Real Estate in Thailand
Thailand has been a magnet for holidaymakers and travellers for many years and overseas property buyers have, in recent years, also looked to this beautiful Far-Eastern destination to find a property.
Today property in Thailand offers some very good quality developments at astonishingly low prices. While the tourist industry grows from an already stable position into an even more lucrative economy, Thailand undoubtedly offers some great property investment opportunities.
The bloodless military coup of September 2006 contributed to a slowdown in property price rises in Thailand. The new regime clamped down very firmly on some of the loopholes in Thai law regarding foreign ownership of property in Thailand. Though they did not introduce any new laws, they began to scrutinise property transactions involving overseas property buyers, who are not allowed to own land, though within certain limitations they are legally able to own property in Thailand.
The somewhat arbitrary nature of periodic clampdowns since has undermined confidence in some potential overseas property buyers and property price appreciation in Thailand has slowed as demand has diminished. However, with patience and good legal assistance, UK property buyers should not be put off looking to buy property in Thailand. It is especially important under these circumstances that you seek the best possible independent advice before and during the property buying process.
There are two ways to buy a property in Thailand, either through a Thai Limited Liability Company (which will cost £1,000 to set-up, and £50 a month to administer) or through a leasehold agreement which needs to be at least 90 years in length. Both are safe ways to buy property, having been tried and tested for a number of years.
In Thailand, people don't use lawyers unless there's a problem, buying or selling property is business than everyone can do. Foreigners buying property in Thailand require assistance in understanding the ownership type, structure and registration, help with the transfer of funds in the correct way, and in dealing with the documentation which is, of course, all in Thai. Legal translations, certified by a notary_public, should be part of the process.
To work in the real estate industry in Thailand, a foreigner must have a work permit. Operating as an agent or builder/developer or a 'consultant' without the correct work permit is illegal and offenders are fined and even expelled from the country.
If you are buying property through foreigners working in Thailand, insist that notarized photocopies of their passports and work permits are included in the contractual identifications, and have them checked by legal counsel or a translator. Make sure the permits are for work related to the real estate industry. If the people you are dealing with are expelled from Thailand in the middle of your property aquisition, you may lose both time and money.
Real estate experts predict that Thailand will continue be amongst the leaders in investment growth areas for the near future.
