Low property rate is what encourages expats to move to Thailand. It is a known fact that non-Thai nationals cannot own land or house in Thailand; however, condos seem like a viable option. If you are engrossed in spending your retirement days in Thailand, you have two options – buy a condo through an LLC or a 30-year leasehold.
You can purchase apartments/condos as long as the Thai nationals own at least 51% of the building. The property prices in Thailand vary from region to region, and if you are considering buying an apartment in Thailand, our guide will help get the knowledge on the property rates in Thailand.
How much is an apartment in Thailand? Region-wise price breakdown:
When it comes to the favorite spot for both Thai locals and expats, Phuket tops the list. It is Thailand’s one of the most expensive real estate markets which have seen a sharp incline in the property rates over the years. As per the real estate marketers in Phuket, the regular rates for apartments range around $(US)150 square foot. There are many new developments taking place in Phuket. You can buy a small condo for approximately $40,000. On the other hand, if you are looking on the luxurious side, the cost may double, mainly if you are availing a beachfront property.
Bangkok is another hot spot for property hunters looking to buy a condo. Entrepreneurs, freelancers, and business owners due to the work opportunities mostly prefer Bangkok. This is where the nation’s most co-working spaces reside. Properties located near underground metro station and Skytrain are those, which are in demand. You can expect the property prices to be higher in Bangkok than any other region in the country. Properties like apartments and condos located in the prime neighborhoods of Bangkok can easily fetch equal to or more than $500 per sq. feet. What makes it even more expensive is the fact that most condos are a minimum of two bedrooms. Properties in Bangkok are considered luxurious no matter the size. However, if you go on the outskirts of the city, you may find a decent condo for less than or equal to $100 per sq. feet.
#3 Chiang Mai
Chiang Mai is another destination in Thailand popular with expats. The property rates in Chiang Mai are not as higher as that in Bangkok, and you can purchase a decent condo for less than $25,000. However, the price will vary according to the district of the city you are in. For example, Chang Mai’s center is known for its historical value as it contains traditional, older properties. Hence, the price is a little bit on the lower side. On the other hand, if you move to the suburbs where there are new developments, you will see a sudden increase in the property rates. However, they are still lower than the property rates in Bangkok as well as Phuket. According to the real estate agents and marketers, the property price in Chiang Mai is expected to rise in the near future.
#4 Udon Thani
If you are looking for a cheaper investment, then look nowhere, Udon Thani is the place to be. Udon Thani’s real estate market is, at present, vulnerable. A simple traditional condo in Udon Thani can be bought for below $10,000. These are structures composed of iron roofs and are very simple-looking. However, for Thai nationals, these kinds of homes are quite popular as they use them as their vacation homes. The drawback of availing property in this area is that as there are no new developments so the rates are increasing at a slow rate. However, if you are availing a new home in Udon Thani, you may have to shed out $50,000. These condos have more facilities than the traditional ones and are considered luxurious. Moreover, these condominiums have amenities such as shared pools.
If you are looking forward to spending your retirement days in a more leisurely manner, then you can consider purchasing a property in Pattaya. The city has witnessed a great deal of development over the course of the last ten years. You will find a whole host of luxury villas and apartments along with some growth in the business districts. The price for a large condo in Pattaya is higher than $250,000. However, if you are looking for a smaller space, you can find one on the outskirts of the city for as low as $30,000.
As you can see, the property rates in Thailand vary vastly from place to place. So it is essential that you avail the services of a trusted property agent who can guide you through all the aspects of buying a property in Thailand as a foreigner.