Bangkok’s skyline is impressive. During the day, high-rise buildings and towers dominate the horizon far as the eye can see, and night brings thousands of twinkling lights scattered from down to up high. Bangkok’s economic progress and its popularity as a tourist destination has brought in investors and businesspeople from around the world who seek to build on the city’s growing success.
Bangkok’s real estate market has been flourishing in the city’s economic boom. In recent years, developers have rapidly constructed many housing units to accommodate Bangkok’s burgeoning population. Condominium towers, townhouses in new subdivisions, individual houses and estates have sprouted seemingly from nowhere. Among all of these, the most popular form of urban housing has been condos for sale, Bangkok.
Companies in land development and real estate have reached maximum sales even prior to completion of their buildings. In the last five years, condos for sale, Bangkok have reached exorbitant prices, especially for units located in the heart of the city, such as those along the city’s Skytrain and subway lines and those close to shopping districts like the Sathorn, Silom, Sukhumvit and Rama III areas.
Condos for sale, Bangkok vary in size and price, depending on the kind of unit being purchased. Most units consist of spaces between 55 to 60 square meters and 75 to 80 square meters, at approximately 100,000 baht, or 3,300 US dollars per square meter. Prices can go even higher in the most sought-after areas, reaching up to 200,000 baht, or 6,600 US dollars per square meter. The wider and more luxurious condos are two- to three-bedroom units and penthouses ranging in size from 100 square meters to 120 square meters and 140 square meters to 200 square meters.
Condos for sale in Bangkok are the only kind of property foreigners in Thailand are allowed to own by law. Compared to other kinds of property, Thailand has been more lenient towards condo sales for foreign nationals. This alone has raised sales in condo buildings, although foreign ownership of condos is still regulated by the Thai government. As of now, more than 15% of all condos in Bangkok are foreign-owned.
Qualifications for foreigners to buy condos for sale, Bangkok are set by the Condominium Act B.E. 2535 (1992), which lists five criteria: the foreigner must possess a residence permit, must have a permit to stay in Thailand according to the Investment Promotion Law, should be able to bring in the total amount for purchasing the condominium in foreign currency into the country, is a foreign juristic entity with BOI privileges in the country, is a foreign juristic person possessing some land right as per stated in the Land Code.
Additional requirements are for the foreigner to have a bank account in Thailand and proof on the buyer’s passport that he or she was in the country at the time the sale was made. On the whole, condos for sale, Bangkok have been successful ventures and as these buildings race to completion, their future tenants await the opportunity to move in and call the place home.
We at Bangkok Condos have english speaking agents who can help you see the condos for sale you want, but can also guide you through the maze of paperwork to purchase your first condo.