Property developers in Thailand need a review.If you are going to buy a condo in Thailand, then you should consider the developer carefully. The reputable property developers in Thailand are trusted not only by foreigners but also by Thai consumers. The study done by Chulalongkorn University done in 2017 had some interesting results from their survey of Thai consumers.
Property Developers in Thailand
The developers Land & Houses Pruksa, Sansiri, Ananda and Supalai was rated by Thai nationals as the most reliable developers. Like most property buyers in Thailand they expect good aftersales service and well as quality materials being used. The first place to get a view on property developers is to either ask a property lawyer in Thailand or to browse the Thai forums for information on different developers and their reputation.
Raimond Land caters mostly to foreigners and has a good brand name when it comes to expatriates and those abroad. They are well known on the international market for the quality of their projects (materials and workmanship) as well as their after sales service.
Look at past developments that the company has managed and look at their resale values. You could also take a look at past and present projects as a buyer looking to buy a unit. This gives you good insight into the quality of workmanship and well as materials which they would normally use.
If you are buying from a developer that does not have much of a reputation, then again you would have to look at projects they had done 2-3 years ago and look at those properties to see if there are cracks in the walls or where the buildings are falling apart. Do a due diligence report on the property as well as on the developer so you can ensure that the developer is not being sued by buyers and that they are financially viable. The 1997 market crash is still fresh in people’s memories as many developers shut up shop and many people lost their investments. Many of those projects more than 20 years later are still standing idle.
You will also need to check the title deed in Thailand on the property as well as the Environmental Impact Assessment for the development. There also other issues to check such as usufructs or servitude’s on older properties when buying a condo in Thailand or a house or villa.
Note that when talking to an agent of the developer that the person is the authorized agent of the developer. Also ensure that whatever you discussed with the authorized agent that those points of discussion are covered in the sale agreement. This would need the assistance of a property lawyer and a due diligence study to ensure that you do not lose your investment.
Whenever you are in a foreign country it is best to contact a property lawyer if you decide to purchase property in Thailand.
If you are considering looking at the property developers in Thailand then there are about 10 large property developers in the country. These range from Sansiri to Raimond Land which are very reputable companies. They also tend to sell off plan developments.
You should also remember that when buying property in Thailand you will need to transfer the money into the country and you should read more on the money transfer process for property when buying property. Also remember that the property developers will use Thai measurements and that this many times will not be in the metric system. See how the land Size conversions work in Thailand.
Most developers do not have issues on property such as having servitudes over the property which might lower the value of the property. When a due diligence is done then your property lawyer in Thailand will also look at the property zoning of the development. There have been many times when the zoning has been incorrect and many losing their investments. A good example would be encroaching on forest land or worst when the property developer has not followed the building restriction laws. Those properties get demolished.
The information contained in our website is for general information purposes only and does not constitute legal advice. For further information, please contact us.
Property Developers in Thailand FAQ
Who can own property in Thailand?
Anyone can own property in Thailand. Foreigners cannot however own land but can own up to 49% of the condominium units in a project or property development.
Can a non citizen own property in Thailand?
Yes non-citizens can own property in Thailand but not land. You can opt for a superficies where you own the house or villa but not the land which it has been built on. Non-citizens are also limited to owning no more than 49% of the condominium units in a building.
Who are the largest property developers in Thailand?
These are some of the largest property developers in Thailand:
- Land & Houses
- Major Development
- AP (Asian Property)
- Ananda Development
- SC Asset
- Noble Development
- Raimon Land