The 1991 Condominium Act dictates that all expats or foreigners purchasing condos must transfer funds from overseas, in foreign currency (not Thai baht). You then need to obtain a “Foreign Exchange Transaction Form” certificate from the beneficiary bank, for each transfer. All original certificates must be presented to the Land Department to register the condominium into records.
Bangkok’s skyline is impressive. During the day, high-rise buildings and towers dominate the horizon far as the eye can see, and night brings thousands of twinkling lights scattered from down to up high. Bangkok’s economic progress and its popularity as a tourist destination has brought in investors and business people from around the world who seek to build on the city’s growing success. You will find a very wide variety of condos for sale in Bangkok.
In years past, political events in Bangkok have raised concerns about whether the country could recover from the any trouble if a crisis did emerge. Stand-offs between “red shirts & yellow shirts” and government temporarily shake the nation and somewhat affects the country’s tourism industry…. for how long… a few weeks? Although months pass before the effects on Bangkok’s economy are noticed; Thailand watchers say there is little or will be there any major change in the real estate market. This is the story of Thailand; something happens, it changes, and then “sabai-sabai”.
Deciding on an older condo versus newer condo brings interesting perspective on the evolution of space availability. Most working professionals in Bangkok prefer to purchase a modern condominium right in the middle of the city. Most would usually prefer new models with many amenities. There are some who like older types of condos, as they often have much larger spaces.
There are many options to buying a condo in Bangkok. It’s a great place to live and enjoy life, and offers many options. Many expats make Bangkok their home and raise families, along with many who retire here. Concerns regarding condo investment are the same in most places. Despite what you may read in some forums or blogs about bad experiences. As far as investment money goes, take look at the United States what has happened over the past 5-10 years; some major real estate losses.
