property in thailand an overview
News Posted On: 07 March 2009
One of the most picturesque countries of Asia, Thailand is a top-notch global tourist hotspot. Be it the coastal lifestyle or the mainland Thai locales, the entire country is full of amazing spots that allure you no end.
Thailand’s major USP is tourism and the government knows this fact and has always promoted it on a global scale.
The response from tourists flocking to the country has been overwhelming and they seem to return to Thailand in abundance year after year.
Political uncertainty notwithstanding, tourists tend to flock to the country on a year round basis. Though the country is not quite open to full foreign ownership of Thai property, there is no dearth of investors’ interest in the Thailand real estate.
The charm that is Thailand
The special Thai charm assumes much greater significance for the development of the entire Southeast Asia. The miles and miles of pristine sandy beaches, including the world famous Pattaya Beach, dotted with exquisite palms have a unique magical effect on the visitor, which makes it a favourite honeymoon destination for couples tieing the knot!. Phuket and Koh Samui occupy the pride of place on the coastal regions Thailand.
Thai spa's are world famous for their soothing, calming, and relaxing effects on a tired body. This makes the country one of the best getaway spots in the world to relax the tired mind, body, and soul. The Buddhist monasteries make for a profound experience and worth visiting at least once during your stay. Being the major Thai religion, Buddhism is all-pervasive in the lifestyle of people here. And it’s an open secret how much the Westerners are attracted towards Buddhism and the Buddhists.
Though not an absolute monarchy, yet Thailand has the longest reigning monarchy of the world since 1946. And this has been a constant cause of several coups in the country in the recent years. The country has also seen some of the worst natural disasters in recent times, like Tsunami, SARS, and Bird Flu. But all this has virtually zero effect on the minds of visitors in Thailand.
The capital Bangkok is just like any other advanced European city, with casinos, nightclubs, pubs, bars, cafes, restaurants, theatres, cocktail lounges, and massage parlours easily accessible. Thailand is also a haven for the shopping freaks with quality leather and electronic equipments available at much cheaper prices than Europe and the USA.
The regular flights to and from Thailands Airports connecting major European, American, Australian and Asian cities have spelled boom time for Thai tourism and economy.
Property Investment in Thailand
Unfortunately, Thai government is not so open when it comes to inviting global real estate players for developmental purposes. There is a bar on property investments by foreigners in the Thai real estate. As an individual, you cannot own any land, and even as a company, only the Thai partner is allowed to own land and that too with considerable amount of restrictions. The government is particularly strict in this regard post-2006 coup.
The freehold land might not be available for direct purchase by a foreign national, but you certainly can lease the property on a 30-years lease period. The foreign purchasers of condominiums may buy the freehold so long as total foreign ownership does not exceed 49% of the whole structure.
Investment in Thailands real estate should never be completed without soliciting the help of local expert adept in property transactions. This is because the Thai real estate industry is largely unregulated and you’ll hardly find any regulations governing real estate transaction in the country. While a lawyer is not a necessity in completing the contract, if the documents are in Thai, it’s better to hire either a good translator or a real estate expert.
The best property to invest in Thailand is the holiday resorts and other vacation property at prime tourist centres. A beautiful Thai villa can be yours for just £121K at ChiangMai, while a resort property is available for upwards of £50K. Condominiums in Pattaya are available at £30K onwards, while villas for slae in Phuket are heavily priced at a minimum of £480K.
These properties will ensure you get a commanding rental income throughout the year, and you can also enjoy an annual stay for a couple of weeks (or more!) in these accommodation sites.
It’s better to research the country for an appropriate and legally acquirable property because tourism potential notwithstanding, there can be lots of crooks and goons on the prowl waiting for the gullible foreign investors. Make adequate inquiries and research about the individuals and property you are dealing with. The lax political and administrative will has resulted into several criminal elements making Thailand their den. However, if you approach the real estate transaction with due diligence, chances are you’d be able to strike a good and legitimate deal.
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