Why you should buy an apartment in Bangkok

Thailand has long attracted foreign investors with its endless opportunities and unique culture. Among all the cities in this magnificent country, Bangkok stands out as the most attractive for buying real estate. But why Bangkok? In this article, we will look at five key reasons why you should buy an apartment in Bangkok.

Five reasons to buy an apartment in Bangkok

Stable increase in housing costs

Over the past 10 years, the cost of real estate in Bangkok has shown steady growth. For example, the average cost per square meter in 2010 was about $1,800, while in 2020 this figure has already reached $3,000. This makes investing in real estate in Bangkok profitable and safe. Despite global developments, Bangkok's real estate market continues to thrive, attracting more and more foreign investors.

High rental yield

Bangkok is a city that never sleeps, constantly attracting tourists, businessmen and students from all over the world. This creates a high demand for rent, which in turn provides high returns for property owners. Average interest rates of return vary depending on the district, but in general they remain high, reaching 7-10% per annum.

Best areas of Bangkok to buy property in

Bangkok is a city of contrasts, and each of its districts is unique. Sukhumvit, Siam, Silom and Ratchathevi are among the most popular areas for buying real estate. These areas are attractive for their diversity, infrastructure and availability of services.

The cost of apartments in these areas starts from $150,000 and can reach several million dollars for exclusive offers.

Large selection of properties

Bangkok's real estate market offers a huge selection of properties, from modern condos that cost as little as $100,000 to traditional Thai homes that can cost more than $500,000. When choosing a property, you should pay attention to its location, the quality of construction and the conditions of property management.

High level of security and availability of services

Bangkok has a high level of security. The city provides a wide range of services, including quality medical services that average about $50 per doctor's visit, and educational services that start at $15,000 per year for an international school. This makes life here comfortable and carefree.

Additional benefits of investing in real estate in Bangkok

Facilities for foreigners

Bangkok offers unique facilities for foreign investors. The procedure for buying real estate here is quite straightforward and transparent, which makes the purchase process less stressful. In addition, owning a property in Bangkok can make it easier to obtain a long-term visa, which greatly simplifies the process of living in the country. For example, buying a property starting at $300,000 may qualify you for an Elite Visa, which grants you the right to live in Thailand for up to 20 years.

Cultural and social enrichment

Living in Bangkok is a great opportunity to immerse yourself in a multicultural society and experience the unique Thai culture. The city offers a variety of activities, from visiting historical sites to participating in cultural festivals and events. For example, you can visit such famous places as Wat Arun or the Golden Buddha Temple, participate in the traditional Thai Songkran festival, or attend one of the many street food festivals.

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Attractive cost of living

Even though Bangkok is the world's capital, the cost of living here remains relatively low compared to other major cities. This means that your real estate investment can provide you with a high standard of living. For example, the average cost of lunch in a restaurant is about $5, and the monthly rent of a one-room apartment in the city center is about $600.

High level of comfort

Bangkok offers a high level of comfort to its residents. It has everything you need for a comfortable life: an excellent transport system, high-quality medical services, many shops and restaurants, as well as numerous parks and recreation areas.

Steps when buying a property

Buying a property in Bangkok is a process that requires careful planning and preparation. Here are the main steps that you will have to go through::

1. Determining the budget and choosing the type of property: First you need to decide on the type of property and the area. For example, a one-bedroom apartment in central Bangkok can start at US $ 200,000, while prices in residential areas start at US $ 100,000. This is important to understand what budget you are willing to allocate for the purchase of real estate.
2. Search for a reliable real estate agent: Then you need to find a reliable real estate agent who will help you in finding the right property. Make sure that the agent has good reviews and extensive experience in the Bangkok real estate market.

1. Conducting a legal review: After you have found a suitable property, you should conduct a legal review. This is important to make sure that all the documents are in order and there are no hidden issues that may cause problems in the future.
2. Making a deal: After a successful legal review, you can proceed to the execution of the transaction. The cost of legal review and registration of the transaction can range from $ 1,000 to $ 3,000, depending on the complexity of the transaction.

The Council: Don't forget to take into account all additional expenses, such as taxes and fees, when planning your property purchase budget.

Consider additional costs

• In addition to the cost of the property itself, do not forget about the additional costs that may arise during the purchase process:
  • Taxes: In Thailand, there are various taxes related to the purchase of real estate, including property transfer tax and value-added tax.
• • Property transfer fees: This is the fee that you have to pay for processing the property documents.
• • Insurance: Although property insurance is not mandatory in Thailand, it can provide additional protection for your investment capital.
  On average, these costs can range from 5% to 10% of the property value. For example, if you buy an apartment that costs $ 200,000, the additional costs may range from $ 10,000 to $ 20,000.

Recommendations for choosing a reliable developer and real estate agency

Choosing a reliable developer and real estate agency is an important step towards buying a property in Bangkok. Below are the main recommendations that will help you make the right choice:

Reputation and experience - Check reputation and experience the developer and the agency real estate. Client testimonials, experience in the market, and completed projects can all give you a general idea of the reliability of the company. For example, companies with more than 10 years of experience in the Bangkok real estate market usually have the necessary skills and knowledge to successfully complete projects.

Licenses and certificates — Make sure that the developer and real estate agency have all the necessary licenses and certificates. This ensures that the company operates in accordance with the laws of Thailand and provides high quality services. For example, real estate agencies must be licensed by the Thai Real Estate Board.

Full service package - Reliable real estate agencies usually offer a full package of services, including property search, legal support and after-sales service. This facilitates the process of buying real estate and avoids many problems. For example, after-sales services may include rental management, maintenance and repair of the facility, and so on.

Transparency — Don't be afraid to ask questions and demand full information about the transaction. A reliable agent will ensure full transparency of the process and provide all necessary information. For example, you should get a complete picture of the transaction structure, possible taxes and fees, payment terms, and so on.

Cost of services — The cost of real estate agency services can vary from $ 1,000 to $ 5,000, depending on the complexity and cost of the property. Make sure that you know all possible expenses in advance and that they fit into your budget. For example, the cost of agency services may include a commission for searching for an object, paying for legal verification and completing a transaction.

By following these guidelines, you will be able to choose a reliable real estate developer and real estate agency and make a successful Bangkok real estate investment.

Bangkok's real estate market is complex and diverse. Therefore, it is recommended to get professional advice before buying a property. This will help you avoid possible pitfalls and make the right choice. Consulting with a professional real estate consultant can cost anywhere from $ 500 to $ 1,000, but it's an investment that can save you money in the long run.

Conclusion

So, we have reviewed the main reasons why you should consider buying an apartment in Bangkok. A steady increase in the cost of housing, high rental yields, a large selection of properties, a high level of security and availability of services make this city an ideal place to invest in real estate.

Bangkok offers a wide range of opportunities for both investors and those looking for a new home. With amenities for foreigners and opportunities for cultural and social enrichment, there is no doubt that buying a property in Bangkok is an investment that will bear fruit for many years to come.

If you are ready to start your journey to owning a property in Bangkok, our expert team is ready to help you every step of the way.