Important Things You Need to Know before Investing in Chiang Mai Property
Chiang Mai is one of the most thriving cities in Thailand, with old and new customs and traditions combined perfectly to produce an ideal location for potential residents. The city is about 700 kilometers away from Bangkok and is situated in the Ping River. Chiang Mai villas and houses that are up for sale are quite popular among locals and foreigners. This is because of the many things to see and do in this excellent city. If you are looking forward to investing in a Chiang Mai villa, there are of course a few things that you may want to consider, especially when it comes to taxes.
Property taxes are common in Chiang Mai just like any other city or country. However, Thailand in general has lower rates for property taxes when compared to other countries in Asia, which is why many locals and foreigners alike have become interested in buying Chiang Mai houses and other properties in the country. Similar to Singapore’s own housing laws however, Thailand does not allow foreigners to own houses, and those who are permitted to do so should have invested about 40 million Thai Baht before being granted a leave to purchase about 1,600 sqm of land as a maximum investment. Foreigners are also allowed to purchase condo units and lease houses with landed property, provided that they are able to pay the necessary taxes and meet the requirements upon purchase or lease.
If you are a citizen on the other hand, Chiang Mai villas are excellent investment opportunities, especially since the local economy is on the rise. Many people now prefer to reside in this part of the country because of the number of amenities and entertainment hotspots. Residents can enjoy a mixture of both traditional and modern cultures in the many establishments in Chiang Mai, which is why Chiang Mai houses are highly in demand.
In terms of investments, analysts project that property values in the country will increase in a few years’ time, so if you are planning to buy a Chiang Mai villa now is the right time to do so. You can enjoy high returns on your investments in the future should you ever think of selling. You also have the option to invest in Chiang Mai properties as rental investments, as this will allow you to enjoy a steady flow of income without waiting for several years to see your investment come to yield.
Adjoining the world-famous Four Seasons Resort Chiang Mai, five secluded residential villas are tucked away within 1-2 rai of verdant tropical gardens, rippling streams and stunning rural mountain vistas – each a private sanctuary to call your own. http://www.residences-chiangmai.com
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