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Cheap Condos in Thailand Are Relative Benefit for Foreigners?

Transcript of the above video:

As the title of this video suggests, we are discussing cheap condos or relatively reasonably priced condos in Thailand and the relative benefit to foreigners. What am I talking about here? Well generally, in most of the jurisdictions of Southeast Asia it is pretty difficult if not impossible for foreign nationals to buy property, specifically land. Now there are exceptions. Here in Thailand one of the big ones is condos.

Under the Thai Condominium Act, it is possible for a foreign national to gain freehold title; that is a Chanote, that is a title deed; that is like fee simple, absolute title over property in Thailand. It is interesting to me because there are some relative benefit, I do sometimes see people that, I guess disdain is the right word, the Thai Condo market. For various reasons, they don't like it. But when comparing it to other jurisdictions here in Southeast Asia, Thailand provides some pretty significant benefits. This came to my attention, I got to thinking about this because of an article from ASEAN NOW, that is aseannow.com. This was formerly Thai Visa, thaivisa.com, the article is titled: Foreigners bought 660 Condos in Bangkok Area this year. Average price 5 million Baht, Thais 3.8 million Baht. This is really not the thrust of the article but quoting directly: "Dr. Sophon Pornchokchai of the Agency of Real Estate Affairs Co. Ltd (AREA) told Thai media the data for condo purchases in Bangkok and surrounding provinces in the first half of 2021" and this is what I thought was interesting. They point out in this article they say: "He noted a salient fact that in Malaysia foreigners were restricted to buying condos valued at 7.5 to 15 million Baht (1-2 million Ringgit)." So in Malaysia apparently, it is possible for a foreigner to buy a condo but they have to buy a condo over 7.5 million Baht. Thailand doesn't require that and I am here to tell you there are some real bargains to be had in the Thai Condo market especially moving forward I think. These could be real benefit especially to retirees or prospective retirees. It might not be a terrible idea to look at this because I know a lot of retirees that come to Thailand presuming they are going to rent, but it may, I stress may, everybody's circumstances are different, it may behoove one to seriously look at purchasing because I will tell you I think for the next year to 18 months there are going to be some real bargains out there and one can place themselves in a much more advantageous position than say a year and a half ago in purchasing a condo. That way rent has just gone, now you are just living in it.

So again everybody's circumstances are different but I did think it was interesting that compared to Malaysia for example, in Thailand foreigners can basically buy a condo and theoretically as long as it complies with the provisions of the Thai Condominium Act, it is possible to have that in freehold and that foreigner can own that outright in perpetuity.