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ResourcesThailand Real Estate & Property LawThailand Condominium LawBuying a Thai Condo in the Aftermath of Coronavirus (COVID-19)

Buying a Thai Condo in the Aftermath of Coronavirus (COVID-19)

Transcript of the above video:

As the title of this video suggests, we are discussing Thai Condos. We are specifically discussing Thai Condominium issues associated with this Coronavirus. 

Now I am making this sort of in the thick of it. We are in the middle of it if you will and if we were to look at this curve we are kind of right in the center of it before it gets flattened out and we can all move on with our lives. 

While we are dealing with all the lock down issues and everything associated with the overall lock down of Thailand generally and the drop in tourism etc., many people, myself included, tend to sort of be in the moment.

Understand, my job generally speaking is to look at worst case scenarios. For our clients that is generally what we need to do around here. They hire us for advisory Services oftentimes or to assist in legal matters and our job is to provide for a worst-case scenarios so that our clients understand what they are getting into and the ramifications associated with their decisions.  At the same time I tend to kind of be a contrarian so when everybody is sort of going one way, I tend to  be looking the other direction and while everybody is kind of down in the dumps about where things are at here in Thailand with respect to the property market currently, I think in the latter half of 2020, especially for Foreign Nationals looking to buy a Thai condo, I think the latter half of 2020 is probably the best year you could ever find because I think there are going to be a substantial number of bargains associated with Thai property not least of which is going to be in real estate like Thai condominiums. 

So the thing to take away from this video is I think that there are going to be with respect to Thai real estate specifically with respect to buying a condo in Thailand but more importantly it is a really good idea to retain counsel, retain assistance, to gain some insight with respect to due diligence; understand exactly what you are purchasing. Often times certain types of condos are held by for example a Thai company so a Thai company may own a Thai condominium and under those circumstances it is generally good idea to conduct due diligence, not only on the property but the Company as well. Or just a standard freehold, just buying a freehold title to a Thai condo, one really wants to be sure that one can obtain that freehold because for example there are quotas associated with foreign ownership of Thai condominium complexes. They generally speaking want to see that the foreign ownership is less than 49% or I should say 49% or less, and for this reason again due diligence is a good idea. 

So it is not a terrible idea to be looking at the Thai condo market especially in the latter half of 2020 and it is definitely a good idea to contact a legal professional in order to assist with due diligence and legal advisory with respect to purchase of a Thai Condominium.