Apartments in development projects in Thailand can bring their owners a good profit if they choose the right residential complex. The quality of the project depends on how much income homeowners will have by reselling their apartments or renting them out. We can present to you the top 3 projects in the Kingdom which experienced investors are interested in.
Content:
- The Empire Tower Pattaya residential complex in Pattaya
- The Radisson Mai Khao Beach Condominium residential complex in Phuket
- The XT Phayathai residential complex in Bangkok
- The features of building and purchasing real estate
- Buying real estate online
The Empire Tower Pattaya residential complex in Pattaya
The project will be commissioned in Q2 2023.
The Empire Tower Pattaya complex has one- and two-bedroom residences. Their area varies from 23 to 66 m2.
Apartment prices start at $58,000. The maximum cost is $301,000.
The residential complex can offer its residents the following amenities:
- a gym
- a sauna
- a children's playground
- a swimming pool
- parking
The community is located near shopping centers, cosy cafes and gourmet restaurants.
The sea, which is only 400 meters away, makes this project the most popular with investors. According to experts, apartments in the residential complex will be in great demand among tenants. Most of them will be tourists.
The Radisson Mai Khao Beach Condominium residential complex in Phuket
According to experts, the Radisson Mai Khao Beach Condominium residential complex in Phuket offers apartments for resale.
The community will be put into operation in Q4 2025. It is advantageous to purchase an apartment directly from the developer before its completion, as the cost of residences will increase after the complex is put into operation. It has the perfect location on the first line by the sea.
The project will have two-bedroom residences. Their area varies from 41 to 127 m2.
Prices depend on the area of residential properties and range from $245,000 to $755,000.
The community is located in the north of Phuket, Thalang, 100 meters from the sea.
Its internal infrastructure includes:
- a spa
- a fitness center
- a recreation area
- a mini club
The outdoor area includes:
- a shared garden
- parking
- a children's playground
- a children's club
- a swimming pool
The XT Phayathai residential complex in Bangkok
The residential complex was commissioned in Q3 2022. It offers one- and two-bedroom apartments. Their area is 25–101 m2. The cost of housing in XT Phayathai depends on its area and amounts to $115,000–$976,000.
The community is located in Ratchathewi, close to public transport stops, shopping malls, international schools, hospitals and restaurants.
The internal area includes:
- a fitness room
- a library
- a game room with various consoles
- a lounge area
The external infrastructure consists of:
- a swimming pool for adults
- a children’s pool
- a shared garden
- parking
Investors who plan to rent out housing to businessmen and tourists from around the world are interested in purchasing apartments in this residential complex.
In addition, investors can purchase residences in this community to resell them later. According to the Central Bank of Thailand, residences in the Kingdom have been getting more expensive by 4–5% annually for the last 10 years. Real estate located near public transport stops is more expensive.
The features of building and purchasing real estate
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Sales agreements are in English and Thai. Buyers can also issue this document in other languages. However, the main thing is to make sure that the translation is correct.
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There are no unfinished buildings in the Kingdom: if the developer goes bankrupt, another construction company will finish the project.
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Thailand has various investment programmes. For example, under the Thailand Elite program, a foreigner who has invested at least $15,000 in the country's economy can get a visa for 5–20 years and a VIP card that provides special privileges in hotels, airports, some golf clubs, spas, medical centers, and so on. One of the ways to apply for this visa is to buy luxury real estate.
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Foreigners can buy apartments in Thailand in condominiums in full ownership, but they do not have the right to own land in the Kingdom. However, non-residents have several ways to become owners of villas with plots.
According to local laws, to get a freehold apartment, a foreign national needs to buy a property from the 49% quota that the owner of the condominium has for sale to non-residents. In addition, a foreigner can sign a long-term leasehold agreement for 30 years with the possibility of extending it twice or for 90 years. When buying a villa, a foreign citizen gets a freehold house. The land plot around the building is registered as a leasehold.
Buying real estate online
You can purchase real estate in Thailand remotely. You can go through all the stages of purchasing a property in the Kingdom online, from picking up a residential property to signing a contract of sale.
Choosing a home
The first stage of acquiring housing remotely is to find and choose the best property. You can choose one and come to see it yourself, or ask a realtor to show it to you. The expert will tell you about all the features of the property and the area where it is located.
Viewing a property
Modern technologies allow you to see housing even if you are thousands of miles away from it. You can view the property you are interested in virtually with:
- A panoramic 3D image (this is a picture like on Google Maps);
- A pre-made video (made by a realtor or homeowner);
- A live stream, when a potential buyer watches the property in real time, as if he were in there.
These remote viewing options allow you to imagine the condition of the housing.
Signing the contract remotely
A realtor and lawyers prepare all the necessary documents for a remote real estate transaction in Thailand. Specialists will draw up a sales contract and translate it into English, Thai or other languages.
The agreement must be signed within two weeks after booking the property. If you are outside Thailand, this period can be extended to 30 days.
The documents are processed by e-mail. After receiving the agreement, the buyer must sign its scanned version and send it back to the lawyer.
Buying a property
It is better for investors to talk to a representative of the bank, to which they are going to transfer the money. Therefore, buyers will be sure that the money will come on time.
Drawing up documents
After the purchase, you will have to settle some bureaucratic issues, for example, register your property. You can do it yourself or entrust this issue to a lawyer. In the latter case, you will have to write a power of attorney and certify it in a notary office.
