Phuket Condos

Condominium units have rapidly become the most straightforward, and popular form of property for foreigners to purchase in Thailand. Under Thai law, foreigners cannot own property outright, however individual condominium units may be 100% foreign owned, provided the ownership of the entire building/complex is still 51% Thai. Other benefits to condo ownership may include management services and amenities, such as communal pool, on-site security and maintenance. Condos often represent good value for money, are centrally-located, and can foster a community spirit. On the technical side, if you are buying property in Thailand, a foreigner must bring in 100% of the purchase price from overseas. In order to do this, you will need a "Tor Tor 3" document (Exchange Control Form) from your Thai bank. This is necessary in order to provide evidence of the transfer to the land department in Phuket. It is also worth mentioning, as it can be a common oversight, that the name of the party remitting the money on the Exchange Control Form and the name of the property buyer must be the same. As with all types of property purchase, thorough research into the management firm, and the employment of reputable professionals at all stages of the proceedings is crucial.

 

Phuket Villas & Homes 101