Thailand: Named in top ten for overseas buyers

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Thailand has been named as one of the top ten ‘Best Places to buy Overseas Real Estate Right Now’.

The prominent North American-based website has picked Thailand as the only Asian destination to feature in its top ten list of property investment destinations.

Other countries to make the top ten countries were Panama, Brazil, the Dominican Republic, Portugal, France, Mexico, Belize, Turkey, the Turks and Caicos Islands.

Editor Lief Simon, writing about Thailand, said: I like Thailand for agriculture primarily but think this country deserves attention for its strong economy and expanding tourism industry, as well.”

“The downside in Thailand is that restrictions are placed on how foreigners can own property. Foreigners are only able to own land leasehold.”

“A foreigner can hold freehold title to the construction on the land, but, unless your house is portable, you might not take comfort from that.”

Simon also added that foreigners are permitted to own condos freehold as long as they don’t own more than 49 percent of the total area of the condo building.

He added: “For this reason, the condo market is where most foreign investors focus their attention. A condo is also cheaper and easier to manage as a rental than an individual property.”

Bangkok was the number one visited city in the world during 2017, according to a Mastercard survey.

“[Bangkok] received more visitors than London or Paris. That’s worth the would-be property investor’s attention,” Simon concluded.

As always, we strongly urge anyone looking to buy property in Thailand engage the services of a property law firm to ensure they fully understand local laws and any personal tax implications.

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