An Independent Realtor
It can be challenging for a foreigner to buy a budget property in Thailand. Many times just locating property for sale in Thailand can be exhausting. Our company can assist foreigners interested in acquiring budget properties for sale in Phuket Thailand. We also help clients looking to sell their budget properties in Phuket Thailand.
Currently, we have over 130 active budget property listings all with proper titles and paperwork. Since 2013, Phuket Realtor has helped hundreds of clients safely enter and exit the Thailand property market. We classify budget listings as $100,00 US dollars and below.
Budget Phuket Condos and Apartments for Sale
It is first important to point out that apartment buildings differ from registered condominium buildings in Thailand. With apartment buildings, buyers only receive an interest in their separate units and no shared interest in the common area. Apartment owners have no say in the management of the building or common areas.
Registered condominiums in Thailand are a special form of property set up by the Thai government for foreign ownership. This was set up over 40 years ago to encourage foreign investment in the Thailand property market. With registered condominiums in Thailand, buyers receive ownership of their separate units and co-ownership of the common property by way of a "juristic person" or co-owners association. Developers must follow certain procedures and comply with certain regulations in order to obtain a registered condominium license for their properties and developments. In Phuket Thailand, approximately 90% of new developments will apply for a registered condominium license.
Foreigners are legally allowed to purchase apartments and condominiums in Phuket Thailand. Foreign clients interested in condominiums or apartments have three legal options: leasehold, foreign freehold, and setting up a Thai company.
Foreigners are legally allowed to purchase apartments and condominiums in Phuket Thailand. Foreign clients interested in condominiums or apartments have three legal options: leasehold, foreign freehold, and setting up a Thai company.
Condominium or Apartment Leasehold Ownership
One ownership option is leasehold. Once registered, the lease becomes a lien upon the title deed for the unit. As a legal interest, it also means the apartment or condominium can be bought, sold, or transferred. When buying leasehold units in Thailand, it is common to come across a 30+30+30 leasehold structure. This is basically a 90-year lease, registered in 30-year blocks at the land office. It does require extending the lease at the end of each term and according to the contract. Many investors prefer purchasing leaseholds due to tax advantages.
One ownership option is leasehold. Once registered, the lease becomes a lien upon the title deed for the unit. As a legal interest, it also means the apartment or condominium can be bought, sold, or transferred. When buying leasehold units in Thailand, it is common to come across a 30+30+30 leasehold structure. This is basically a 90-year lease, registered in 30-year blocks at the land office. It does require extending the lease at the end of each term and according to the contract. Many investors prefer purchasing leaseholds due to tax advantages.
Condominium Foreign Freehold Ownership
Another ownership option is purchasing a foreign freehold condominium. Condominium freehold is a special legal type of freehold that foreigners can directly and legally own in Thailand. The Thai Condominium Act clarifies the law related to condominium freehold properties and provides a degree of "consumer protection" for buyers.
Only 49% of the registrable area of a condominium development can be allocated to foreign freehold purchasers which is referred to as the foreign freehold quota. Taxes are only collected at the time of transfer and not annually.
Another ownership option is purchasing a foreign freehold condominium. Condominium freehold is a special legal type of freehold that foreigners can directly and legally own in Thailand. The Thai Condominium Act clarifies the law related to condominium freehold properties and provides a degree of "consumer protection" for buyers.
Only 49% of the registrable area of a condominium development can be allocated to foreign freehold purchasers which is referred to as the foreign freehold quota. Taxes are only collected at the time of transfer and not annually.
Thai Freehold Ownership
Another structure for foreign buyers is setting up a Thai company to purchase the condo or apartment for sale. This is not very common with the purchase of a condominium but for some buyers it makes sense. A local property law firm can set this up within a couple of weeks. As long as the foreigner complies with the law, this option offers a good degree of indirect ownership and control.
Another structure for foreign buyers is setting up a Thai company to purchase the condo or apartment for sale. This is not very common with the purchase of a condominium but for some buyers it makes sense. A local property law firm can set this up within a couple of weeks. As long as the foreigner complies with the law, this option offers a good degree of indirect ownership and control.
Budget Land and Land Titles
As a buyer, you need to be aware of the various title deeds and land titles for property in Thailand to better understand what you are being offered. Land titles are the most common evidence to prove ownership, rights of possession, and other interests in property. In Thailand, there are various types of land titles and each provides a different level of security for the owner.
Remember, the property title is proof of ownership; therefore the quality of the land title deed determines the fundamental security of your investment.
For this to work when purchasing property for sale in Phuket Thailand, you should only consider land that comes with a Chanote, Nor Sor 3, or Nor Sor 3 Gor land title. These titles can be sold, leased, transferred, and used as mortgage collateral. They are the only titles that can be registered for the right of ownership and or lease to exist.
Phuket Realtor Can Help
As a buyer, you need to be aware of the various title deeds and land titles for property in Thailand to better understand what you are being offered. Land titles are the most common evidence to prove ownership, rights of possession, and other interests in property. In Thailand, there are various types of land titles and each provides a different level of security for the owner.
Remember, the property title is proof of ownership; therefore the quality of the land title deed determines the fundamental security of your investment.
For this to work when purchasing property for sale in Phuket Thailand, you should only consider land that comes with a Chanote, Nor Sor 3, or Nor Sor 3 Gor land title. These titles can be sold, leased, transferred, and used as mortgage collateral. They are the only titles that can be registered for the right of ownership and or lease to exist.
As an independent Realtor, we assist our clients with the purchase of budget land, homes, condominiums, and apartments in Phuket Thailand. We also help our clients with selling their properties. As prices continue to rise in Phuket we strive to help clients understand the reasons why and the benefits of investing here. It's a fact, land prices have been rising at an average of 13% per year. We expect this to continue.
Budget properties in Thailand have been steadily increasing in value. The price of land has been going up due to increased demand and limited supply. After the 2004 Tsunami, the government instituted new zoning regulations that restrict and limit the number of buildings on the island. When struggling to understand property prices in Phuket, keep in mind that the new stricter zoning regulations will ensure that the island stays beautiful and green for the younger generations to appreciate in the future.
Local Experts
Working with a good realtor is important in Thailand. Investing in a foreign property market can be tricky at times and a local expert can help guide you through the proper steps and ensure a safe and successful transaction.
At Phuket Realtor, we take great pride in making sure our clients stay happy and fully understand their ownership, as many are buying property in Thailand for the first time. Our realtors will discuss your requirements first and then suggest a property that meets your needs from our inventory of budget homes, condominiums, and apartments for sale. We can assist you at our office or pick you up from your resort or hotel. We will then arrange property viewings based on your stated needs and requirements.
When it comes to selling your property, we offer some of the lowest commission rates on the island similar to a discount broker.
We specialize in helping foreigners to make successful real estate investments in Phuket Thailand. Our friendly and professional team advises and guides foreigners with reliable and honest communication providing a stress-free but efficient search process. Whether you're looking to purchase or liquidate a property, we will focus on your requirements, listen to your stated needs, and work hard to achieve 100% satisfaction.
Phuket Realtor was founded in 2012 and owes its ongoing success to its close alignment with the company's mission statement, vision, and values. If you have ever thought about owning an affordable place on one of the most exciting islands in Southeast Asia, Phuket Realtor can help ensure it goes smoothly.
Contact us today to sell or buy an affordable property in Phuket Thailand.
