The Pros and Cons of Buying Property in BANGKOK
Buying real estate property, especially in a prestigious city such as Bangkok often leaves one excited and overjoyed. However, just before you let your excitement get the better of you, you should, first of all, consider the pros and cons of buying property here in Bangkok so that you can better assess and decide which property type would best fit your taste and needs. So, without further delay, let us consider the benefits of buying properties in Bangkok.
Pros or Benefits of Buying Property in Bangkok
- Versatile Qualitative Real Estate Options
You certainly would be making a smart and wise decision if you choose to buy property here in Bangkok. This is because of the premium quality real estate properties you would come across. Owing to the beneficial competition among Bangkok property project developers, there is an increase in the number of high-class luxury residential housing units. The market offers cheap condos that cost about 100,000 USD that provide good rental yields as well as mid-market and luxury options.
- Expatriates And Are Allowed To Own Freehold Condominiums
If you are an expatriate or a foreigner and wish to invest/buy real estate property in Bangkok, the good news is that you are allowed to rent, buy, sell, rent out and transfer freehold condominiums under Thailand’s property ownership law. However, you’re not allowed to buy more than 49% of the total condominium units. However, if you want to buy a place that has reached the foreign quota at a building we can help by helping you form a company, then you can buy a property through that company, this can even be done to purchase a house with our help.
- Potentially Profitable With Rental Returns
Another reason why it is great that you have chosen to buy property in Bangkok is the fact that it is potentially profitable as the property would continue to appreciate owing to the ever-expanding developments taking place in Bangkok. Returns on rent are often lucrative if you buy multiple units and lease them out as an investment.
- Appealing Global Lifestyle
Bangkok is also the perfect destination to buy property as it has an appealing, hospitable, and all-embracing global lifestyle plus its numerous tourist attraction sites and entertainment centers which makes it the most visited city in the world! It’s super easy to travel to other parts of Asia from Bangkok and we haven’t even mentioned the breathtaking beaches that are a short flight and/or drive from the city.
Cons of Buying Property in Bangkok
- Foreigners Cannot Own Land Plus Other Restrictions
While foreigners can buy properties and even own condo units, they are not allowed to own land and landed properties such as townhomes, villas, single-detached houses, etc. There are some loopholes that we previously mentioned in this blog.
- Strict Immigration Laws
Though foreigners are allowed to stay in Bangkok on investment, retirement, and work/business visas, however, it is extremely stringent before foreigners can obtain permanent staying visas. However, nowadays they are making it a bit easier to get a visa through a Thailand elite visa.
- Paying In Cash
Local banks often do not finance foreigners; hence, foreign real estate investors have to pay for properties in cash. There are some banks offering loans but the rates aren’t great.
- Takes Time To Resell
If you eventually decide to resell your property, it may take months before you can find a buyer unless the condo and house are in demand or you use a reliable real estate agency like Home Finder Bangkok to help you.