Real Estate Business

To invest in real estate or to purchase land/condominium units, an investor or purchaser should verify the legal status of the properties to be purchased in order to determine whether or not such property is located in a zone that restricts building construction under the urban planning law and also, to confirm that the seller is the real owner of the property. 

A legally binding and enforceable agreement should be signed between the parties on any real estate transaction.

Preparation of agreement to create rights relating to the land and building

• Must be done in writing and registered with the competent official.
• Must verify with the urban plan to determine if there are any land use restrictions or limitations on building construction.
• Must verify whether the parties to the agreement have the power to enter into such an agreement, i.e. for a sales agreement, the seller should have ownership over the property and the right to sell such property and for a rental agreement, the lessor should have the right to lease out the property.

Purchase of condominium units by foreigners

• The foreigner must obtain permission to own the condominium unit, e.g. by obtaining permission to own the condominium unit from the Board of Investment (BOI) or by bringing in enough foreign currency to pay for the condominium unit in full.
• Foreigners can only purchase condominium units with an area not to exceed 49% of the total area of the condominium units.