is distributed in such a way that allows you to have significant control over the property.
Enter a Leasehold agreement for an extended period:
You can enter a long-term lease agreement for a specified period of years, allowing you to benefit from a property for the subsistence of the contract. These leases can run up to ten or twenty years or more. They allow you to rent at the prevailing market rate and then use it for the long term, or you can recoup capital by a sublease or third-party rent arrangement.
Register a private limited company
Thirdly, one of the most famous methods to own property in Thailand is registering a private limited company and using that company to hold Thailand landed properties. As such, the company’s 100% equity and interest are transferred to the company, and its holders/ shareholders take interest indirectly. There is, however, a limitation because such a company must at least be 51% owned by Thai citizens or local agencies or bodies.
Did you know you can own property as a foreigner through other secret but legal routes? Obtain all the knowledge you need and get additional insight on the matter when you read more on the official website Thailand-Real.Estate.
Making financial plans for real estate
Making a financial plan before investing in real estate anywhere is a splendid cost-saving idea, and Thailand is no exception. Your financial plan will help you strategize and purchase wisely rather than getting carried away by the pristine properties which may not offer values according to your need.
Key City Areas to target, a brief description, and their prices per square meter
| Key City Area | Brief Description | Property cost range |
| Bangkok | Speak of ancient temples, interconnected rivers, magnificent canals, and premium Thai-modern life. Bangkok is the capital city and of the most expensive cities to live in | 250 000 Thai Baht |
| Phuket | Pristine white-washed beaches, open lounge, and memorable night’s life. One of the best locations to enjoy premium sea-view properties | 2 million Thai Baht and above |
| Pattaya | Renowned for its pristine beaches as well as affordable sea properties. | You can get an apartment here at about $1500 per square meter. e |
| Chiang Mai | Busy, the metropolitan axis of Thailand country with premium housing | With about $1700 per square meter for housing |
| Koh Samui | Most affordable and decent city in Thailand. | $900 per square meter. |
Why buy property in Thailand
There are a plethora of reasons to buy property in Thailand. Amidst the rising value of real estate over the past few years, it is given that the Thai people have received some of the highest levels of patronage over the years, with a minimum of 10 million visitors in half a decade.
More so, the realty market in Thailand is one of the fastest to recover in the world, and properties are beginning to accentuate pleasantly. If you need stability, assurance, quality options, and commercial real estate in an international market, Thailand is a great option to look into.
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