Thailand, a gem in the heart of Southeast Asia, mesmerizes with its breathtaking landscapes and a cost of living that is attractively affordable. It’s hardly a surprise that many who visit this paradise start dreaming of making it their permanent abode. Luxury condo for sale in Bangkok, the vibrant capital city, stands out as a particularly appealing destination for those looking to invest in real estate.
This article aims to guide potential buyers through the key details and what to look for when buying a condo in Bangkok, ensuring a smooth transition to being the owner of a condo in this city.
1. Status of Thailand’s Condo Market
Thailand’s condo market is currently experiencing a remarkable period of growth, especially in coveted tourist hotspots like Bangkok, Phuket, and Pattaya. This expanding surge in demand has naturally led to an increase in condo prices, especially in urban areas of Bangkok. Despite that, the market remains attractively affordable when compared to its regional counterparts. This affordability, combined with a series of government incentives such as tax breaks for first-time buyers and reduced transfer fees, makes buying a condo in Thailand an appealing option.
For those looking to invest in a condo in Thailand, it can be a great financial decision. With a consistent influx of tourists and expatriates, owning a condo in Thailand can be a great source of passive income. This is particularly true in major cities and tourist destinations where the demand for short-term rentals is relatively high.
Still, the real estate market can be unpredictable at times. Therefore, it is crucial to conduct thorough research and consult with reputable real estate professionals.
2. Types of Luxury Condos For Sale in Bangkok
When you have thoughtfully decided to secure your condo in Thailand, one of the initial factors to consider is the different types of units available. Deciding on a unit type can be influential toward your needs and lifestyle. Whether it is a cozy studio apartment or an opulent penthouse, each offers unique features and advantages.
Here are the common unit types among luxury condos for sale in Bangkok:
Studio
A studio condo is considered a compact unit featuring an open-plan design. It generally combines the living room, bedroom, and kitchen into a single space, with a separate bathroom. The average size of a studio apartment ranges from 22 to 30 sq.m. This type of unit is ideal for singles, professionals working in Thailand, or couples without children, offering an affordable, efficient living space.
One-Bedroom
This type of condo typically separate bedroom, living room, kitchen, and bathroom. It is suitable for those seeking more privacy and space than a studio. The distinct separation of living and sleeping areas makes it a preferred choice for those who entertain guests or wish to separate their workspace when working from home.
Two-Bedroom
A two-bedroom condo features two separate bedrooms in addition to the living room, kitchen, and bathroom(s). It’s ideal for small families, roommates, or those needing an extra room for guests or a home office. This type offers more space and privacy compared to one-bedroom units.
Three-Bedroom
As the name suggests, these condos provide three separate bedrooms along with larger living areas and multiple bathrooms. They cater to larger families or those desiring ample space for living, working, and entertaining. They often feature more luxurious amenities and finishes.
Duplex or Loft
A duplex condo is spread over two levels, offering a house-like experience in a condo setting. Lofts, on the other hand, often feature high ceilings and an open floor plan, sometimes with a mezzanine level. Both types are popular for their unique layouts and spacious feel, appealing to those looking for a lot of open space or something different from a traditional flat.
As you can see, each unit type presents a different living experience. The choice depends on individual preferences, lifestyle, and budget.
3. Costs Involved in Buying a condo in Thailand
While the allure of owning property in this vibrant city is undeniable, it is imperative that you are fully aware of the various costs associated with this investment. Apart from the costs of the condominium itself, there might be other costs involved, such as:
Property Agency Fees
If you are considering getting assistance from a property agent, be prepared to pay an agent fee. This charge is for the services of the agent who helps you find the condo. Similarly, if you plan to rent out your condo, hiring a real estate agent to manage marketing, viewings, and rental agreements incurs fees. The rates for property agents in Bangkok can vary, so it is crucial to select an agency that is trusted and transparent about their charges.
Common Area Management Fee (CAM)
Owning a condo in Bangkok means contributing to the upkeep of the building’s common areas. This is covered by the annual CAM fee, which is essential for the maintenance and cleaning of shared spaces. Additionally, this fee often includes a portion of building insurance to cover major disasters or structural issues.
General Expenses & Taxes
As a condo owner, you will be responsible for any utility bills like water and electricity. In Thailand’s tropical climate, it is a smart move to maintain air conditioning at least twice a year.
Furthermore, there is a mandatory property tax for landlords earning rental income from their property. This tax obligation necessitates accurate income declaration, and if you hire someone to manage your accounting and file tax returns, there will be additional fees for these services.
Owning a condo in Bangkok is not just about the initial purchase; it is also about understanding and preparing for the ongoing costs.
4. Buying a Condo in Bangkok Near Local Transportation
Another important thing to know before buying a condo is its proximity to local transportation, as this factor majorly impacts your daily commute and convenience.
Transportation Convenience
To start with, Bangkok’s public transportation options should be a major consideration. Investigate the location of the nearest BTS Skytrain or MRT station and local bus stops for an easy commute. The city’s public transport network is a lifeline for many, and living close to these amenities can significantly enhance your quality of life in Bangkok. Additionally, if you are planning to drive around Bangkok, it’s crucial to ensure that your condo offers ample parking or reserved parking spots. The last thing you want is to return home only to spend a considerable amount of time searching for a space to park.
Proximity to Medical Facilities
Another critical factor to look for in luxury condos for sale in Bangkok is the nearest hospital or medical center. While no one likes to think about emergencies, knowing where the nearest healthcare facilities are located is crucial. Familiarize yourself with the location of the closest hospitals and study the best route to reach them, whether it’s on foot, by car, or via public transport. This information is not just important for emergencies but also for general healthcare needs.
5. Legal Details To Look Out For When Buying a Condo
You ought to be aware of the legalities involved with buying a condo in Thailand, as there may be certain rules and restrictions that all foreigners need to follow. Here are a few of the most vital legal considerations:
Understanding Ownership Restrictions
In Thailand, foreign nationals are permitted to own only up to 49% of the total area of a condo project. This means that if the foreign ownership quota is already filled, purchasing a unit in that building may not be feasible. Therefore, verifying the foreign ownership quota before proceeding with any purchase is a vital step in the buying process.
Title Deed Verification
Ensuring the legitimacy of the title deed of the condo unit you are interested in is another crucial legal step. The title deed must be in the seller’s name and should be free from any liens or encumbrances. Engaging a proficient property lawyer or trusted property agent can be invaluable in this process. They will assist in verifying the title deed’s authenticity and ensuring a clear and legal transfer of ownership.
Compliance with the Condominium Act
The Condominium Act in Thailand lays out specific rules and regulations for the operation and management of condominiums. It is essential to ensure that the condominium you are considering is fully compliant with this Act. Additionally, be sure to verify that the management committee of the condominium adheres to the Act’s rules. This ensures that the luxury condo for sale in Bangkok is managed efficiently and legally, safeguarding your investment.
That concludes our Bangkok condo guide. As you may realize, there are various different things to know before buying a condo, from studying Thailand’s real estate market status to learning the intricacies of legal issues. Buying a condo in Thailand can be made easier once you are familiar with these elements.
Should you need assistance in finding the most fitting luxury condo for sale in Bangkok or Thailand property of any type, Throne Property Thailand is here to provide you with a complete one-stop solution.
See our listing of condos for sale in Bangkok, click here.
About Throne Property Thailand
Globally launched in 2014, Throne Property is a strategic partner of leading, well-known listed developers in Thailand. Our elite team of multilingual real estate experts provides a comprehensive range of services designed to accommodate all your needs. Our offerings start from real estate listing and extend to elite visa service, house inspection & transfer, property management, interior design, butler service, and inclusive after-sales services.
Experience a premium one-stop property management service with Throne Property. Get in touch with us today!
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