According to the latest data from the Real Estate Information Center (REIC) of Thailand, the number and amount of condominiums purchased by foreigners in Thailand continued to grow in the first three quarters of 2024. In the third quarter of 2024, there were 3,756 condo transfers, an increase of 11.6% compared to the same period last year, with a total transfer amount of 18.571 billion Thai Baht, an increase of 8.9%.
However, despite the overall increase in sales volume, the total number of transfers in the first nine months was 11,036, up 3.1% from last year, but the total transfer value decreased by 1.5% to 514.58 billion Thai Baht.
In the condo transfers of the third quarter, buyers from Mainland China continued to dominate, purchasing 4,386 units with a total value of 202.01 billion Thai Baht, far exceeding other countries/regions. Myanmar followed, purchasing 1,050 units with a total amount of 54.63 billion Thai Baht. Taiwan and Russia ranked third and fourth with sales of 612 and 800 units, and transfer values of 31.66 billion and 27.5 billion Thai Baht, respectively.
Additionally, buyers from the United States, France, Germany, India, the United Kingdom, and Australia also held a significant share in the Thai real estate market, particularly buyers from France and Germany, who purchased 403 and 334 condos respectively.
Mr. Kamonpo stated that despite global economic uncertainties, the Thai real estate market remains favored by foreign investors, with Chinese buyers' dominant position unchanged, reflecting the attractiveness of the Thai real estate market to foreign investors.
So, how should one rent a place to live and work in Thailand?
Thailand and the Philippines are different countries with many cultural differences and living habits, including renting. Today, PASA will introduce the rental process and things to note, which is essential for those planning to rent in Thailand soon!
First, choose a suitable property based on your budget, location preference, and type of housing, which can be found through websites, agents, direct inquiries, or social media. After finding a satisfactory house, be sure to personally inspect the surrounding environment and the condition of the house. If you are renting in Bangkok, also learn about nearby BTS Skytrain, MRT subway, and bus routes, as well as public facilities, shopping malls, medical services, and the type of area in the rental location.
After selecting a property, you need to pay one month's rent as a non-refundable booking fee. When signing the contract, please verify the landlord's identity and property proof, and clarify the lease term, cost distribution, and deposit terms. Since contracts are often in Thai, it is advisable to handle them through an agent to avoid disputes. As a foreigner, you also need to report to the immigration office every 90 days and update your visa.
In Thailand, the landlord priority system is implemented, so your contract must clearly define cost and responsibility distribution to avoid deposit deductions when moving out. If you are sharing the rental, the contract should list all tenants' names for handling immigration or bank procedures. During your stay, maintain the original condition of the house, and no modifications are allowed without permission.
Renting a suitable house in Thailand can not only improve your quality of life but also enhance your work efficiency. It is recommended to handle rental matters through reliable agents and personally verify all documents to ensure safety. Also, never disclose personal information to strangers to avoid unnecessary troubles.
