Buy a Condo in Bangkok
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Financing for foreigners to purchase real estate in Thailand is complex and changes regularly. At the time of writing, it is difficult to source mortgages for foreigners, however, we recommend that you check with your bank to get the latest details. Money Transfer Under the 1991 Condominium Act, non-residents who purchase condominium units must transfer the funds to pay for the unit from overseas, with the money entering Thailand as foreign currency. Purchasers need to obtain a “Foreign Exchange Transaction Form” certificate for each payment from the beneficiary bank, and all these certificates must be shown to the Land Department in order to register the condominium. (Condo Funding Procedures) |
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There is normally a 2% transfer fee for new condos which is either paid by the vendor, the buyer, or is split between both parties, depending on the purchase agreement. For resale properties there may well be a fee for the transfer of the registration. Sinking fund: In a new condominium project, the buyer pays a one-off lump sum on transfer of the property from the developer to the purchaser. This money is to be used for major renovations and replacement of equipment when necessary. The aim of this fund is to ensure the maintenance of the building and ultimately its future value. Legal fees: Each party pays its own legal fees and there is no norm as the purchase can depend on many different complexities. Common area management fee/utilities: These fees are paid by owners for the upkeep of the common areas of condominiums and housing estates. For new residential developments, it is common to pay up to several years’ management fees in advance. Utilities are generally paid on an “as used” basis. |
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We classify Bangkok condo units for sale into six categories based on price/m2. Classifications are based on the maximum number of condos in a project that fall into a category.
Condominiums for sale that are high end or above generally demonstrate common characteristics such as:
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