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Buying an apartment in a condominium

Despite the significant movements of Thailand's real estate market during the pandemic, the situation persists. During such periods, it makes sense to consider various real estate issues.

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Apartment in a condominium in Thailand

The ongoing construction boom in Bangkok, Phuket and Pattaya is declining. However, many markets are functioning, and many foreigners who buy property in Thailand are considering buying an apartment in a condominium.

We list the advantages of buying a condo in Thailand:

  • Foreign buyers can own a condominium apartment in their name;
  • Owners can use the apartment as collateral in Thailand;
  • Service charges are comparatively lower than in other countries;
  • It can be much more affordable than houses with the land;
  • Easier to rent due to its overall size and location;
  • A condominium resells faster and easier than a house.

Many foreigners buy property in Thailand either for living or as an investment

When buying an apartment, the most difficult thing, whether this property is on the primary market or the secondary one, is to choose an option for the buyer, to stop at the developer that he likes best in all conditions. This catalog contains only reliable developers with whom we have worked for quite a few years. New players in this market appear extremely rarely. Of course, some developers are late with the construction deadlines and do not fulfill the conditions under the contract, but as a rule, they still build and bring their obligations to an end. Surprisingly but true: over the past ten years, 95% of developers have brought their properties to their logical conclusion.

Buying real estate in the primary market has undeniable advantages. First, this is a deferred payment; that is, a person does not have to pay the entire amount for an apartment at once. Usually, after signing a contract, a contract of sale between the developer and the buyer, a payment schedule is established. The payment delay can be a year, two or more, depending on the construction period.

As a rule, the first amount that the buyer pays is a deposit, after which the apartment is removed from sale, so it is already potentially yours. The deposit amount is different - from 10,000 to 100,000 baht. Then, usually in a month, the buyer pays 20-25%, or maybe 10% of the cost of the apartment; it depends on the developer's conditions. And as a rule, the amount that must be paid after the completion of construction is immediately determined.

Often it is 40%, and Thai developers can have up to 80%. The difference that remains between what you paid at the beginning and what is left at the end of construction is paid in equal installments once a month or once every three months, depending on the contract. In general, this document is standard, but it is drawn up for each buyer individually; the terms of payment change each time, and the person's apartment, last name, and first name change.

Invoices are made to the contract - invoices for payment. According to them, a buyer from China, Russia, Kazakhstan, Ukraine or another country transfers money by bank transfer to the developer's account.

Buying an apartment on the primary market is also interesting because while the house is still being built, you have the opportunity to choose a floor and a view; in addition, you can buy 2-3 apartments and combine them into one, which is much more difficult to do on the secondary market.

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Update: 20-02-2023
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