Bangkok is one of the fastest developing cities and there has been a commendable rise in the real estate market. It is not at all an easy job to buy a condo in Thailand due to the large availability of realtors and developers. The buyers need to be aware of certain regulations of the state to avoid any legal action. To buy the best luxury condo Bangkok, it is important for you to know certain things about it. This comprehensive guide will help you a lot n buying condos in Bangkok.
Reasons to buy a condo in Bangkok:
There has been tremendous growth in the real estate market in Thailand from the past few decades. There are various reasons why it’s a dream for any individual to own a condo in Bangkok.
- Economy is strong
- The Best place to invest in the growing Asian market as the flight distance between Bangkok and Asian front line markets are less.
- Vibrant culture with an exotic nightlife
- busy traditional markets
- Glamorous malls
- Higher rentals can be earned if you rent your condo as the real estate market is flourishing at a rapid rate
- One of the biggest perks of staying in condominium developments is that there is a management facility inside the premises which helps in sorting out the problems faster. This is not available in private developments and you have to wait for long hours for fixing the issues. However, not all the condos have the perks of an in-house management facility. But there are experts who can provide recommendations for different concerns that can take place- whether it is your AC or plumbing issues.
Cost of buying a condo:
The cost of the Bangkok condos will vary depending on various factors that include the amenities, size, and location. The cost of the condos available in the suburbs of Bangkok with a single room and few facilities will range anywhere between $32,000 and $80,000. This price will vary depending on how much accessibility you have to the public transport or shopping malls. The cost of per square meter condo that is newly built will be approximately 90,000 baht. However, if you want to buy super-luxurious condos, the rate will be much higher i.e. the cost per square meter will be more than 250,000 baht. Outside the suburban regions, the cost will be much higher than you can expect. Condos are a great option if the foreigner is planning to stay here for a longer tenure or maybe for the rest of his life.
Property taxes- things to know
One of the greatest advantages of buying a condo in Bangkok is that the buyer has to pay lower taxes. Thailand charges a minimal property fee which is a bonus for the buyer. Some amount of property tax has to be paid if you are buying a condo. There are certain condo buildings that require the buyer to pay a certain amount for management. It includes payment for using extra facilities, working staffs and maintenance. Enjoying shared facilities is another advantage of owning a condominium. If the property is co-owned, the cost of maintenance gets divided between the co-owners.