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Learn more about the Thailand property market through trends and average prices.
Formerly called Siam, the Kingdom of Thailand is the tourism hotspot of Southeast Asia. With its beautiful tropical islands, lush jungles, intriguing history, rich culture, glittering temples, and scrumptious cuisines, Thailand attracts more than 30 million visitors annually and the country has numerous world-famous landmarks, such as the 9th tallest statue in the world, which is known as the Great Buddha of Thailand as well as the iconic temple of Bangkok, Wat Arun. Not only known for its natural beauty and fascinating culture, but the country is also dubbed as “The Land of Smiles” because the locals are very friendly, which makes all visitors feel welcome upon arriving in the country. In addition, the country welcomes a huge number of expats and retirees due to its low cost of living.
Thailand has the second-largest economy in Southeast Asia after Indonesia. Its convenient location in the heart of Asia has given the country favorable trading opportunities with China, India, and other ASEAN countries. Thanks to the country’s fast-growing economy, it attracts foreign investors from all around the globe. In fact, it is one of Asia’s most popular destination for foreign investors.
Thailand has a population of more than 68 million people spread across its 76 provinces. Bangkok is the capital as well as the largest city in the country. The capital is also one of the most visited cities in the world thanks to its number of tourist attractions. Visitors are welcome to explore its palaces, temples, markets, and shops. The city also boasts one of the most vibrant nightlife scenes as well as having the best street foods on the planet. Some of the more popular landmarks in Bangkok are the Grand Palace, Wat Pho, and Wat Traimit (Golden Buddha).
The city of Chiang Mai is famous among those who want to experience a more laid-back atmosphere. Chiang Mai offers an opportunity for visitors to indulge in Thailand’s culture because it has a large number of ancient landmarks, such as the Pae gate and the Doi Suthep pagoda.
For visitors who want to be near Thailand’s most famous beaches, Pattaya and Hua Hin are two of the popular seaside resort cities in the country. However, for visitors who want to experience the country’s tropical islands, Phuket and Koh Samui are the places to visit and both have their own unique characteristics, white sandy beaches, and clear waters.
Thailand caters to all types of investors and since Thailand’s laws only allow foreigners to own condominiums; this type of property is almost always in demand. High rise condominiums and apartments are mainly located in metropolitan cities, such as Bangkok and Pattaya. Condominium and apartments in other parts of the country are mainly built in low-rise buildings. Both condo and apartments can have luxurious facilities, such as swimming pools and fitness centers. In general, condos and apartments are divided according to the types of rooms, including studio, 1 bedroom, 2 bedrooms, or more than 3 bedrooms.
Single houses in Thailand tend to have 2 floors, with 2 to 3 bedrooms, 2 bathrooms, a kitchen, and a living room. This type of property usually comes with its own garden and offers more space. Townhouses (or townhome) are also available. Townhouses are a row of houses joined by a shared wall and usually have modern and luxurious designs. A home office is popular among those who want to live and work at the same place since normal residential projects are not allowed to be used for commercial purposes. There are also commercial buildings and offices for sale in the country, usually located in business areas.
Since Thailand has a relatively low cost of living compared to Western countries, although the cost of living depends on the person’s lifestyle, the living standards for foreigners are typically high. The location in which someone lives also determines the overall cost of rent, transportation, food, and other miscellaneous personal expenses. Places in the center of Bangkok typically have higher prices. The local food is world-famous and affordable. People can have Pad Thai for as low as 40 THB (1.3 USD). Thailand’s official currency is the Thai Bhat. 1 USD will get foreigners approximately 30.6 THB.
Thailand has a tropical climate, meaning the weather is consistently hot throughout the year. the average annual temperatures are between 28°C and 35°C, but the temperatures can soar to 40°C during the Hot Season from March until June. The rainy season normally starts in July and ends in October. Visitors should be ready to experience heavy rainfall and high humidity levels during this season. The cool season from November and lasts to February and has less rain.
The country is very rich in culture and the Royal Family should never be disrespected. Touching someone’s head and pointing with your feet is considered rude. The largest religion is Buddhism with around 95% of the population follows the religion. Islam is the second-largest religion, comprising 4% of the population. The official language is Thai and the script is based on the Brahmi script. However, since the country is a large tourism hotspot, English is spoken by locals, especially those who work in tourism.
For a long-term stay, foreigners will need a business, education, marriage, or retirement visa. Most expats who work in Thailand have Non-Immigrant Type B, but investors can apply for Non-Immigrant Type IB. Retirees usually apply for Non-Immigrant Type O, O-A, and O-X.
1. A Growing Economy – Thailand has one of the largest economies in Asia, in fact, it is the 8th largest economy in Asia. In 2018, the country produced 16.316 trillion of GDP.
2. Improving Infrastructure – Thailand is constantly improving its infrastructure, from the road systems, electrical and water systems, healthcare, to its public transportation. The local governments, along with real estate developers and corporate companies are involved in significant development.
3. Rental Yields – For those who want to rent out their properties, you can expect to earn around 5% annually.