Condo purchase in Bangkok

Hi all


I am looking to buy a condo in Bangkok, first for investment/rental income, then likely retirement in 10 years or so. I have done a fair bit of browsing and I am starting to get the gist of it but not fully. I have looked at immigration, taxation, inheritance too.


My contacts in the relocation industry should be able to find someone to do some initial groundwork for me including first viewings, against a fee of course. For something really interesting I'd fly from Singapore for a viewing. But I still have questions so if anyone can help with them, I'd appreciate it.


1) Fazwaz: I have been using it for my searches and I don't understand if it is an agency or a portal. Is it reliable? I have seen a condo I really like on it but it's been advertised for over 2 years which makes little sense if it is a good property.


2) Quotas: I understand that foreign quotas are for foreigners 1f60e.svg. But I have also read that I can buy into a Thai quota if foreign owners don't exceed 49% in a condo. If so I can include Thai quota in my searches. Is that correct?


3) Location: I know Bangkok a little as a tourist but not as a resident. I'd want to be fairly centrally located. If I do a normal search on FazWaz I will get lots of hits all over but if I look for places that allow pets. it will be cut to about 15, most of them in Watthana/Sukhumvit road, near BTS Thong Lor. How does that fare for residential life (not night life ... don't care too much about it)?


Many thanks in advance.


Patrick

Hi Patrick,


I am Pascal a French expat living in Thonglor since 20 years. I can tell you that Thonglor is the best ever place to live in Bangkok. I am actually just renovating my condo and will be ready for sale within a month. As of today all works are finished except the kitchen countertop and some clothing cabinets. If you like modern loft style, please provide me your Line ID and would be happy to share with you the first pictures.


All the best


Pascal

fazwaz is good I bought of them foreign quota means foreigners can buy I have 2 condos in Pak Kret working class in nonthaburi not many fearing here but its got everything at a fraction of the price of tourist district, gateway to the north

my line is pleple62 if ya wanna chat

fazwaz is good I bought of them foreign quota means foreigners can buy I have 2 condos in Pak Kret working class in nonthaburi not many fearing here but its got everything at a fraction of the price of tourist district, gateway to the north
my line is pleple62 if ya wanna chat
-@storerbuilt

Not many "fearing" here. 😂

I guess you mean farang.

^ I think he's right, it's "Fearings" - Farangs that Fear Absence of Night Life. 1f923.svg1f923.svg  I'm a Fearing, are you?

@PatrickInSGP

I am living in Charoen Nakhorn road just near the Chao Praya river very breezy and with an open view to the spectacular fireworks of every celebration made in Bangkok, near BTS Krungthonburi and near Golden BTS connection Line to famous IconSiam Shopping center. Charoen Nakhorn road is very well organized with many kind of restaurants, shops, and is a nice developing area. I live here since almost 10 years and have been living in Thonglor before but where I am now is much better and would never go back to Thonglor cause the traffic situation in any part of Sukhumvit is very chaotic, polluted and to expensive.


A friend of mine living in US that inherited a unit all renovated by his brother personally and well furnished for own use located in Charoen Nakhorn, is selling it cause no intention to move and live in Thailand and is willing to make good discount and give at reduced price. The unit is at floor 27, I know it well cause living right above at floor 28. The building has a big garden where to rest and kids can play safely facing the river on one side with own pier and is not right on the main street on the other side where the entrance and security check is, this makes it very quiet and silent, with an exclusive condition normally reserved to high level holels like Shangrila, Hilton, Anantara, Avani+, Sheraton, Mandarin, Peninsula, all in the same area nearby. This is a 1 bedroom, with spacious living dining room, separate kitchen and terrace for a ttl surface of 56 sqmt and one car place in the multilevel parking B1-B4, with nice view that you can see both from bed room and living room. Nice gym and 50mt swimmingpool at the 8th floor with same open view. No problems of foreigners quota here. I have pictures and video if you like to see. And no agent in between that would rise the price due to commissions. We can connect by Line (***) or Whatsapp (+***) if you like more informations and receive foto/video that cannot attach here.


Bye Max

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@Maxi Mari Thanks for the detailed comments Max but at this stage I am only enquiring and I am not ready to consider a particular unit or the other.

Patrick,

Good to read your research, reflections and request.

Let me briefly share my knowledge of condo purchase in Thailand.

My advice...keep it simple...now to answer each of your points:

1) FazWaz is an excellent Real Estate Agency, with a rich & resourceful website. In Bangkok Fazwaz may have employee agents to guide and showcase their listings, but in Chiangmai FazWaz has independent agents who market and showcase their properties. When you review listings on FazWaz and you click on interest or information and provide your name and contact details, FazWaz messages the owner of the property to indicate that you are FazWaz client. In essence, the property owner can only sell to you with FazWaz agency agreement. Questionable Excellence.

2) All condo projects are regulated with 51% Thai and 49% Foreign ownership at the condo management where the Juristic Manager/Person must control the Quotas according to the Condominium Act, that are reported to the Thai Authorities. There are no exceptions to the rule which cannot be bent or twisted. If a Foreigner happen to buy with a Thai partner, the Foreign Quota rule applies.

3) Condominium Act and Rules do not permit pets and it is best to stay within the constraints. Bangkok central areas are called CBD (Central Business District), which includes Sukhumvit, Siam, Silom, etc. Thong Lo is the trendy part, including quality venues and therefore pricy. Most Yuppies are attracted to Thong Lo. Since the extension of BTS (Sky Train) and MRT (Metro), a lot of condos are along these easy transportation modes. Condo prices vary according to location, location, location as well as the age of the project, facilities, management, etc. Most foreigners hangout in Sukhumvit & Silom where the demographics is transient (you can never make a friend) and many questionable activities take place, including crime, but you never see police attending to criminal activity in police cars with flashing lights and siren. In the touristy areas, the police attends in a pair on motorbikes to keep a low profile, so as not to announce criminal activity. When you go beyond the CBD in local areas, the police attends with blaring sirens and flashing lights.

Continue your research from abroad and list all the Condos that interests you, but abstain from letting other research for you at cost, which will be counterproductive. You will pay through your nose, while your relocation specialist will only recommend properties which will pay him 3% commission, while the sales price will escalate without your knowledge. Most of all, be vigilant.

I have a 69 sqm, 1 spacious bedroom, spacious living room, spacious bathroom, small kitchen, on the 16th floor with 4 parking levels with unlimited parking slots, swimming pool and a small workout room, on Soi Onnut that will soon be available at a reduced price for quick sale. The location is right on Soi Onnut (no need to walk the Soi or take motorbike Taxi), with Song Tave 24/7, across the green fields at Wat Yang Monastery (where cows are milked daily) and Pra Kanong Canal. The name of the project is Baan Onnut Condominium of 20+ years of age. I can share photos and details. My Line ID is happyron.

Best of Luck in your research and investment.

Many many thanks for your insights.


I will bear these points in mind although I don't get the pet thing. If you look at an ad on FazWaz and scroll down to the FAQ, the first question is always about pets and some will have this: "Small dogs (weight under 15 kg), cats and small pets like rabbits, hamsters and guinea pigs are allowed at XXX". Maybe it's just a tolerance within the guidance of the legislation. To me it will be a deal breaker i.e. I will look at another country if I can't have pets in a Thai condo.


As for the foreign/Thai quota. It was my understanding that if an apartment is advertised as Thai quota but the ownership ratio in the condo is 10% foreign/90% Thai, then it's OK for a foreigner to buy the Thai quota place. Am I mistaken?


Thanks again


Patrick

On the issue of pets, it is best to checkout the official Condominium Act. As I just Googled, real-estate agents are listing Pet-Friendly condos, so there is an exception to the Act or Rules.


On the issue of Quota, if the occupancy ration is 10% Foreign & 90% Thai, your purchase has to be recorded in Foreign Quota. A Foreigner cannot purchase in Thai Quota. For simplicity, if there are 100 units each of 100 sqm in a condo project, Foreigners are only permitted to own 49 units leaving Thais to own 51 units. Incidentally, the percentage is computed on sqm basis.


Hopefully, this helps... 

Thanks for the quota clarification. For pets, it looks like it's permitted or not on a condo basis.

On the issue of Quota, if the occupancy ration is 10% Foreign & 90% Thai, your purchase has to be recorded in Foreign Quota. A Foreigner cannot purchase in Thai Quota. For simplicity, if there are 100 units each of 100 sqm in a condo project, Foreigners are only permitted to own 49 units leaving Thais to own 51 units. Incidentally, the percentage is computed on sqm basis.
Hopefully, this helps...
-@chutimaprojects

Daym I have no idea quotas are based on SQM. Also, I did not know the quota profile of a building is determined based from first owners. In your example of 10/90, it will stay 10/90 and would not move to 49/51. Thanks as I learned something new. I thought the 49/51 is based on ownership of the property.

BigradWolf,

Let me reflect on your comments...

Daym I have no idea quotas are based on SQM. Also, I did not know the quota profile of a building is determined based from first owners. (Quotas are based strictly on 49/51% sqm only according to the Condminium Act, which is enforced by the Condo Juristic Person and also at the Land Registry) In your example of 10/90, it will stay 10/90 (I do not understand this from PatrickInSGP) and would not move to 49/51. Thanks as I learned something new. I thought the 49/51 is based on ownership of the property.

My example is for clarity only...

For simplicity, if there are 100 units each of 100 sqm in a condo project, Foreigners are only permitted to own 49 units leaving Thais to own 51 units. Incidentally, the percentage is computed on sqm basis.

I hope this helps...

@chutimaprojects


forgivw me for soundimg stupid but what is the 90% figure used for? That figure is followed by 49%!foreigner 51% thai  thanks in advance 


    @chutimaprojectsforgivw me for soundimg stupid but what is the 90% figure used for? That figure is followed by 49%!foreigner 51% thai  thanks in advance          -@ronstaff

The 90 came from 10:90, an ownership ratio example given by the OP/Thread starter.  I think he's asking if there are 100 units, with only 10 units for example purchased, with the 10 broken down into 1 foreigner and 9 Thai owners -- can a foreigner but from any of those 9 Thai owners given that buying it would only lift the Foreign owners from 1 to 2, still way within the 49:51 rule. 

@pascaljournee


Hi Pascal.


Can you advise of a good Contractor to Condo refurbishment. I have in Silom are a 75m2, 2 bed Condo about 75m2 that needs new Aircons, Painting and various other upgrades. I read your input to Patrick and thought you might be able to help.


Thanks very much and keep safe


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