How to get mortgage for overseas property as an American
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How to buy a condo in Thailand as an American
Thailand's warm weather, delicious street food, and low cost of living make it an attractive destination for many foreigners. If you've enjoyed your time there, you may be considering buying a condo as a permanent residence, vacation home, or investment property.
Buying a condominium is the easiest path to property ownership for foreigners in Thailand, but there are still important things you should be prepared for. Here's everything you need to know.
We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.
Can foreigners buy a condo in Thailand?
Yes, foreigners can legally purchase and own condominiums in Thailand. It's often the easiest option for Americans and foreign buyers looking to invest in Thai real estate.
However, there are a few restrictions under Thai law that you should be aware of:
-
Good standing in the country: You must enter Thailand with a valid visa and have no criminal record to be eligible to purchase property
-
Foreign funds: All the money you use to buy your condo must come from outside Thailand; you'll need to show documentation of the origin of the funds and transfer them from abroad
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Foreign ownership quota: By law, foreigners can collectively own no more than 49% of the total area in any condominium building; the remaining 51% must belong to Thai nationals¹
Many foreigners can easily buy property in Thailand. That said, you'll likely need help from a knowledgeable real estate agent and a property lawyer to stay in compliance with all regulations.
| 💡 Learn more about buying property abroad as an American in our full guide. |
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Types of property ownership in Thailand
There are a few different ways to own a condo in Thailand. For simplicity and peace of mind, freehold condo ownership is typically the best option for foreigners, but some properties are leasehold, especially those marketed as investment properties.
Some foreigners set up a Thai limited company to own land or houses, but this option typically doesn't apply to condominium units.
With freehold ownership, you own the condo completely in your name and can sell, rent, or pass it on to your heirs. You'll receive an official title deed from the Thai Land Office, similar to a title deed you'd receive in the US or other Western countries.
With leasehold ownership, you don't own the land your condo is standing on but have rights to use it for a fixed period. You can lease it for up to 30 years, with possible extensions for up to 90 years total.¹ This works for condos that resemble houses or villas in structure, but it is typically a less secure option than freehold.
Most condos in Bangkok and Chiang Mai are sold as freehold properties. In tourist areas like Phuket and Pattaya, some condos are leasehold.
How long can I stay in Thailand if I own a condo?
Owning a condo in Thailand doesn't automatically give you the right to live there long-term. Property ownership and immigration status are mostly separate things under Thai law.
Americans can stay in Thailand for up to 60 days on a tourist visa, which can be extended for another 30 days.²
That said, Thailand is generally friendly to foreigners, and there are many visa options you can explore, such as a Destination Thailand Visa (DTV) for remote workers and digital nomads.
Property ownership can help you qualify for certain visa programs, such as Wealthy Global Citizen and Wealthy Pensioner. However, you'll need to meet additional financial requirements.
For example, Wealthy Global Citizen requires you to invest at least 500,000 USD in Thai property, earn at least 80,000 USD annually, and have at least 1 million USD in other assets.³
Is buying a condo in Thailand a good investment?
Buying a condo in Thailand can be a good investment, but it ultimately depends on your specific circumstances and goals.
Thailand's tourism industry creates opportunities for rental income, especially in popular destinations like Bangkok and Chiang Mai. Luxury condominium units specifically are expected to surge in value.⁴
If you're thinking of moving to Thailand, it might also feel nice to have your own place instead of renting and having to deal with landlords. When you're not living in your condo unit, you can rent it out and generate passive income.
That said, there are a few downsides to consider as well:
- The supply of condos in Thailand continues to increase, which means more competition
- Foreigners typically can't get mortgages from Thai banks, so you'll need to pay cash
- Thailand's tropical climate causes buildings to deteriorate faster, which can increase your maintenance costs
As long as you do your research and are aware of the challenges, buying a condo in Thailand can be a good investment, especially if you want to generate rental income.
How much does it cost to buy a condo in Thailand?
Condo prices in Thailand largely depend on location, size, and quality.
Overall, you'll find prices much more affordable than in the US. For example, buying an apartment in New York City costs about 68% more per square meter than in Bangkok.⁵
So, how much is a condo in Thailand? On average, it'll cost you 134,145 THB (~4,047 USD) to buy a property in a central location. Outside of the city center, prices drop to 71,498 THB (~2,157 USD) per square meter.⁶
Here's what you can expect to pay in different parts of the country:
| City | City center (per square meter) | Outside the city center (per square meter) |
|---|---|---|
| Bangkok⁷ | 192,954 THB (~5,822 USD) | 89,811 THB (~2,710 USD) |
| Phuket⁸ | 137,500 TBH (~4,149 USD) | 95,000 TBH (~2,866 USD) |
| Chiang Mai⁹ | 64,166 THB (~1,936 USD) | 36,600 TBH (~1,104 USD) |
| Pattaya¹⁰ | 88,333 TBH (~2,665 USD) | 60,000 TBH (~1,810 USD) |
As you can see, Chiang Mai and Pattaya offer the most affordable options, while Bangkok has the highest prices, especially in central areas. Luxury developments in prime locations will cost more than these averages.
Thailand property taxes and fees
Thailand has no annual property tax for personal residences. You only pay the housing tax (12.5% yearly) if you rent out your property.¹¹ This is a big advantage to property owners.
When buying a condo, you can expect the closing costs to range from 5% to 7% of the purchase price.¹² The buyer and the seller often split these fees.
| Fee type | Amount¹² |
|---|---|
| Transfer fee | 2% of property value (usually shared between buyer and seller) |
| Specific Business Tax (SBT) | 3.3% of the selling price Only applies if the property is sold within 5 years |
| Stamp duty | 0.5% of property value Only applies if SBT doesn’t apply |
| Legal fees | 20,000 to 50,000 THB (~600 to 1,500 USD) |
| Title search | Included in legal fees |
| Appraisal fee | 3,000 to 7,000 THB (~90 to 211 USD) |
| Inspection fees | 2,000 to 5,000 THB (~60 to 150 USD) |
| Escrow account | ~1% of the transaction |
| Insurance | 5,000 to 15,000 THB (~150 to 452 USD) |
You, as a buyer, are typically responsible for legal fees, appraisal fees, half of the transfer fee, and other prepaid costs.
The seller pays the Specific Business Tax (if applicable), half of the transfer fee, and any other outstanding taxes.
Buying property abroad? Send money the hassle-free way with Wise
Now that we covered some of the basics, the only question left is how to send money to pay for your property overseas.
Wise offers you a quick, secure and transparent way of sending money to Thailand. You get the mid-market exchange rate for your payments and see how much is charged for the transfer before sending the money from your bank.
With the Wise Account, you can also hold 40+ currencies, spend money in 150+ countries, and receive like a local in 8+ different currencies.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information
Financing options to buy a condo in Thailand
Financing options to buy a condo in Thailand are very limited for foreigners. Thai banks rarely approve mortgages for non-citizens, so most Americans need to pay in cash.
If you can't pay the full amount up front, you still have a few options.
You can apply for an overseas mortgage with your US bank or work with an international mortgage lender. Some developers and owners in Thailand may also offer payment schedules, but these are typically short-term.
How to buy a condo in Thailand: step by step
1. Do your research
Before you start your property search, decide what type of condo you want, including size and approximate location. Think about your goals for this property (personal use, rental income, or both), and set a realistic budget.
Here are a few websites where you can browse different properties online:
2. Work with a real estate agent
Finding a good agent is especially important in Thailand, where personal connections matter a lot. Agents often have access to properties not listed publicly and can help bridge language and cultural differences.
Make sure that your agent has experience working with foreign buyers and speaks good English.
3. Find your property
Your agent will set up property viewings for you so you can check out different condo buildings.
Use these viewings as an opportunity to ask important questions about the property, such as:
- Are there any restrictions on pets or renovations?
- What are the monthly maintenance fees, and what do they include?
- How old is the building, and when was it last renovated?
- Is the area noisy at different times of day?
- Are there development plans for neighboring properties?
- How is security handled in the building?
- What amenities are included (pool, gym, parking, etc.)?
Remember that foreigners can't own more than 49% of the condo units in the building.¹ Your agent should make sure that the unit you're viewing is eligible for purchase by a foreigner.
4. Work with a property lawyer
You'll need a trustworthy property lawyer to verify that the property has a clear title and no liens or encumbrances.
They'll also make sure that the sales and purchase agreement protects your interests and handle government paperwork and registration.
5. Wire your funds
Once you find a property you like and start preparing for sale, you'll need to transfer money from the US to Thailand. Thai law requires funds to come directly from overseas. You can't earn them in Thailand, and you'll need to show a paper trail that verifies the international source of your funds.
The most common way to send money is an international wire transfer to your Thai bank account. However, these wires come with high fees and currency exchange rate markups, especially if you're sending a large amount.
6. Pay your deposit
To move forward with the condo purchase, you'll pay a deposit to show you're serious, typically anywhere between 10% and 30% of the purchase price.¹³ The seller will remove the property from the market once they receive the funds.
Make sure to get a receipt clearly stating the deposit amount and terms, and understand the conditions for deposit refund if the deal falls through (sometimes these deposits are non-refundable).
7. Review your contract and payment schedule
Before signing the final contract, have your lawyer review all documents to make sure they protect you. Pay attention to the following terms:
- Payment schedule and terms
- Who is responsible for transfer fees and taxes
- Property details and specifications
- Promised repairs or changes
You can negotiate the terms if something doesn't look right to you or your lawyer. Only proceed with the sale once your lawyer gives you approval.
8. Settle
This final step includes signing all official documents, paying the remaining balance, and transferring ownership at the Land Department. Your lawyer should handle registration of all documents with the local Thai Land Office and payment of applicable fees.
Once the process is complete, you'll get your keys and register with the building management. You're now officially a condo owner in Thailand!
Best places to buy a condo in Thailand
Bangkok
Bangkok is a great option for condo buyers who want to experience city living in Thailand. The capital has excellent public transportation, luxury high-rises with rooftop pools and gyms, international restaurants, and nightlife.
You can expect some of the highest property prices here, but the rental market is also strong.
Phuket
If you're looking for beachfront living and holiday rental income, Phuket is Thailand's largest island with a well-developed infrastructure.
Many Phuket condos are part of resort-style developments with large pools, fitness centers, and on-site rental management. However, the rental market here is more seasonal than Bangkok's.
Chiang Mai
Chiang Mai has affordable real estate prices and beautiful mountain scenery with a relaxed lifestyle. This city is popular with retirees and digital nomads, and condos there cost roughly one-third of Bangkok prices.
Pattaya
Pattaya is a beach city popular with weekend visitors from Bangkok. It has affordable real estate prices, a great nightlife, and beautiful nature. The rental market is seasonal but can still yield good returns.
You can also rent in Thailand before buying a condo to figure out which location you like best.
Buying a condo is one of the easiest ways to own real estate in Thailand. Chiang Mai and Pattaya have many affordable options, and Bangkok offers developed infrastructure and strong rental yields.
However, you'll likely need to pay cash since Thai banks rarely approve mortgages for foreigners. All funds must come from outside Thailand, and wire transfers often come with high fees and foreign currency exchange rate markups, which can significantly increase your costs.
Wise is an easy and less expensive way to send money to Thailand, even when you need to transfer a large amount. Make a fast, simple, and secure transfer with low fees and no currency exchange rate markup.
Sources
- Thai Embassy - A Guide for Purchasing a Condominium in Thailand for Foreign Investors
- U.S. Embassy and Consulate in Thailand - Thai Visas for Americans
- Henley & Partners - Thailand
- Statista - Real Estate, Thailand
- Numbeo - Cost of Living Comparison Between New York, NY and Bangkok
- Numbeo - Cost of Living in Thailand
- Numbeo - Cost of Living Bangkok
- Numbeo - Cost of Living Phuket
- Numbeo - Cost of Living Chiang Mai
- Numbeo - Cost of Living Pattaya
- Thai Embassy - Property Tax in Thailand
- Horizon Homes - Closing Costs in Thailand
- Thai Embassy - Buying Condo in Thailand
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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