Called Venice of the East, Bangkok is one of the most vibrant cities in the world. Go on rides on the Chao Phraya Express. Pay a visit to popular temples such as the Grand Palace Museum, the Reclining Buddha and Temple of the Sun. Or just bop around from one mall or flea market to another, shopping to your heart’s content.
But that’s not the only place worth seeing in the country. Visit Ayutthaya for a few days of biking in the old capital, or spend a few days in island paradise in one of its many beaches. Considering the many charms it offers, from scenic temples to shopping haves and culturally rich sights, Thailand is firmly at the top of anyone’s list of must-see places in the world. That’s why it’s hardly surprising to see a lot of people make the big move and call Thailand their new home.
New Budget for Housing from MBK
MBK Plc, behind one of Bangkok’s most popular malls, is set to expand its housing budget and retail by at least 6.5 billion baht, with 1 billion baht specifically set aside for three housing projects, two of which are located in the Bangkadi district of PathumThani and one along the Nine shopping centre, right on Rama IX Road, according to the Bangkok Post. With demand bigger than ever, more and more property developers are building residential projects to meet the need.
Rise of Condominium Prices
Despite China’s economic letdown, Thailand’s real estate market doesn’t seem to be slowing down any time soon. Sansiri Plc, the country’s second largest property developer in terms of sales, plans to improve its target sales this year by marketing condominium properties to Japanese investors, Bloomberg reports.
Senior executive vice president Uthaisangsuk says he’s committed to achieving about a 7 percent raise in the company’s total profits recorded from last year, bringing the figure from 2 million dollars or 70,335,000 million baht to 10 million dollars or 351,675,000 million baht.
Inheritance Tax in 2016
One possible pickle for many property owners is the new inheritance tax, already put in effect February of this year, says the Thailand Business News. The law will charge beneficiaries who have more than a 100 million THB in immovable assets alone. This is also true for cars, shares or cash, so it doesn’t rely on the total revenue of the deceased’s estate. The rate for lineal relatives has been set to five percent while others are set at ten percent. Still, concerns seem to be unfounded. With the high tax free allowance as well as the low tax rate charged, property owners might have anything to worry about, after all.
Investing in Bangkok
So if you’re in Thailand and looking for a home, why not consider a condo? The Global Property Guide says that city’s condominium index soared by 14 percent last year. Since a lot of Bangkok people live in condominiums more than in any other housing type, this index is a relevant indicator. Still, when you compare real estate prices in Thailand to those in Singapore, you get homes four times cheaper. That’s the appeal Thai properties have in the international real estate markets. If you’re after capital appreciation in the long term, it wouldn’t hurt to invest in these properties.
Finding a Home
However, you don’t want to have to rush through this, especially if you’re making the big move. A smart move would be to try it out with a rental condominium just to see how it goes. Don’t know the first thing about finding rentals in Thailand? Here are a few handy tips for you:
- Use property listings. Everything you need might be just a keystroke away. So start your research by going to property listing portals. Rent a condo with DDproperty, for instance. These online listings make searching for a condo rental much more convenient. You won’t have to waste time looking over every potential property there is. With photos and descriptions, you can pretty much generate a list of prospective homes you want just by browsing through the available listings.
- Get help from an agent. If you’ve got plenty of time to look around for properties on your own, then you might have what it takes to survive the rental market. However, if you haven’t got that much free time to spare to dedicate to the task, it’s a simple matter of hiring an agent to help you through the steps of renting a condo.
- Consult a lawyer. You’ll sign a lease contract. Make sure everything is accurate and that the terms and conditions favor both parties. If you want to make sure you aren’t missing any legal loopholes that could cause trouble in the future, review the document together with a lawyer. That’s one way to have your bases legally covered.
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