How to Buy a Bangkok Condo for sale

How to Buy a Bangkok Condo for Sale

Bangkok:

a glorious city of dazzling sights, exotic scents, a rich and proud heritage. With all it has to offer, Bangkok enjoys the reputation of being one of Asia’s most sought-after tourist destinations. And with the quaint mix of a wonderful culture, a warm people and a penchant for modern technology, it has also become a fabulous place to settle down in, beating nearby cities such as Singapore or Hong Kong in terms of property for sale and living costs.

In the 1990s, the Bangkok real estate market saw a rapid rise in condos for sale, as urbanization of the city grew and more opportunities for work and investment opened. However recent economic crises have caused a dip in sales and in building projects, lowering property prices. This has lead to a surge in the buying market as people seek to establish a home in Bangkok by taking advantage of the cheaper deals. Like in most of the world’s cities, the dwelling of choice tends to be for apartments, flats or condominiums, especially in the central district of Bangkok.As they say in any real estate market now is the time buy a Bangkok Condo for sale.

Among all the other kinds, a condominium, or condo for short, is the more convenient choice, especially for young, single professionals, couples or small families. Condos offer more privacy and better security, as well as much more available amenities and facilities compared to a normal city apartment. This has been proven correct by Bangkok’s trends: of the 32 condominium projects with condos for sale , set in the central business areas in 2006, 94% have been sold. But how exactly does a person buy a Bangkok condo for sale?

For the Thai citizen, it’s easy enough. An interested individual can an appointment with a real estate agent such as us at Bangkokfinder. After the customer has checked out the condo, the financing method is planned, the papers are set in order and the renovating, furnishing and moving in can start. For foreigners however, it’s an entirely different situation.

A condo unit is actually the only property a foreign national can legally own in Bangkok. The qualifications for buying a condo include the following: the foreigner must be a permanent resident or have a residence permit, has a permit to live in the country in accordance to the Investment Promotion Law, has investment promotion privileges from the Board of Investment (BOI), owns some land right under the Land Code, is able to pay the entire amount for the condo unit in foreign currency brought into Thailand, has a bank account in the country, and has proof of his or her presence in the country upon purchase of the condominium. In addition, there are some restrictions regarding the ownership of condos by foreigners. One is that foreign nationals can only buy condominiums in Bangkok or Pattaya unless given special approval by the BOI. Another is that the number of condo units owned by foreigners in a building must not exceed 49% of the total number of units.

Recent economic events though have led to more chances for a foreigner to purchase a condominium in Bangkok. A few finance companies have begun allowing non-native residents to take out housing loans or mortgage deals in order to fund a condo deed, but still based on several factors such as monthly incomes, bank accounts or visas.

Indeed, Bangkok is one of the most hip-happening places to live in right now. And those who choose to buy a condo in this city will find that there is no reason to regret the decision. Look around and see all the condo for sale signs then see us at Bangkokfinder to give you a great expirence in purchasing your condo in Bangkok.