Bangkok Real Estate Opportunities For Ex-Patriots
Bangkok real estate is value priced in this 606 sq. Mi. (1,569 sq. KM) Venice of the East. The city is in a delta area along the Chao Phaya River, crisscrossed with canals and waterways. It is the world’s 17th largest city, and a major regional business and financial center, along with Singapore. Over 9 million people live here, with 10 million annual visitors it is second only to London.
This city has a sizable ex-patriot community, including about 25,000 Americans, 45,000 Europeans, and 7,500 Australians. Homes can still be purchased or rented here for about half what comparable ones would go for in Western cities.
There are important considerations foreign nationals should keep in mind when looking for property here. Foremost, potential buyers should make sure they have an agent that speaks their language fluently and communicates clearly with them. As with agents anywhere, they will, and should be knowledgeable about the local market and its idiosyncrasies.
Spending their full time, and having contacts in the community and profession, they will likely be able to help you find the exact property you need, and are looking for. Prices vary considerably here, depending on the individual owner. Your agent should be willing to spend the time necessary to show you enough alternative choices so that you are not forced into something that is not quite right. This should be done without any extra fees either up front or added to the purchase price.
They will assist you in negotiating terms with the owners. They should be relocation specialists and have advice and tips to guide you through this stressful period with its rigid timetable, and help you arrange your new life here in Thailand. They can competently guide you through the legal and tax issues involved with foreign ownership of property there, including third party escrow, and immigration issues.
Foreigners are allowed to purchase condominiums here, but may not own the land in their own name. A corporate entity partnered with a Thai national or with a Thai spouse is allowed. This must be handled correctly by someone who knows what they are doing, or it can result in future title issues. Foreign ownership is only allowed in specified areas and may not exceed 49% ownership of properties in that area.
This city is known for traffic jams. The agent can be helpful in guiding you to properties located close to places you will be going for business or shopping or near public transportation. Security issues will also be an important consideration. The cosmopolitan districts around the Sukhumvit Road are popular with ex-pats. International shops and restaurants are present here. Other areas are also appropriate and offer choices in all size and price ranges, up to spacious properties in planned, gated communities.
Bangkok real estate agents will be able to help you choose from some 4,000 properties listed at any given time. Besides guiding you through the quirky local market and negotiating legal and tax issues, they will help arrange your visit to Thailand. Weather can be hot and humid day and night with December and January being the coolest, and the best time to visit.
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