Can foreign nationals buy property in Patong?

Foreign nationals can buy property in Patong, choosing either freehold or leasehold as the form of ownership. Patong condominium apartments can be freehold (fully owned), provided that foreign nationals own no more than 49% of the area in this condominium, or leasehold (rented for long terms). When interested in buying property , the foreign investor has two options: having a home on leasehold for 30 years (the term can be renewed twice) or purchasing the property through a limited company.

Can foreign nationals own real estate in Patong?

Leasehold property in Patong can be sold or leased. Foreign nationals are not allowed to own land in Thailand by law but can own property built on the land plot. One only has to apply for a construction permit to build a house in one’s own name.

What is the average cost of property in Patong?

The cost of property in Patong ranges from $104,000 to $6,360,000. The average price per square meter in Patong — $3 920. Now we have 83 offers of property in Patong.

What are the best types of property in Patong?

The following property types are popular in Patong: houses , condos , apartments . Most villas in Patong have spacious rooms and large outdoor areas that feature swimming pools, gardens, and great views. Most condos and penthouses are fully equipped with top-notch facilities, such as shared pools, gyms and round-the clock security. Some Patong apartments and penthouses are hotel managed, have their own spas, tennis courts, and direct beach access.

Why should I invest in Patong property?

The reasons for investing in Patong property are the following: Patong being the most popular resort on the island of Phuket, the local accommodation is almost always in high demand. Investors looking to rent out their properties can benefit from this. Affordable property prices — demand is constantly high, but property prices in Patong are not as high as in other tourist destinations in Asia. The proximity of the airport — is only an hour away from Patong.

Is it possible to earn on residential rentals in Patong?

Real estate in Patong is in great demand among tourists and buyers. With the year-round tourist season you can have a great rental income. Patong has a lot of projects with guaranteed returns of 7–10%. Management companies provide full property maintenance service. You can also use your property as a holiday home for 2–4 weeks a year without losing income.

How long can I rent my property out in Patong?

Patong has a year-round tourist season. October through April is the high season without rains, when most tourists arrive. May through September is the low season, which is characterised by short tropical rains, but even during this time the air temperature does not drop below 30 degrees.

Can foreigners take out a mortgage to buy property in Patong?

Thai banks do not provide mortgage loans for the purchase of real estate in Patong for non-residents. Moreover, foreign nationals can´t get a bank loan for any purpose.

Can foreigners obtain Thai citizenship through the purchase of real estate in Patong?

Permanent residents can apply for citizenship. Thailand citizenship allows you to buy property in Patong, own any business and apply for any kind of job. You can apply for Thai citizenship: residence in Thailand for at least five years; permanent employment; to be married to a citizen of this country; your baby was born in Thailand. Children born to parents with Thai citizenship automatically get citizenship regardless of where they were born. In order to obtain Thai citizenship, you must renounce your current nationality.