Since the year 1991the Condominium Act (No. 2) have enabled foreigners to be eligible to buy condominiums in Thailand and to have freehold title and also have their name contained in the title deed. Condominiums in Thailand are constantly on the rise, leaving no land to spare. Condominiums may be brought off-plan or one that has already been built. This purchase may also take place between natural persons or directly brought from the developer.
Thailand condominiums always have a foreign quota of 49% which means that only 49% of the total space of a condominium can be owned by foreigners on a freehold title. The other 51% refer to Thai Nationals. Before purchasing a condominium in Thailand, it is advised to ensure that the foreign quota has not exceeded.
There are many pitfalls in purchasing a condominium without consulting a solicitor or a lawyer beforehand as there may be things that are not according to international standards or procedures. For this reason, it is highly recommended you view your options then contact a lawyer to discuss how you are to proceed.
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