Last post covered how to play golf in Thailand everyday by retiring here. Today I will discuss how to buy property in Thailand to live out your golf dream. Thailand land ownership is limited to Thais; however there are 3 common ways foreigners can still “buy” property in Thailand.
1. The most common way to own your home is by being the largest shareholder of a Thai company who owns the property. Of course, this entails setting up a Thai company beforehand.
2. A second option is to engage in a 30 year lease with a Thai individual, including an automatic 30 year renewal. Technically, this is not ownership, but I guess 60 years should be enough for most of us.
3. The third and probably most preferred option for a foreigner wishing to buy a home is to select a condominium, where foreigners can own up to 49% of the units for sale.
In spite of what is reported by the main stream press, I know many people who have followed these proper procedures and don’t have problems. I guess it pays to avoid any shady shortcuts or other methods involving Thai “girlfriends” or so called “wives”.
How much will it cost to buy a home in Thailand? Prices vary according to size of land and even more so location, but typically start at about US$50,000 for a 1,500 square foot 3 bedroom two bath town house in the outskirts outside of Bangkok. Another benchmark is the plethora of new 2,500 square foot, 4 bedrooms, 3 bath homes in gated communities on sale in Phuket for only US$100,000. Upcountry, in Chiang Mai for example, prices are even less expensive. A 4000 square foot grand palace at the Chiang Mai Highlands Golf Resort, the best golf course in Northern Thailand, can be purchased from the developer for US$200,000.
Costs for condominiums are generally less expensive than homes and nice units in any of the main golf areas, like Pattaya or Hua Hin, are on sale starting at around US$25,000. Of course more upmarket projects like those located in Bangkok’s central business district will be more costly, so plan on spending a bit more.
These are only rough figures, but hopefully they give you an idea of costs so you can gage the feasibility of owning your Thailand golfing home. In my next post I will cover some other practical aspects of moving to Thailand, such as shipping your household goods, buying a car, and schooling options for children.
If you have any Thailand relocation stories, questions, or even would like to suggest a topic for me to cover, please let me know by dropping me an email at my Thailand golf vacation company.