It is easy to judge any other country if you have never been there before. Social media abounds with the fictional reviews of expats, myth and speculations. It’s the same with the Kingdom of Thailand. The main association with the country is the resort lifestyle. It is believed that there are only endless beaches and tropical forests, untouched by civilization, that it is very far and incomprehensible to the people of other countries. However, today Thailand is a beneficial destination for buying real estate and getting high return on investment. Real estate for sale sea view in Thailand is preferred by most sagacious foreign investors as they foresee the growing demand and successful future of the country. Thailand has excellent service and modern cities with a population of millions. There are good roads, well-developed infrastructure, a high standard of living, and a really large number of high-quality already finished residential real estate and properties under construction.
In this article, we are going to discuss and break the popular myths about real estate in Thailand.
Real estate in Thailand is affordable only for extremely rich people
Ownership of a house or apartment by the sea is no longer attributed to millionaires. Thailand offers multiple housing objects in different price categories. Below you can see the list of the most popular locations on the island and the cost of a square meter.
- Phuket – $3145 in the city center and $2133 outside the city center.
- Pattaya – $1944 in the city center and $1091 outside the city center.
- Hua Hin – $2096 in the city center and $1475 outside the city center.
- Bangkok – $5616 in the city center and $2583 outside the city center.
There are the average prices on real estate in comfortable locations of the country. However, the real estate market offers great opportunities in the luxury sector. It is possible to find a suitable accommodation for any taste and money.
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There is no private property in Thailand
Apartments in condominiums are available for foreign investors for full possession. To balance the number of foreign nationals in the country, the government of Thailand introduced the following system – 49% of the total number of units can be given to full foreign ownership, 51% are owned by Thais.
Speaking about the total ownership of land by the King, it is not really true. The residential complexes and properties for sale are constructed only on private land. A foreigner or a Thai citizen can buy land for their needs, including construction. The scheme of purchase has long worked out. The land for the construction, house or townhouse is registered in the Thai company, where the owner is a foreigner.
Properties in Thailand are not profitable in terms of rent
Thailand is the most visited resort in Asia. The area attracts tourists with a successful combination of civilization and pristine nature. Each year the flow of tourists increases by 10%, mostly Asians from neighboring countries, Europeans and Australians. Buying an apartment here, you can be sure that it will bring year-round income.
To manage the rental real estate permanent life in Thailand is obligatory
If you do not intend to live in the country for a significant period but want to get passive income, the norm here is to conclude a property management contract. Under this agreement, the management company takes the responsibility of the full servicing. Income – an average of 10% of the cost of the apartment – is guaranteed, written in the contract of management and does not depend on the occupancy of the apartment. Thus, the owner can easily live anywhere in the world without worrying about everyday matters, and dividends are transferred by the management company to the Thai bank account. Note that the income you receive is also in Thai baht.
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Property in Thailand is expensive to maintain
To refute this myth, give specific figures: the contents of the apartment of 35 sq.m. will cost 2000-2500 baht a month, which pays off literally one tenant’s apartment.
The amount for the contents of the property is utility bills, payment for cleaning the common area, cleaning the pools, mowing the lawn, treatment of insects, security and service at the reception desk.
An important point: there are no property taxes in Thailand. That is the monthly utility bill – is all you will pay as a homeowner.
The final word
The world of investments is full of various proposals, the main task is not to make the wrong choice. Today, one of the most stable tools that allow you to multiply your savings is real estate, which is not subject to inflation, devaluation and any economic crisis. Thailand-Real.Estate provides a wide selection of profitable real estate at reasonable prices. The properties from reliable Thai developers are the rational decision both for permanent stay and obtaining high passive income.