Living
in Thailand
Ever
thought about residing in Thailand? If so, one
of the first considerations that should come
to mind is accommodation. So, what are prices
like for housing and what type of housing can
one expect to find?
A full spectrum of apartments, condominiums
and houses are available to rent, lease and
yes, buy.
For those people relocating to Asia for work,
especially those employed with SMEs and on a
tight budget, Thailand is an attractive alternative
considering the high prices in Hong Kong, for
example. "Apartments feel so cramped in
Hong Kong," said John Melcher, a sales
manager working for an American technology firm,
who now resides near Bangkok. "One can
find more spacious living accommodation in Hong
Kong, but then it becomes quite expensive."
Thailand offers some of the most affordable
prices for housing units when compared to other
regional countries such as Malaysia, China and
Singapore. In Bangkok, prices start from a small
one-room apartment with air-con priced at US$120
a month, all the way up to an expensive richly-appointed,
world-class penthouse. According to a local
web site, eThailand, average monthly rental
for a 3-bedroom apartment in the centre of Bangkok
ranges from US$950 to US$2,300, with exclusive
apartments renting for US$2,300 and up. House
rentals are substantially higher. A well-maintained,
single house with garden and pool currently
averages US$2,800 per month. Prices vary widely,
though, and with a little bit of searching one
can find comfortable accommodation for much
less.
As some foreigners in Thailand have discovered,
buying a condominium unit is a tantalizing alternative
to renting. However, Thai law still prohibits
foreigners from owning land.
One positive note to emerge in the last few
year’s concerns a Thai citizen’s
right to own land. Previously if a Thai woman
married a foreigner, she couldn't own any land
she may have had. Thanks to Thailand's new constitution,
a woman is allowed to hold onto her property,
although she must prove that the land was bought
with her money.
In addition, the law permits a Thai woman's
name to appear on the land title while retaining
her Thai nationality status. "Before the
new law, when a Thai woman married a foreigner
she would surrender many of her privileges as
a Thai citizen," said Philip Sheridan,
a consultant with the local law firm VOVAN &
ASSOIC?S. "Typically, the couple would
not register the marriage with Thai authorities
to avoid this dilemma. In the eyes of many,
she was still considered single, which created
family issues."
Today, a Thai woman who buys land signs a paper
with the Thai land department which states that
if she divorces, her foreign husband cannot
claim rights on the property. A foreigner's
name can never go on a land title.
Thailand's economic crash of 1997 had a profound
effect on foreign investment. In an effort to
invigorate the debt ridden property market,
Thai authorities relaxed the rules governing
foreign ownership of condominiums. In some cases
it is possible to own one hundred percent of
a condominium building.
Note
A
foreigner can buy a condominium in his own name.
In order to buy a house, or any other kind of
property, the property must be in the name of
a Thai citizen. There is, however, a way around
that provided by a loophole in the law. A residence
can be bought in the name of a corporation.
As a foreigner, all you have to do is set up
a Thai corporation, and you can buy anything
you want in the name of the corporation. A Thai
corporation does not have to be affiliated with
a Thai citizen, so everything can be done, that
way, in your name.
