Thailand is well-known for its beautiful beaches, wonderful weather, and gorgeous landscape. However, it is also a sanctuary for expatriates, who are lured there by inexpensive property prices, low cost of living, friendly people, and, of course, wonderful food.
Thailand has long been a favorite ex-pat destination for investment, retirement, and the establishment of small enterprises, although foreign land ownership was restricted.
However, Thailand will soon enable foreigners to fully own property for residential purposes, according to a government official, to strengthen Thailand’s real estate market and so to boost its economy by attracting a million additional high-spending inhabitants from abroad.
What is the state of Thailand’s real estate market?
The Covid-19 pandemic has had a significant influence on Thailand’s economy, particularly in the tourism sector. This has also had an impact on the property sector, with home values remaining stable or dropping. Property demand has also declined, as has development activity. Looking ahead, the Thai housing market is expected to rebound, albeit this is dependent on the country’s economic development and if new Covid outbreaks occur.
Can foreigners invest in Thailand’s real estate market?
Thailand would enable foreigners to fully own property for residential use, according to a government official, in an effort to strengthen the country’s economy by recruiting a million additional high-spending residents from outside.
Foreign nationals will be able to own up to 1 rai (0.16 hectares) from September, subject to cabinet permission if they invest 40 million baht (US$1.09 million) in Thai property, stocks, or money over three years, according to a government spokesperson Thanakorn Wangboonkongchana.
The government wants to recruit more qualified employees and retirees; therefore, the plan includes certain tax breaks as well as a 10-year visa.
Is it safe to invest in Thailand real estate?
It’s natural to be concerned when purchasing property in a foreign nation where the rules and procedures differ from what you’re used to. There’s also the issue of Thailand’s housing market not being as well-regulated as in other nations.
However, if you do your research and take common precautions, you should have no trouble purchasing property in Thailand.
Hiring a respected and independent real estate lawyer3 is one of the most crucial things you should do. Because the real estate business in the nation is unregulated, an expert lawyer will be required to navigate the intricate purchase procedure. This covers all documentation, due diligence inspections, and legal obligations.