Phuket is a province with high potential in real estate, thanks to its status as a world-class tourist destination, beautiful beaches, and distinctive culture. These factors have contributed to the continuous growth of the real estate market in Phuket, making real estate agents play a crucial role in connecting buyers and sellers.
Analytical Overview: Patong Condominium Market in Phuket
Patong Beach, located in Phuket, is one of Thailand’s most iconic and visited tourist destinations. With its white sand beaches, vibrant nightlife, and abundant amenities, it has also become a hotspot for real estate investment—particularly condominiums. This article presents an in-depth analysis of the condominium market in Patong, covering investment potential, projected supply and long-term demand, rental yields, and other useful insights.
Acquiring Condominium (Apartment) Ownership Rights by Foreigners in Thailand
Ownership of real estate by foreigners in Thailand is subject to various legal restrictions. However, under the Condominium Act B.E. 2522 (1979) and related laws, foreigners are allowed to legally own units in condominium buildings, provided that they comply with conditions clearly set by the Department of Lands, Ministry of Interior. The following summarizes these conditions:
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1. Categories of Foreigners Eligible for Condominium Ownership
According to Thai law, foreigners or juristic persons deemed as foreigners can own condominium units if they fall under one of the following categories:
1.1 Foreigners who are permitted to reside permanently in Thailand under the Immigration Act
1.2 Foreigners who are allowed to enter the country under the Investment Promotion Act
1.3 Juristic persons registered under Thai law but classified as foreigners under Section 97 and 98 of the Land Code
1.4 Foreign juristic persons that have been granted investment promotion by relevant government agencies
1.5 Foreigners or foreign juristic persons who bring foreign currency into the Kingdom to pay for the condominium unit, with official documentation verifying the transfer
7 Common Types of Land Ownership Documents in Thailand
When working in the real estate industry—whether as a professional, broker, or landowner—it is essential to understand the different types of land ownership documents in Thailand. These are the most commonly encountered:
Documents Required for Property Transfer in the Name of a Foreigner (Including Cases with a Thai Spouse)
Thailand allows foreigners to own certain types of real estate under specific conditions. Condominiums are the most straightforward type of property a foreigner can legally own. However, owning a house and land comes with stricter legal restrictions. The documents and procedures required depend on the type of ownership, as follows:
