Whereas the current pandemic situation has brought the wave of anxiety to a lot of property buyers out there, many savvy buyers or investors know it is the best time for buying properties — and let us look at some reasons why you must go for condo for sale phuket.
Demand for the rental properties may increase
As many first-time property buyers may delay buying their house because of an idea that the slowdown in the economic growth and pandemic may impact the financial futures, the rental demand may increase in 2021. The real estate investors will benefit from the traditional rentals too.
Thailand Condos Are the Next Best Thing
Because of restrictions on purchasing land in Thailand for foreigner, many investor look to purchase condo or apartment than buying land, the foreigner can purchase 100% of the condo and apartment outright. It is by far simple as well as uncomplicated path for owning property here. Rule is that the foreigners will own over 100% of the condo and apartment anywhere as long as building housing a condo is 51 percent Thai owned.
This means with given condo building, around 49% of units will be designated for sale, Thai or non-Thai. Thus, it’s possible for the non-Thai and non-resident foreigner have 100% of freehold condo here in Thailand. Around 20% of the condos are owned by the foreigner residents and investors in Bangkok.
Insights on property market of Thailand
Thailand housing rate index is slowly increasing every month, until recently. It is down to global slowdown as well as competition between the construction companies that are creating the price-war. Drop in the visitors to country has caused this property market to get impacted as there’re lesser foreign buyers, mainly those from China. Prices appear to drop before the anticipated recovery.
Whereas this doesn’t go well for a few, it reads well for the people who are looking to invest it in Thailand since properties become affordable as well as present alluring ROI’s.
Tips for Real Estate Investors Thailand
- You don’t need to start big, but start when possible. Buy property that can be rented out instantly after purchase and needs very low-maintenance.
- Hire local estate agent. When working with the agent who is a bit familiar with market will offer you with benefits like, knowledge of an area, availability, property value and much more.
- Find lawyer. Thailand has got its set of laws. Even though agents know much about detailed process for buying property, they can’t make judgments on the legal questions.