Foreign Investment In Thailand’s Property Market
After enjoying a brief holiday in Thailand, many people are encouraged to invest in property. It is very easy to make an investment decision after experiencing a tropical climate, culinary delights, hospitable locals and miles of beautiful beaches. However, it is important to be properly knowledgeable about property acquisition in Thailand before you get carried away by your emotions.
For the past decade, many foreigners have expressed their wishes to own property in Pattaya because the prices are more affordable compared to other places around the world. Retirees who want to leave behind the bitter cold of their countries during winter opt for a second home in Thailand where they will enjoy sunshine and warm climate all year around. Retirees certainly wish for a more relaxing life after years of stressful work and Pattaya is among the most ideal places to set up permanent residence.
However, foreigners are not allowed to own land in Thailand but they can invest in condos. Based on the 1979 Thailand Condominium Act, a foreigner can invest in a condo in any place in Thailand that he desires to as long as the building has not sold 49% of its foreign quota. This means that ownership of 51% must remain with the local Thais with the remaining 49% allowed for foreign investment.
Since Thailand banks do not generally give out loans to foreigners even for the purpose of property investment, a foreigner has to ensure that funds used for the purchase of a condo must be brought to Thailand from overseas. Even if the mortgage is obtained from a local Thai bank, money still needs to come from overseas meaning that the money used to pay for the investment will be in foreign currency whether in US dollars, pounds or Euros.
However, if you are local Thai who has settled down and is planning to start a family, the best option is to look at house for sale Pattaya. Even if the house does not have the luxury of swimming pool or fitness area similar to those found in high rise condominiums, your living space will be significantly larger and you will enjoy landscaping your own garden.