Phuket Real Estate Lawyer

Condominium – The Thailand condominium ownership process is the easiest to understand by far because there is no land involved in apartments or Thailand condominiums at all. Foreigners can own up to 49% of condos in any given block. .

Thai property is cheap in comparison to property elsewhere, which is a major plus point. Sales over the past 7 years show that the yields for investment purposes are very high.

Purchasing Procedures

If you do wish to purchase Thai real estate or Thai property then the purchasing procedures are relatively straightforward as long as there is no land involved. You have to prove that you have enough income to cover any mortgage that you may have or buy the Thai condominium or house outright. You also have to produce documents to verify your identity, nationality, right to be in Thailand and plans and land searches if you are proposing to build your own property.

Funding

Until a few years ago, it was impossible for any foreign national to obtain a mortgage to fund the purchase of Thai property and so would have to buy the property outright or via a business. That is not the case today. Bangkok Bank was the first banking institution to offer a mortgage loan to foreigners wanting to invest in property in Thailand. You can borrow up to 70% of the Thailand condominium or house value. However, approval is dependent on the production of your passport and/or  ID card of your spouse, reference letter from your current bank, bank statements for the last six months, a credit report, a letter from your employer confirming your salary or two years accounts if you are self employed and any other documents they may request.

Speak to any of our staff in Phuket about the procedures for purchasing property and the finance options available.