Overseas Property Thailand

Thailand has long been a favourite choice of destination for intrepid independent travellers a gap-year backpackers thanks to its unique combination of the exotic mixed with the accessible. With a well-developed tourist infrastructure nestling alongside vast tract of unspoilt paradise, the country’s attractions are instantly apparent. Which is why, in recent years, Thailand has become a growing hotspot for overseas property investment and second home buying.

This uniquely shaped land bursts with history, beauty and intrigue at every step, with numerous places of interest that are sure to tempt the overseas property investor. Property in Thailand is well-priced, with the new build developments generally attaining a high level of quality across the board. Some of the property hotspots – which coincidentally are also the major tourist destinations – are the capital, Bangkok, Chiang Mai, the area of Phuket, Pattaya, Koh Samui and Hua Hin, to name just a few.

Capital: Bangkok
Population: 63,038,247
Time: GMT +7
Dialing: 66
Currency: Baht (THB)

Climate: ‘Tropical’ is the best, and only, word to describe the climate in Thailand. Throughout the country, the weather is warm and humid for most of the year, characterised by a hot and wet monsoon season between May and September, and drier, cooler weather between the months of November and March.

Getting There: Although Thailand is pretty far away, it is surprisingly well-serviced by a number of airlines flying to and from the UK and Ireland. British Airways has daily flights from Heathrow to Bangkok, while Virgin fly three times a week from Heathrow to Phuket. Aer Lingus services Dublin, and the foreign airlines offering daily and weekly services include Thai Airlines and KLM.

Special Features: Bangkok is also known as the ‘City of Angels’; It is considered rude to point with your feet or touch a Thai on the head; The word ‘Thai’ in the Thai language means ‘Freedom’, so Thailand really is the official ‘Land of the Free’. 

Buying Property in Thailand: Foreign nationals are not currently permitted to own land on a freehold basis in Thailand, although this should not deter anyone from seriously considering making an investment. There are two ways of ensuring your purchase in Thailand is secure. The first is to set up a Thai Limited Liability Company, purchase land in the company name and assume full signatory control of the company and its assets. This process is relatively straightforward, and any number of local, English-speaking real estate agents should be able to point you in the direction of a reputable solicitor who can begin the process for you.

The second method is to acquire a 30 year lease of the land, which can be footnoted with agreements for two 30-year extensions, effectively providing the buyer with a 90 year leasehold of the land. Additionally, it is common practice for all contracts to also stipulate that should the Thai Law change to allow foreign nationals freehold ownership, all leaseholder will automatically be awarded their leased land on a permanent, freehold basis.

So, there really should be no further worries when purchasing a property in Thailand; the infrastructure is good, the real estate network is strong in both new build and resale fields, the buying process is transparent, the prices are low (a typical new build, three-bedroom house in Hua Hin will retail for approximately €75,000), the scenery is beautiful and the weather is wonderful.