The property market is projected to recover and resume its growth as usual in the second half of this year because the real demand by potential homebuyers who postponed their purchase decision due to the political unrest in the first half of the year remains intact,and property developers are launching new projects to accommodate the demand, according to the Bank of Thailand BoT.Mathee Supapongse, director of the BoT Domestic Economy Department, said the sector conditions in May began to pick up in tandem with the country’s overall economic recovery although it had been affected by the recent political mayhem in the short run.
This could be witnessed by a surge in the number of housing projects offered for sales in Bangkok and its environs by 54.2 per cent from the previous month, and total sales in new projects rising by 23.3 per cent from 13.1 per cent the month before.In April, the property market conditions shrank due to the political unrest, which had shaken confidence among consumers and property developers. Also, there are many public holidays in that month.
Your first step is to work out your budget or how much you can afford to spend buying property in Thailand.
One way foreigners often finance the purchase of Thailand property is to remortgage a house they own in their native country, releasing equity for their new purchase.
Thailand property financing of up to 60% of the purchase price is available to foreigners through Bangkok Bank in Singapore. This is only offered through their Singapore branch and they have an annual allocation for these mortgages, so this facility may not always be available.
If buying a condo, you need to show that the funds have been sent into Thailand in foreign currency converted to Thai Baht on arrival from overseas.
The local receiving bank should be asked to provide the buyer with a Tor Tor Sam 3 Certificate of Remittance, stating that the funds arrived for the purpose of buying a Thailand condo. The certificate does not need to specify a particular Thailand condo.
In your budget calculations, do not forget to add on the extras associated with your Thailand real estate purchase:
Thailand Property Taxes:-
1. Income Tax or Withholding Tax
2. Land Transfer Fee
3. Stamp Duty
4. Specific Business Tax (SBT)