Thai Law Firm Unlocks Key to Condo Ownership Dream

Top Quote Bangkok's condominium market offers a rare opportunity for international investors to purchase property in Thailand, which has strict laws preventing foreign land ownership. The cooling of this once booming market presents opportunities for savvy investors but the Thai real estate market can be paved with complex legalities for unsuspecting foreign nationals, according to Thai law firm BSA Law. End Quote
  • (1888PressRelease) March 29, 2011 - Bangkok, Thailand - Thai property law experts BSA Law has warned of legal pitfalls for international property buyers seeking to take advantage of Bangkok's cooling condominium market.

    The popularity of the condominium market among foreign investors has cooled over the past two years on the back of the global financial crisis and the May 2010 political protests and violence in Bangkok.

    Real estate figures show supply outstripping demand, with one Thai property developer estimating around 500 units remain unsold in the luxury segment. The market for mid-priced condominiums has also cooled.

    This sluggish market presents opportunities for international buyers to re-enter the Bangkok condominium market amid predictions prices may have to drop to ease an oversupply. Historically, condominiums have proved attractive to foreign residents because of their more lenient foreign ownership laws.

    Thai law firm BSA Law specialises in property law and said it was easy for foreigners to be burnt by Thai real estate laws, which offer less buyer protection than western models.

    Apisakde Kongkangwanchoke of BSA Law said in Thailand real estate agents were not licensed and that title insurance was not commonly used. "Thailand can be very much a 'buyer beware' market as many of the protections offered by western real estate markets are not present. It is an absolute must that perspective purchasers consult an experienced, registered Thai law firm to ensure they comply with Thailand's land ownership restrictions and meet other legal requirements."

    Mr Kongkangwanchoke said condominiums were attractive to foreign nationals because they were exempt from some of the nationality restrictions present on other forms of land ownership in Thailand. He said it was possible for foreigners to own condos outright but that it was essential perspective purchasers consult an experienced Thai law firm to:
    - Conduct a title search and check contracts;
    - Consider the type of title deeds in Thailand;
    - Provide legal advice as to buying in pre-construction projects;
    - Advise on transfer costs and Thailand property taxes.

    About BSA Law:

    For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

    For more information please contact:

    Jim Byrne
    Business Advisor, BSA Law.
    Email: jim ( @ ) bsalaw dot co dot th

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