Real EstateCondominium Purchase

October 9, 2020by IBCadmin

Freehold Condominium

A condominium title gives buyers a ‘fractional interest’ in the property and parts of the complex such as the lobby area, car park, gardens, gymnasium and swimming pool; it also applies to the voting-interest within the owners or residents association. The benefit is that ownership is permanent and in perpetuity until you sell the property is to someone else. Upon death, you can pass the condominium down to your heirs. Thai law states that ownership quota will be 49% foreign versus 51% that is owned by Thai nationals.

Leasehold Apartment

A leasehold apartment merely allows ownership for 30 years; there is an option to extend the leasehold further in 30-year cycles. This only allows limited ownership, and usually, these apartments are the same value as freehold alternatives. Without the provision of a succession clause, they cannot pass on to their heirs.

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