Why Buy a condo in Bangkok?

As the city that has consistently held its rank as the world’s top tourist hub, Bangkok has also witnessed the growth of the real estate market in the city as well as the country of Thailand. In recent years, the city has become a place that is very popular among real estate investors, especially foreign expatriates. That being said, the prices of the properties aren’t decreasing anytime soon and buying a property require much planning and cautious inspection to find the perfect type of property that would suit your requirements. The real estate market can turn out to be quite expensive for most people and without a doubt, is overwhelming for almost everyone. 

Buying a certain piece of property that you are going to be calling your own for the foreseeable future involves a commitment that is huge by any standards. For starters, there is the money, the part which you cannot get around no matter what. Next, buying a property comes with its personal risks, and responsibilities but, it also comes with its own set of rewards. This article will guide you through the process of buying a condo in the city and by the end of it, you will have a sound understanding of the real estate market in Bangkok and will be ready to buy your own place. 

The Fundamentals of Condo for Sale 

Before you proceed to buy the flashy apartment with a furnished interior, it is imperative that you know about some laws regarding foreign investors and the Bangkok real estate market laws. The Thai government is not that lenient regarding foreign investors looking to settle in the country. That is, there aren’t many benefits bestowed by the local laws of provinces or even the country’s law for that matter. The truth is, just like any other nation, foreign investments are beneficial to the government. The irony lies in the fact that unless you as a foreign investor, investing in the real estate market, invest in compliance with the national laws, then your investment is not regarded as legitimate. The smartest thing to do would be to hire a lawyer who can tally the actual facts going on in the real estate market in Bangkok and even cross check any guidelines or facts that you may have read online. 

As for financing the purchase through a Thai bank, you may not like what you hear. In the past few years, the banks across Thailand have been seen to place their interest rates quite moderately, allowing a large number of people to take real estate loans. It also attracted many a customer throughout the country and as a result, the real estate markets skyrocketed. There were even cases found when the entire purchase was fully financed in their home countries. Unfortunately, this is not the scenario that you are going to see if you are not an individual living in Thailand. Non-Thai individuals are not permitted to finance their properties at all by Thai banks. Now, there is a method where you can get a loan, but it would have to be from a house bank and even if they agree to grant you a loan, any lending institution that would agree to give you money is based in Hong Kong. Honestly, most of the time, these things don’t even work and the success rate is extremely low, so much that it would utterly discourage you to go through all the hassle in the first place.  

The upsides of a buying a condo 

There are some great advantages to buying a condo in Bangkok. One of which is surely the fast and happening lifestyle that the city promises. Seriously, you can’t be bored here even for a second as there is always something new for you to explore and learn. Check out a few points below: 

Freehold Condos - full Condo ownership  

A great advantage is that foreign nationals can own condos on a freehold basis, the legal title is condominiums. This means that a non-Thai individual can purchase, resell or pass-on condos throughout the country of Thailand without any restrictions whatsoever. The main attribute of this property ownership law is that its straightforward. This has allowed the real estate market in Bangkok to escalate rapidly and develop quite a bit.

Condo Rental ROI 

It is not news that Bangkok is an important hub for businesses all-around South-East Asia and of course, throughout the country of Thailand. This has resulted in a market that is very active in rental and resale properties. As a potential investor, you can have a maximum of four to six per cent gross rental yield on condos around Central Bangkok. Additionally, the property prices around Bangkok have been appreciating significantly and consistently in the past years and is a result of the development the city has gone through and the economic growth Thailand has witnessed. 

Amazing livelihood 

Bangkok is often referred to as a global lifestyle destination because there are a plethora of activities for you to do, see and experience. You can expect to find the epitome of adventure around the city, with trendy bars, a cultural heritage that runs deep and clubs that are hip to their bone. Experience it like never before and make yourself more at home by purchasing a condo in Bangkok. 

Condo effects of COVID 19

COVID 19 is challenging the real estate market in Bangkok, However, the market is expected to be more stable in the future as the COVID 19 vaccine is already on the way.
Many landlords are offering 5-30% discounts for regular condo rental for the a short period by trying to lock in longer-term, Condo Owners adapt to the market changes including more flexible offerings of shorter (six-month or monthly) lease terms and lower rents.