To buy or rent an apartment in Europe is quite strenuous: comparing real estate ads, visiting properties in groups, filling out numerous forms and providing the right financial warranties and then waiting for a positive outcome or starting over if your application is rejected.
Furthermore, prices in major European capitals are on a constant rise for small and poorly maintained flats. For example, in Paris, the average square meter price is around €7,000 while in Bangkok, it is around THB 100,000 (€2,300/$3,300) for a unit in new building with a pool, a gym, and a sauna…
In the “land of smiles”, the real estate market is still really attractive and the requirements to buy or rent an apartment or a condo are easier. Welcome to Thailand where more than 8,000 French and over 15,000 American expats have been attracted by the quality of life, the strong purchasing power and the amazing tropical climate.
In Thailand, the buyer and the tenant have no fee to pay the real estate agency. For a rental, the moving-in can be really fast. You just need to provide the following:
- A copy of your passport
- The lease contract duly filled out (the real estate agency will help you with that)
- A security deposit equivalent to a two-month rent
- A month rent in advance
- Being present during the inventory inspection
The rent price in Bangkok is usually determined by the location (how close to the city center, the business district or public transportation), the size of the unit, the number of rooms, if the property is furnished or not, the duration of the contract, the year in which the building was built and its category. You should maybe consider a service apartment if you are planning to stay less than 12 months in Bangkok.
You will note that monthly maintenance costs (electricity & water) are not included in the rent: roughly 20/cubic meter for water. The electric bill is roughly 3.5/unit for a condo (individually rented) and 6/unit for an “apartment” (a group of rentals owned by a family or company). The owner will pay the HOA fees.
For a good Internet connection, you should be paying 1,000/month (€20/$30). In Thailand, most rentals are furnished: bed, table, chairs, coach, desk, wardrobe, TV, kitchen appliances…but for those who wish to bring their own furniture, some residences propose unfurnished options. Also, pets are not always welcomed in flats.
For a purchase, you need a solid month before you can own a property and a lawyer who will take care of most of the procedures.
In Thailand, there are a variety of properties available for rent or purchase, for all types of budget and needs, from studios, to condos, apartments, villas or luxury houses with a private pool, a gym, a sauna, 24 hour security onsite, parking spaces… So do not hesitate to contact us if you are looking to rent or buy a property in Thailand. We will gladly assist you from the beginning to the end!
Five Stars can help you with finding the perfect rental here in Thailand. Just send us an email at: [email protected] or visit our website: www.fivestars-thailand.com
Five Stars
153/3, 4ème étage, Goldenland Building, Soi Mahardlek Luang 1,
Ratchadamri Rd., Lumpini, Phathumwan, Bangkok 10330, Thailande
Tel. +66(0)2 652 0576 – Fax +66(0)2 652 0577
About the author
FiveStars Real Estate Ltd is a registered company based in Bangkok. Our cultural and professional expertise give us the cutting-edge in the real estate business.
2 comments
Condominium Act…as a foreigner you can own a condo unit in your own name, but only if the condominium is owned 51% by Thai nationals. Foreigners can only own 49% of the condo units.
However some developers now sell the condo units as owned by Thai companies. Then the foregn buyer will own a Thai company, where he will be the managing director.
Foreigners can also secure property freehold under the Condominium Act.