Best Condo Units in Bangkok

Hi guys,

I am new here in Bangkok, and would like to own a unit here. What are the things I SHOULD be aware of prior to and after purchasing a condo unit.  Is a "farang" legally allowed to own a condo unit? What do you think are the pros and cons of owning a unit over renting an apartment? Which property developers are have the best reputation here?

Thank you very much!

Farang's are not allowed to buy property in Thailand, it is best to rent, that way if it doesn't work out you can just walk away.  Patrick

Foreigner can buy condominium ( freehold 100% ), the only restriction is 51% of the condo building must be owned by Thai.

Advertising here is prohibited, that means you will have to search about property developers to get informations about number of projects they have delivered on time, where, percentage of units not sold, if the company is listed in SET ( Stock Exchange of Thailand ), check all relevant accountant information, check how they deal with last financial crisis in Thailand ( unless they did not exist ), check feedback on internet about scam ( people who lost their money ), check their website ( up to date or not ), ... just think in a logical way what you will do to avoid to be scammed !!

The rule number 1 is avoid to buy condo off plan, as maybe it will never be finished and you will loose your down payment or maybe more....

You will find many forums talking about condominium in ( just do a search ) or google "buying condominium in Thailand"

As explained in your other post to buy here you need to bring money from abroad that mean you have the budget to buy your condominium as bank will not borrow you money, if you have not this capital available to buy a unit, the solution is to rent a unit.

To buy a condominium it is easy but the resell is more difficult !! think about it if you plan to get your money back quick, and forget about profit when you buy off plan ( with return guaranteed ) as selling price is widely above market

You can own a condo in your name provided it does not exceed the 49% foreign ownership quota in the building.  The foreign ownership quota is 49% of the total square meters of all condo units in the building.  It is not 49% of the total condo units.

To get around the 49% foreign quota Thai companies have been created to own condo units but under Thai law foreigners cannot own more than 49% of Thai company.  Many developers and foreigners will say company ownership is okay but for every lawyer that says its okay you can find a lawyer that says it illegal.   I for one would not buy a condo using a Thai company because it is nothing but smoke and mirrors to circumvent the law.  Companies are counted as Thai owned.

When buy you need to look out for:

1. Does unit fall under foreign ownership quota.  Juristic person manager for condo building can provide that information.

2.  The foreign quota has been exceeded in some buildings and its a big problem for those owners trying to sell.

3.  What percentage of owners have paid their maintenance fees up to date.  This is a big problem in some buildings.  What is maintenance fee?

4.  If older building does it appear to be well maintained.  Chat with owners if you can.

5.  Is building managed by company or have owners hired all staff.

6.  Who is on the owners committee.

7.  Is income and expense monthly report posted on common area board as required by law.

8.  Always check the water pressure on units you might be interested.

9.  Condo management is notorious for missing funds.  One way to help secure is all owners direct deposit payment to condo bank account never cash at office.  Two committee member signatures required all checks.

10.  I would stay away from buildings if short term rentals are allowed.

11.  Ask to see the condo rules and regulations approved by owners.

12.  Use internet to download copy of Thailand Condominium Act and read the document.

Advise, don't buy property in Thailand! Every week they finish a new high rise building and not to mention all the empty condo's. No chance that your property will rise in value within the next 20 years.
Rent is for me the only good option,

Yes, You are legally allowed to own a condo.

As for best developers, I do not know. Always ask a local to help, someone who is a professional and is trusted.

(@ thailand4me)

Sorry, but you are wrong.
Some possibilities are open:

1- Easiest way for a foreigner to own thai property is to purchase a condo unit, under the foreign ownership restrictions detailed by a brilliant post further down.

2- Another way if you want a detached house, is to lease the land via a 30-year contract passed by a Thai law relevant company, a lease that you can reconduct 1 time. Then, sell the house or get rid of it with a bulldozer to return land.

(Siam Paragon $ 3Bn mall is relying on a similar scheme, mind you)

People having tried to enter into 3 x 30-year leases have faced sometimes serious legal issues I will not develop here.

3- However, it is possible to own in full property up to 1 rai of land under certain conditions, inquire further if interested. One rai is just 1,600 sqm.

4- Sure it is possible also to buy anything (business, car, house...) under any Thai national name, but in case of trouble sooner or later well you have just made an awesome gift to them.

Oh, about condos in Pattaya, Samui and Phuket: double your screening since lots of western crooks have flocked there to launch fantasy development projects no one has ever seen built... Remember of Pattaya's Ocean One tower, anyone?

Do not rely on local english-speaking newspapers about any crookery report, most are foreign-mafias owned to block or biase such testimonies. And the CCA prevents frauded victims to openly complain. Read Andrew Drummond's blog about that.

No need to advise against the ubiquitous 'time share' investment offers, I assume?

There are many reputable Thai developers who do a very good job building nice developments in downtown BKK. They deliver in time and with very high quality standards.

Focus on those located less than 5' walk to a subway station. Beware of future view blockings to come... Empty plots do not stay as is for long nowadays.

As a final advice, question the real need for you to own vs rent your home in Thailand.

Prices of new devs grow fast, whereas rents stay on the reasonable side (for such an attractive, well serviced big capital).

It would take more than 12-16 years to recoup an investment vs a rental - sure it is not the same feeling to be 'at home' in your own premises and be able to decorate it with nice furniture you can collect along the way.

Resale can be a long process, so is the letting to a serious tenant if you plan to purely invest.

So think well before signing...


Moderated by Christine last year
Reason : free advertising is not allowed

As far as I know, if you are a foreigner you are not able to legally purchase a condo, a house maybe or any kind of property in Thailand before but now they give a better relief to those who may want to own a piece of property. If you are planning to buy a condo unit you can now do so but in a building where the majority of units are owned by Thai people, in the case not you are only allowed to buy the leasehold.

Moderated by Priscilla last year
Reason : no free ads please + post your offers in the housing section
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