Thailand condominiums market is one of the most attractive property investment opportunities for both local and foreign buyers. Unlike landed property, which has ownership restrictions for foreigners, condominiums offer a legal and practical way for non-Thais to own real estate outright. However, buying a condominium in Thailand requires a solid understanding of legal frameworks, market conditions, and ownership regulations.
This guide provides an in-depth look at Thailand's condominium laws, ownership structures, market trends, legal considerations, and the buying process.
A condominium (condo) in Thailand refers to a building that is legally registered under the Condominium Act B.E. 2522 (1979) and consists of separate units individually owned by different people. These units are sold with freehold ownership, meaning buyers fully own them and can transfer, sell, or inherit them.
Foreigners can own condominiums outright under the Foreign Quota Rule, which allows:
Foreign ownership of up to 49% of the total sellable floor area in a condominium building.
The remaining 51% must be owned by Thai nationals or Thai entities.
To qualify for foreign ownership, buyers must provide proof that the funds used to purchase the unit were transferred from overseas in foreign currency.
A Foreign Exchange Transaction Certificate (FET) (formerly known as a Tor Tor 3 form) is required for foreign buyers.
This certificate is issued by a Thai bank as proof that the purchase funds came from abroad.
Without the FET certificate, foreigners cannot register ownership with the Land Office.
Buyers must carefully review the title deed (Chanote) before purchasing. Key information includes:
✔ Unit size (in square meters)
✔ Foreign or Thai quota allocation
✔ Ownership history
✔ Any existing mortgages or encumbrances
Freehold: Foreigners who buy within the 49% foreign quota own the unit outright.
Leasehold: If the foreign quota is full, foreigners can lease a condo for up to 30 years with an option to renew.
✔ Check if the developer is reputable and has a track record of completed projects.
✔ Verify if the condo has an official condominium license (especially for off-plan developments).
✔ Review the condo’s financial health, including reserve funds and maintenance fees.
Consider location, amenities, price trends, and legal factors.
Popular areas for foreigners include Bangkok, Phuket, Pattaya, and Chiang Mai.
Hire a Thai lawyer to check title deeds, contracts, and developer records.
Ensure the condo is legally registered under the Condominium Act.
The payment must be in foreign currency and converted into Thai Baht upon arrival.
Obtain the FET certificate from the receiving Thai bank.
This contract outlines the purchase price, payment terms, and transfer date.
Ensure it includes clear clauses about ownership transfer, penalties, and refund policies.
Both the buyer and seller (or their legal representatives) must be present.
Pay the transfer fees, taxes, and any applicable stamp duties.
Register the new title deed in the buyer’s name.
| Tax / Fee | Buyer Pays | Seller Pays |
|---|---|---|
| Transfer Fee (2% of appraised value) | ✅ Yes | ❌ No |
| Specific Business Tax (3.3% if selling within 5 years) | ❌ No | ✅ Yes |
| Stamp Duty (0.5% if no Business Tax applies) | ❌ No | ✅ Yes |
| Withholding Tax (1% for individuals, 15% for companies) | ❌ No | ✅ Yes |
Common area maintenance fees: Paid annually or monthly.
Sinking fund: One-time contribution for building upkeep.
Utility bills: Charged separately for electricity and water.
✔ Bangkok – Central business districts (CBDs) like Sukhumvit, Silom, and Sathorn see high demand from investors and expats.
✔ Phuket & Pattaya – Popular for holiday homes and rental income, with increasing interest from Russian and Chinese buyers.
✔ Chiang Mai – Attracts retirees and long-term residents seeking a relaxed lifestyle.
Recent Trends:
The luxury condo market is growing, especially in Bangkok and Phuket.
Short-term rentals (Airbnb) are restricted in certain buildings unless properly licensed.
Government policies may introduce foreign ownership incentives to boost real estate investment.
✅ Always check with the jurisdictional Land Office if foreign quota space is still available.
✅ Ensure your bank issues an FET certificate for every transfer.
✅ Ask about future repair costs and building management policies.
✅ Verify developer credentials and legal permits before paying deposits.
Thailand’s condominium market remains a popular and viable investment option for foreigners, offering full ownership rights, strong rental demand, and attractive locations. However, legal due diligence, financial planning, and understanding ownership restrictions are crucial to making a secure investment.
For those looking to own property in Thailand, condominiums provide the easiest and safest option compared to other types of real estate. By following legal procedures and working with professionals, buyers can avoid pitfalls and maximize their investment potential.