Thailand is one of the most stable and promising economies in the South East Asia region. Over the years the Thailand government and its people have been working hard to establish Thailand as one of the top developing powers in this region of the world. It surely has achieved a lot of success and prosperity as a result and will continue to do so. Even though Thailand is still behind many of the other countries in the same region like Malaysia and Singapore, it is surely reaching new heights every year.
In the span of a few years, Thailand has attracted a huge direct foreign investment which has provided a significant boost to the economy. Tourism, real estate, mining, and construction, etc. are some of the most prospering industries in this country. The government has also invested a lot in these areas which allows the country to achieve even greater things in the future. If you are thinking of doing business in Thailand then you have a lot of options to choose from.
Today we will be discussing the real estate market that is prevailing in Thailand. We have mentioned some very important points to remember before investing in this foreign country. Also, in this article, you will find why you have a huge scope of making a profit and we are going to kick start our article by discussing those points in the next segment.
If you are interested in Thai real estate, then there are key aspects that you should be well aware of before investing in this foreign country. The real estate market in Thailand may seem to be much more lucrative than several other real estate sectors in the European countries and there are several reasons to support it. Let us have a look at some of the benefits of Starting a business in Thailand, especially in the real estate market.
Thai real estate attracts huge foreign investment because of a good ecology that is available here. Places like Phuket has some of the most attractive offers when it comes to real estate. It has some amazing natural surroundings which include a diverse range of flora and fauna. This makes the area more lucrative for holiday homes, resorts, and hotels. The Thai government has paid huge attention to the natural conservation of most of the parts of Thailand. That is why tourism has sprung up so much in the span of a few years. Therefore, as a result, the real estate sector has benefited a lot. The country experiences a tropical climate through most part of the year which makes it even more lucrative for real estate investors to purchase a property here. Tourists from all over the world visit here to enjoy this weather and spend some luxurious holidays very often.
Thailand has an excellent infrastructure and you can easily notice that by visiting any part of the country. Tropical beach resorts, luxury hotels, apartments, high rises, top-notch medical institutions, schools, recreational centers attracted huge attention not only at the national but also at international levels. The unique and exquisitely designed buildings, hotels and malls provide an excellent opportunity for the people to improve their living standards throughout the year. So when you invest in real estate property in cities like Bangkok, there are high chances that most of the time prole will be interested in your property because of the excellent infrastructure surrounding it. A country that promises a good and comfortable lifestyle, the real estate market prevailing there tends to be more prosperous.
One of the driving factors for the huge potential in the real estate business in Thailand is the rising middle class. The people who belong to the middle class in Thai society are slowly but steadily trying to improve the quality and comfort of their housing. That is one of the biggest reasons why, for instance in Bangkok, property prices have seen such rapid growth in the past few years. People are also interested to provide a good amount of rents for living in apartments and high rises that are established around day-to-day amenities.
There are many cities and tourist locations in Thailand where you can purchase real estate property at a reasonable price. You can reach out to a number of companies in the country which will help you to find a suitable property for purchase or rent. They also provide legal support and help you to set up your setting up a business in Thailand if you opt for their services. Therefore, if you can get hold of an affordable property in Thailand with the help of such a company, then you have a huge prospect of revenue and profit in the near future.
So you can see that investing in the real estate market in Thailand surely has some amazing benefits that you can cultivate upon. Every year this sector is growing and promises new opportunities to the people to prosper.
Thailand has a huge real estate market growth waiting to be nurtured even more. If you are really looking forward to earning a fortune in the Thailand real estate market, then you must consider these few things before investing.
Research about Thai condos
There some government-imposed restrictions on the purchase of property in Thailand as a foreigner. Therefore you can research about condos or apartments. Unlike a plot of land, you can own 100% of a condo or an apartment in Thailand. This is probably one of the easiest ways of owning a property in this country. This has been backed by the 1979 Thailand Condominium Act which states that as long as the main building is owned 51% by a Thai citizen, a foreigner can own 100% of the condo. Legal assistance is available from Startup in Thailand should you require it.
Getting a loan
When you are planning to buy a property in Thailand, you may require a loan. In a general perception, it is fairly difficult to secure a loan from a Thai bank for foreigners. But not impossible. With a bit of patience a determination in, you will be able to get enough backing for doing business in Thailand in the real estate market. Remember that if you do not have any prior history of working or even living in Thailand, then it is a better option to take the loan in your own country. When the property is going to be declared under a foreigner’s name, the money needs to come from the overseas country for conversion.
Zero Property Charges
Yes! You read that absolutely right. Unlike many other countries, Thailand does not impose any proper taxes. It is absolutely zero. Foreigners who own a condo, for instance, do not have any property taxes applied to their purchase. The owner of the main building the one who will be responsible for the tax. But there are other taxes that you need to clear, for example, while selling your property you will have to clear the transfer fees, documentation fees, etc. But the main advantage that you get is the zero property charges.
So here are some of the key points that you should remember always before you invest in the real estate market in Thailand. The Thailand real estate market has a huge potential to grow in the future and has already shown promising numbers in recent years. But the market is volatile as well and that is why every decision you take needs to be accurately planned and strategized.
If you are planning to invest in the Thailand real estate market then it is important that you consult different professional Startup Consulting firms. Before you plan and strategize all your business planning, it is very crucial that you know about the laws, legal aspects and various other things of the country. So if you think that you will not be able to tackle so many things at once, you will need to consult all these vital points with a Thai real estate agency.
Taking suggestions and advice from real estate consultants provides you with much better decision making abilities. You will be able to carry out all the transactions and deals in the real estate sector without any hassles. One of the biggest benefits of consulting such an agency is to get hold of some reasonable and strategic real estate locations in different parts of Thailand.
The Thailand real estate market is attracting lots of foreign and national investments. People are showing a huge interest in investing their money at various locations of the country. Thailand is strategically located and provides amazing benefits to real estate investors. But before you invest the money in this market, there are some points which you should remember as well. We have discussed them thoroughly in this article and you should give a close read to all of them.
Source: Asian Correspondent