Are you a non-Thai looking to settle in Bangkok? Or perhaps you’re drawn to the city’s many real estate opportunities? Whether for investment or own-use, there is certainly a high level of foreign interest in Thai real estate.
For those in the market, understanding these terms in the context of Thai real estate is essential:
1) Foreigner Quota
While foreign nationals cannot technically own land in Thailand, condominiums are not an issue. There are certain constraints, however, such as the ‘foreigner quota’, which permits non-Thais to own a maximum 49% of any condominium’s total floor area.
2) Leasehold Ownership vs. Freehold Ownership
Put simply, buying a ‘freehold’ property gives you full and permanent ownership of the property. ‘Leasehold’, on the hand, limits ownership to a 30-year term. Furthermore, a leasehold condo cannot be sold or bequeathed by the leaseholder. The lease will be automatically terminated before the end of this period if the leaseholder passes away or the contract is breached. The contract also affords the leaseholder no say in the building’s management and control.
To conclude, freehold ownership is undoubtedly the better option if you’re looking to make a true, long-term home or investment.
Why Millennium?
So, aside from the fact that all units are freehold, what makes Millennium Residence an attractive investment option?
- Completed in 2010, the project’s quality, popularity, and longevity are proven. Set on a large plot of land, Millennium Residence is comprised of four superbly maintained high-rise towers, as well as extensive recreational facilities. As for location, you would be hard pressed to find a more prime location than Sukhumvit 20. Millennium’s residents truly want for nothing: There is a minimart on premises
- Connecting to public transport is breeze
- There are numerous restaurants, shopping centers, and parks in the one kilometer radius surrounding the complex.
Ready to Take the Leap?
Purchasing real estate is a complex transaction, with numerous additional fees and local regulations buyers must be aware of. Being a non-Thai speaking foreigner is all the more reason to work with an experienced, reputable real estate professional. The team here at RE/MAX Properties is familiar with the nuances of Thai real estate, and does everything possible to make process smooth and hassle-free for our clients. If you’d like to learn more, contact us online or call us at 02-259-3336.
