Can foreign nationals buy new homes in Patong?

Foreign nationals can buy new homes in Patong, choosing either freehold or leasehold as the form of ownership. Apartments in condominiums can be freehold (fully owned), provided that foreign nationals own no more than 49% of the area in this condominium, or leasehold (rented for long terms). When interested in buying property , the foreign investor has two options: having a new home on leasehold for 30 years (the term can be renewed twice) or purchasing the property through a limited company.

What is the average cost of a new home in Patong?

The cost of a new home in Patong ranges from $54,000 to $21,432,000. The average price per square meter in Patong — $3 920. Now we have best offers of new homes in Patong.

Why invest in new homes in Patong?

The reasons for investing in new homes in Patong property are the following: Patong being the most popular resort on the island of Phuket, the local accommodation is almost always in high demand. Investors looking to rent out their new homes can benefit from this. Affordable prices for new homes in Patong — demand is constantly high, but prices are not as high as in other tourist destinations in Asia. The proximity of the airport — is only an hour away from Patong.

Can I earn money by renting a new home in Patong?

New homes in Patong are in great demand among tourists and buyers. With the year-round tourist season you can have a great rental income. There are many projects with guaranteed returns of 7–10%. Management companies provide full new home maintenance service. You can also use your apartment as a holiday home for 2–4 weeks a year without losing income.

How long can I rent my new home out in Patong?

Patong has a year-round tourist season. October through April is the high season without rains, when most tourists arrive. May through September is the low season, which is characterised by short tropical rains, but even during this time the air temperature does not drop below 30 degrees.

Can foreigners take out a mortgage to buy a new home in Patong?

Thai banks do not provide mortgage loans for the purchase of new homes in Patong for non-residents. Moreover, foreign nationals can´t get a bank loan for any purpose.

Can foreigners obtain Thai citizenship through a new home purchase in Patong?

Permanent residents can apply for citizenship. Thailand citizenship allows you to buy a new home in Patong, own any business and apply for any kind of job. You can apply for Thai citizenship: residence in Thailand for at least five years; permanent employment; to be married to a citizen of this country; your baby was born in Thailand. Children born to parents with Thai citizenship automatically get citizenship regardless of where they were born. In order to obtain Thai citizenship, you must renounce your current nationality.