In Bangkok, where culture meets modern infrastructure, lies a hidden secret: BTS stations. These train stops may seem ordinary but hold remarkable sway over condo prices and rents. This blog post will uncover how BTS stations can impact the housing market. It's a captivating story of urban development and investment opportunities. So, come along as we explore the world of BTS stations and their impact on Thai condo prices and rents.

Introduction to the BTS Skytrain

The BTS (Bangkok Transit System) Skytrain is an elevated mass transit system that helps people get around in Bangkok. It links different parts of the city and can connect with the MRT (Metropolitan Rapid Transit) and ARL (Airport Rail Link) systems.

Condos near BTS Skytrain stations offer you the best of both worlds. This includes convenient transportation and easy access throughout the city. This eliminates you of traffic congestion concerns, but also saves you time and money.

BTS & Real Estate

Properties near BTS stations saw a marked increase in price, some increasing by 500%. While price growth remained steady, BTS-adjacent properties continue to command premium prices. This is due to the convenience and accessibility offered. BTS-adjacent rental prices also remained higher in comparison to other areas. This reflects the equal demand for living near effective transportation. As a result, the BTS Skytrain has since attracted both Thais and foreigners alike. In particular are foreign investors who recognize the potential for BTS-adjacent properties.

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Factors influencing the Demand for BTS-adjacent Properties

The Bangkok Real Estate Market saw a growth in preferences for high-rise condos near the BTS Skytrain stations, which could stem from many factors such as:

1. Scarcity of land in prime locations near BTS stations makes developers maximize vertical space by building high-rise buildings.
2. The growing urban density and population in Bangkok makes high-rise condos an efficient solution to the rising housing demand.
3. BTS station-adjacent high-rise developments offer a variety of amenities ranging from the gym to swimming pools, enhancing residents' life quality.
4. The proximity to BTS stations allow easy access to transportation, meeting the needs of individuals who seek hassle-free urban living.

Some may prefer low-rise projects, but the demand for BTS station-adjacent high-rise projects remain high due to its blend of urban living, amenities, and connectivity. This trend of high demand for high-rise projects by the BTS station reflects how buyers tend to lean more towards high-rise projects near BTS stations.

Final Verdict

In the vibrant mosaic of Bangkok, we've unraveled how BTS stations hold the keys to condo prices and rents. They're not only train stops; they're gateways to convenience and opportunity. As we conclude this journey, remember that the city's skyline isn't only a view. It's a reflection of urban development driven by connectivity. Whether you're a buyer or investor, understanding the impact of BTS stations on real estate is key.

Have easier access to your workplace or your child's school than ever with BTS, MRT, or ARL-adjacent properties. Get in touch with us today to begin your next move!

Welcome to an exciting journey into the heart of Thailand's property market! Whether you're a homeowner, an investor, or you're curious, this blog post is your key to understanding the Thai property market.

Buckle up as we take a tour of Thailand's property market, where the past, present, and future converge.

Real Estate Trends in Thailand for 2023

Thailand's real estate industry is one of the most important sectors in the country. Forecasts suggest the market will grow in the next five years.

Residential Real Estate Market

Overview

The demand for residential properties in Thailand continues to grow. Urban areas, in particular, are in demand.

Factors such as lower interest rates, economic growth, and increased urbanization, contribute to the development of the residential property market.

Market Trends

Fluctuating prices and inventory levels vary. Often depending on location and property type. Bangkok and other major cities may experience high demand for condos. But rural areas also have seen increased demand for single-family homes.

The COVID-19 Pandemic also influenced consumers' preferences. As a result of COVID, more people prefer larger homes with outdoor spaces.

Key Factors

Factors that impact 2023's residential property market in Thailand include demographics, urbanization, and government policies. For example, the aging population has led to an increased demand for retirement homes. Government policy also affects demand. When government policy pushes for more affordable housing, there are more buyers in the market.

In the first quarter of 2023, the demand for condos in Bangkok reached over 3,000 units. During that same period, most of the new Bangkok condo supply was in Bangkok's suburbs.

Commercial Real Estate Market

Overview

Thailand's commercial real estate market remained stable. With steady demand and supply for the last couple of years. The market consists of many segments such as office, retail, and industrial space.

Market Trends

Commercial real estate space demand in 2023 could remain strong. For offices and retail space in particular. While vacancy rates have remained low, rental rates have risen over the past few years. This is the case in prime locations such as Bangkok.

The demand for office rentals will strengthen throughout 2023-2025 with the economic recovery. As companies gain more staff, their need for office space will also increase.

Key Factors

The growth of e-commerce and changes in consumer behavior could continue to impact 2023's commercial real estate market. Retailers could prioritize creating experiential shopping experiences to attract customers. This could lead to an increased demand when it comes to retail space. Government policies seeking to promote foreign investment and economic growth could lead to an increase in office and industrial space demand.

As of March 2023, there were seven major office buildings in the works, with over 500 square meters of usable area in BMR (Below Market Rate) and five upcoming projects in 2024.

What we could see in 2024

Next year, a shift is on the horizon in Thailand's property development landscape. This shift is an increasing emphasis on sustainability.

Sena Development, a prominent property developer, seeks to build "Zero Energy" houses in alignment with Thailand's eco-conscious direction. These innovative homes will harness the power of solar cells to generate clean and renewable energy. Ultimately resulting in a significant reduction in greenhouse gas emissions.

In response to the surging popularity of electric vehicles (EVs) developers are also making strides by adding more EV chargers to their projects. 

This proactive approach not only caters to the needs of the expanding EV user base. It also makes a contribution to the collective effort to reduce greenhouse gas emissions.

Final Verdict

The Thai property market is evolving, and the future looks exciting. As we head into 2024, it's clear that sustainability will take center stage. Solar cells and EV chargers signify a commitment to a greener, more sustainable future. So, whether you're planning to buy your dream home or explore investment opportunities, keep an eye on these trends. As they promise a more environmentally conscious and vibrant Thai property market.

Begin your next move with us at PropertyScout today! Our dedicated team will be happy to help you should you have any further questions.

Many homebuyers may not know what a "Juristic Person" does. You may have heard they collect common area fees for amenities and services. But, you may not know who these juristic persons are. Are juristic persons in housing estates and condominiums the same? And what are their responsibilities beyond collecting fees? To answer these questions, PropertyScout will provide you with the information you need.

What does a Juristic Person do?

The best place to start off is to understand what a juristic person does. A juristic person does property management, which involves ongoing care, maintenance, and upkeep of property. This ensures that residents can use their property effectively and safely, adding lasting value to the community.

According to the legal provisions of the Land Allocation Act of 2000 (B.E. 2543), a juristic person is formed when the property developer or land allocator:

• Sells allocated land exceeding half of the approved number of plots.
• Completes the construction of public utilities according to the project plan.
• Receives approval for the construction of public utilities according to the project plan from the Provincial Land Allocation Committee.
• Prepares a contract for the maintenance and upkeep of public utilities.

Juristic Person Types

When it comes to juristic persons, there are two main categories. "Juristic persons for condominiums" and "juristic persons for housing estates." Both help maintain the well-being of their projects for the benefit of the residents. Now, let's take a closer look at how these two types of juristic persons differ in their roles.

Juristic Person for Condos

A condominium juristic person is a management team structured as a company. They manage, oversee, and maintain various assets in condos' common areas. Each project may have its own set of rules and regulations that differ from one another.

Juristic Person for Housing Estates

A juristic person for a housing estate, established by law, is a management team managing the assets within the housing project. They are responsible for both the common areas and various public utility systems within the community. They also take on the duties of the property developer.

Also , there must be homeowner representatives within the project. They become members of the juristic person for the housing estate. Every homeowner has the right to elect members of the management committee of the juristic person. This ensures that there is a community-driven effort to maintain the housing estate. with homeowner members participating in its management and upkeep.

Scope of Responsibilities

For Condos

• Carry out duties according to established policies and regulations for the residents, which must receive approval from the Condominium Juristic Person Committee and comply with the Condominium Act of 1979 and the regulations of the condominium juristic person.
• Ensure the safety within the condominium project.
• Manage and maintain all common buildings and assets to prevent deterioration and ensure cleanliness.
• Assess the condition of common areas and propose improvement plans to the residents.
• Maintain order and harmony within the project to provide a peaceful living environment for all owners.
• Administer the collection of common area fees from the residents and budget for all related expenses associated with common areas.
• Conduct various meetings such as annual general meetings, public relations, and communication activities, as well as organize events related to community living for the residents.

For Housing Estates

• Fulfill duties in accordance with the regulations of the Land Allocation Act of 2000 and the establishment of a juristic person for the housing estate.
• Maintain and oversee common areas and public utility systems within the project, such as roads, community parks, playgrounds, clubhouses, and all communal garden areas, to prevent deterioration.
• Manage electrical infrastructure and lighting systems within the common areas of the project.
• Supervise parking arrangements along the community roads to ensure a smooth experience for residents.
• Ensure cleanliness and waste management, including garbage collection in front of every house.
• Prioritize the safety of residents within the housing estate.
• Assess the condition of common areas and present improvement plans to residents.
• Maintain order and harmony within the project to provide a peaceful living environment for all owners.
• Administer the collection of common area fees from the residents and budget for all related expenses associated with common areas.

Bottom Line

And that's a wrap on housing and condo juristic persons. Before we go, we'd like to say that both types of juristic persons are beneficial to residents. They help create a more organized management system within the project and reduce internal conflicts. Also, juristic persons enhance residents' confidence in safety. They make sure that amenities are well-maintained. They also contribute to ongoing improvements. Residents can also voice concerns or questions at general meetings.

We hope this article was informative and helpful. If you have any comments or questions, please feel free to leave them in the comments section below.

Looking for a well-organized condo or housing project that welcomes you with open arms? Get in touch with us today to make sure your next move is worth your every penny!

Welcome to the enchanting world of Thai real estate! Thailand offers various types of properties to suit every lifestyle preference. From single houses cocooned in serene neighborhoods to sleek condos in bustling city centers, there's something for everyone. If you crave the tranquility of suburban living, detached houses and townhomes might be your ideal pick. For a touch of luxury, villas are a tempting choice. So, whether you're a first-time homebuyer or a seasoned investor, let's dive into the delightful options Thailand has to offer!

The Types of Properties

Detached House

A detached house in most cases consists of two floors along with two to three bedrooms and bathrooms, one living room, and one kitchen. Detached houses offer maximum privacy but come at a higher cost due to large amounts of space.

Semi-Detached Houses

With similar features to a detached houses, what makes semi-detached houses different from their counterparts are the inclusion of shared walls on one side. This type of house, due to its lack of popularity, may be harder to come by.

Duplexes

A duplex house consists of a central wall and consists of two living units, either side-by-side or on two floors with separate entry points. While a duplex housing plan consists of two floors, the entire duplex house is sold and owned together.

Townhomes

Townhomes are modern style homes with greater interior space and akin to a detached house. In simpler terms, townhomes are like a cross between a house and a condo. Townhomes often have 2-3 floors and some include unique additions such as swimming pools or a gym.

Apartment

An apartment is a rental room in a building which has one owner. The room consists of basic furniture such as a bed, a closet, while lacking a kitchen so the rental fee is not too expensive.

Condos

Probably the most common type of property available to choose from in Thailand is a condo. Unlike an apartment which has one owner, a condo has individual owners.

A condo is a room sold in one building by a property development company, each building owned by different owners. Buyers have the option to buy or rent the condo units from the owner or a real estate agent. Furniture in a condo unit may vary depending on the type and size of the unit. Basic types of units in a condo include Studio (one room), 1-Bedroom (living room with bedroom), and 2-Bedroom (living room with TWO bedrooms).

Condos also feature the addition of shared facilities such as basics like a swimming pool or the gym. Some luxury projects may get creative with their inclusions with unique facilities such as a Japanese onsen pool or automated elevator parking.

Prices of condo units will depend on the unit type and condition that it's in.

Penthouses

Taking up more than half of a project's floor area, a penthouse is a unique type of condo unit located on the highest floor of the building. Penthouses are often found in luxury high-rise condominiums (though there are some rare instances where they are also in low-rise projects). Penthouse units are a lot larger than common condo units, consisting of multiple rooms ranging from kitchens and bathrooms to bedrooms, living rooms, and maid's rooms. Penthouse units also offer exclusive built-in amenities such as swimming pools, a jacuzzi pool, and a small garden.

Villas

A villa is a large house found both in rural and urban areas. You may recognize villas as vacation homes for the wealthy. Villas offer a luxurious and exclusive lifestyle as well as a high level of privacy. Villas offer basic amenities such as a backyard, parking space, and unique inclusions such as gardens and swimming pools.

Property Conditions

Bareshell (Unfurnished)

Bareshell units offer only basics such as flooring, walls, and ceilings, while lacking electricity and plumbing systems. This type of property condition would be ideal for you if you would like to start from scratch with customizations of your own. But, furnishing and fitting along with help from technicians or architects will become costly.

Standard (Mildly Furnished)

While standard units are vacant spaces like its bareshell counterpart, standard units feature at least 30% furnishing to help save you money to some extent. For instance, standard units will include electricity and plumbing systems so that you can prioritize your budget with furniture and customizations.

Fully-Fitted (Mostly Furnished)

Further furnished in a way is a fully-fitted unit. Here, in addition to the already-included electricity and plumbing, fully-fitted units feature furnishing to an even greater extent. Included in a fully-fitted are bed frames, kitchen counters, closets, and sanitary ware. With a fully-fitted unit, you get to save even more money with not having to do the fitting and basic furnishing yourself.

Fully-Furnished

While costing a lot more than unfurnished units or standard and fully-fitted units, a fully-furnished unit will ensure you get your money's worth right from the day you move in. Gone are the needs to equip your unit with electricity or plumbing and the need to do every kind of furnishing on your own. Being the most cost-effective unit option, a fully-furnished unit is the most sought-after unit type and condition for condos and other property types.

Bottom Line

As we end our journey through Thailand's world of real estate, remember that your dream home is a choice away. From detached houses to condos and townhomes, Thailand has something for everyone. Take your time, explore, and make a choice that resonates with your heart. With countless options to choose from, your perfect Thai property is waiting to welcome you. So, as you embark on this exciting adventure, may your home in the Land of Smiles bring you joy, warmth, and endless memories. Happy house hunting!

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From condos and penthouses to detached houses and villas, click the links below for an excellent selection of properties ready to welcome you with open arms today!

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Are you dreaming of owning a piece of paradise in Thailand? Well, you're not alone! Thailand's landscapes and culture have been attracting people from around the world. But, it's essential to understand the costs involved. In this blog post, we'll break down the fees when purchasing property in Thailand, especially if you're a foreigner. From the purchase price to taxes and other fees, we'll guide you through the financial aspects of turning your Thai property dream into a reality. So, let's dive in and uncover the secrets to owning your own slice of Thai paradise!

Purchase Price

The term Purchase Price is pretty self-explanatory and, chances are, you may have already heard it in one way or another. In real estate, purchase price refers to the total amount in which a buyer pays for a property. A seller and a buyer would agree on a sum after finalizing negotiations, settling on a particular purchase price.

Taxes

The following is an overview on Thai property taxes, the party responsible, and how it's calculated:

Business Tax: Levied on companies and individual owners who held the property for under five years.

Transfer Fee: Charged by the Land Department and collected upon the ownership transfer date.

Withholding Tax: Varies depending on the ownership (individual or company).

Stamp Duty: Not imposed when the business tax is due.

Thai Leasehold Taxes & Fees

The aforementioned property taxes and transfer fees do not apply to leasehold transactions.

Leasehold Transaction Fee

The leasehold registration fee for property is calculated at 1% along with a 0.1%. This results in a 1.1% applied to the total amount of the lease throughout the duration of its full term. The Land Office will collect the leasehold transaction fee upon registration.

Transfer fee of Leasehold Property in Thailand

The same 1.1% tax applies here. This time, though, only for the value of the remaining term on the lease agreement. To calculate, take the full lease amount and divide by the total amount of years. Then, multiply by the remaining years of the lease term.

As with the lease registration, you must pay the transfer fee upon transfer date at the Land Office. In most cases it's your responsibility to pay the transfer fee as a buyer but you also have the option to share it in equal amounts with the seller.

Renewal fee of Leasehold Property in Thailand

The renewal fee is based on the original lease cost, or an evaluation from the Land Office.

How much is Tax on Rental Income in Thailand

Thai residents are subject to a 5% withholding tax. Meanwhile, foreigners are subject to a 15% withholding tax.

Other Fees

Maintenance Fees

Maintenance fees are for everyday repairs and maintenances on your property. This could range from gardening to tidying up the place for upkeeping. Maintenance fees often range from 40 to 70 baht per square meter. Larger projects with luxurious array of facilities may have higher maintenance fees.

Sinking Fund

Sinking fund is a one-time payment, paid to the juristic person by condo unit owners. This covers maintenance and general upkeeping or repair work on the building. As for how much the sinking fund is, it varies depending on the project and its roster of shared facilities.

Final Verdict

In conclusion, while owning a piece of Thailand's beauty is an exciting prospect, it comes with its fair share of expenses. Remember, understanding these costs is crucial for a smooth and successful process, especially for foreigners. By being well-informed and prepared, you can navigate the journey towards your Thai paradise with confidence and ease. So, whether you're envisioning a beachfront bungalow or a tranquil hillside retreat, now you're equipped with the knowledge to take that next step towards making Thailand your home away from home. Happy property hunting!

Whether you're making your next move on your own or as a family, let us lend you a helping hand. Click the links below and let's begin your journey together!

If you've been to Thailand you will know how easy it is to fall in love with the place. The culture and food have captivated foreigners for decades. So many people decide to try and buy a condo here.

But, there’s a catch – the 49% foreign ownership quota for condominiums. Whether you’re an investor or you’re curious, join us as we demystify the 49% limit.

What is the 49% Condo Ownership Quota for Foreigners?

While it is possible by law for foreigners to buy property in Thailand, there are rules and regulations to overcome. The most notable regulation is that foreigners can only own up to 49% of a condo building in Thailand while the other 51% must remain Thai-owned. The total number of foreign-owned condo units must not exceed the 49% quota. If you are buying a condo from a Thai owner, make sure to check and verify that the condo has not reached its foreign ownership limit yet.

The other regulation to be aware of is around payment for the condo. You must pay for the condo in the form of foreign currency.

These rules and regulations shouldn't be too much of an issue for foreigners looking to buy condos in Thailand under their name. But, if the condo you want has reached the 49% foreign ownership limit or you do not want to pay in foreign currency, you can buy under the name of your Thai spouse.

The Condo Buying Process

Know your Rights and your Obligations

Being a foreigner in Thailand, it's important to take note of the various laws and regulations on buying condos or properties overall. For best results, it's recommended you consult a lawyer and have them accompany you during the condo buying process for safety. Make sure, also, that the building is condominium act-registered, which will allow you to register it under your name. Remember to also read through the contract in detail to understand the terms and conditions.

Know the Timeframe

Depending on the developer and transaction complexity, the condo-buying process in Thailand may take several months. You may also need to sign off reservation, sales & purchase, and ownership transfer contracts.

Gather up Documents

• Contract: The contract should have all the terms and conditions of the sale. This includes the price, payment schedule, and ownership transfer.
• Foreign Exchange Transaction (FET) Form: This is for transferring money to Thailand for buying the condo. This document is for large foreign transactions and serves as proof of foreign currency transfer to Thailand.
• Personal Documents: You will need the following documents for identity verification.
  • For Foreigners buying the property on their own-
    • Copy of Passport.
    • Copy of Visa or Immigration stamp in Thailand.
    • Residence Certificate (if any).
    • Non-Thai Identity card (if any).
    • House Registration (Tabien Baan, if any).
  • For Foreigners buying the property under the Thai spouse's name-
    • Copy of both individuals' passports.
    • Copy of both individuals' Thai immigration stamp of Visa.
    • Copy of Marriage Certificate. If registered outside of Thailand, make sure to get the document translated and legalized in Thai via an accredited translation center.
    • Spouse consent letter

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Decide on your Financing Options

If you need financing to aid with buying a condo, there are options such as bank loans or developer financing. Be sure to research such options in detail to see which option would be most appropriate for you. Note that Thai banks have strict policies which require your permanent resident status before they consider offering you a loan. For loan applications, consult a real estate agent for assistance.

Know your Taxes and other Expenses

• Transfer Fees: 2% of registered property value.
• Stamp Duty: 0.5% of registered property value. You must transfer these two fees to the Land of Department in Thailand. These fees are non-negotiable and the payment is the buyer's responsibility.
• Withholding Tax: 1% of registered property value or appraised value, depending on which is higher. Withholding Tax applies if property seller is a company. The tax is deducted from the seller's proceeds and you are responsible for paying the tax to the Revenue Department.
• Legal Fees: This varies depending on the transaction complexity and lawyer's rates.
• Home Inspection Fees: Home inspection fees cover the due diligence report. This document records the property's condition and status before buying.
• Sinking Fund or Maintenance Fees: Some developers charge sinking fund or maintenance fees. This is for regular maintenance and upkeeping of the building's common areas. The fee may be charged on a monthly or yearly basis.

Deposits and Payments

For your condo unit reservation, you will need to leave a 10 to 20% of the price. The remaining balance is often paid via installment plans while the final payment is due upon ownership transfer. Remember to only pay the developer or seller and not any third party. Note that when transferring money for buying a condo in Thailand, send the money as your default currency first and have it converted to THB via a Thai bank.

Get your Yellow Tabien Baan (House Registration) booklet

When you have fulfilled all payments, you will then get a yellow Tabien Baan or house registration booklet (whereas the booklet will be blue for Thai citizens).

Alternative: Buying Leasehold Property

One alternative is to buy a leasehold property. Leasehold is where the maximum lease on land period is 30 years. You can also renew at least twice in addition to the starting 30-year period, which makes the total lease period 90 years.

A Leasehold may not grant you complete ownership rights like a freehold. But it does offer the leaseholder exclusive rights to the use of that property at least. Leasehold rights are on the title deed and will allow you to enjoy your property without the hassle or ongoing paperwork.

Buying leasehold property might be a viable option for retirees searching for holiday homes in Thailand.

Alternative: Set up a Thai Company to buy a Property

Some buyers might prefer greater ownership rights without the confines of leasehold agreements. In this case, foreigners can set up a Thai company in hopes of buying a Thai property. If 51% of the company is Thai-owned, setting up a Thai company should allow for indirect ownership and control.

Alternative: Marrying to a Thai Spouse

The other alternative to buying a property in Thailand for foreigners is marrying a Thai spouse. By marrying a Thai spouse, you get to settle down, start your family, and get a place to call home all in one go. Be reminded, though, that the property bought will be under your Thai spouse's name even though it was your intention to buy the property. Thus, the Thai spouse reserves the rights to sell, mortgage, exchange, or transfer the property without consent from you as the foreigner.

Final Verdict

In conclusion, Thailand’s 49% foreign ownership quota for condos may seem like a daunting task. But, with the right knowledge and guidance, it’s a challenge that can be overcome.

Understanding these regulations is your key to property ownership in Thailand. Whether you're buying a dream home or considering an investment.

Remember, it’s not about what you can’t do, but what you can achieve with a little effort and insight. So, take that first step, explore the possibilities, and embark on your journey to make Thailand your home.

Are you a foreigner looking for a new place to call home for your family? Are you looking to invest in a Thai property? Get in touch with us today to begin your next chapter!

Welcome to the land of pristine beaches, street markets, and delicious food - Thailand! As you embark on your journey, one aspect you'll want to master is transferring money in and out of the country. Fear not, because in this blog post, we're going to break it down for you in simple terms that you can understand. Get ready to make banking in paradise a breeze!

Understanding Transferring Money in and out of Thailand

Bringing money into Thailand is simple provided you have the right documentation. You will need proof of inbound fund transfer from the issuing bank with the specific purpose. Examples of the purpose include funds for long term stay or buying property. You will then receive an FET (Foreign Exchange Transaction) form as a supporting document from the bank.

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As for transferring money overseas, you will need the following:

• Recipient's account name and number.
• Recipient's bank name and address.
• Currency and amount of money.

If you are a foreigner sending money into your home country, you may need extra paperwork. These include an employer's proof of income letter or a document explaining the source of your funds.

Exchange Control Regulations

Rules and Regulations

The exchange control in Thailand comes from Exchange Control Act (B.E. 2485) Ministerial Regulation No. 13 (B.E. 2497) issued under the Exchange Control Act. These regulations establish the principles of controls. They serve as the foundation for notifications by the Ministry of Finance and directives from Competent Officers.

Administration

The Bank of Thailand (BOT) administers foreign exchange. The governor of the Bank of Thailand must appoint the BOT's officials as the competent officials as per Exchange Control Act (B.E. 2485).

Individuals must conduct all foreign exchange transactions via commercial banks and authorized non-banks. Authorized non-banks must have foreign exchange licenses from the Minister of Finance. These include authorized money changers, transfer agents, and companies. Transactions not conducted through the aforementioned licensees need approval from the Competent Officer on a case-by-case basis.

Currency Regulations

Foreign Currency

You can transfer foreign currencies into Thailand as much as you would like.

Individuals who receive foreign currency from abroad have an important obligation. They must return these funds to Thailand. They can sell the foreign currency to or depositing it into a foreign currency account at an authorized bank. It's crucial to complete this process within 360 days from when they first received the money. Note that this rule doesn't apply to everyone.

Exemptions include the following:

• Foreigners who are temporarily staying in Thailand for three months or less.
• Foreign embassies.
• International Organizations (and their staff with diplomatic privileges and immunities).
• Thai emigrants with permanent residency or overseas employment.

Any individual bringing up to 20,000 USD (or its equivalent) in or out of Thailand must report to a customs officer.

Local Currency

You can bring Thai baht banknotes into the country without any limitations. When traveling to Thailand's neighbors, such as Vietnam, you're permitted to carry up to THB 500,000. For other countries, you can take up to THB 50,000 without needing special authorization.

Thai banks in which you can do International Fund Transfer

• Siam Commercial Bank (SCB)
• Bangkok Bank
• Kasikorn Bank (K Bank)
• Krungsri Bank
• Krungthai Bank (KTB)

Fees vary from bank to bank depending on the following factors:

• Destination country.
• Your type of account (personal banking or business banking).

For More Information

Swift Codes for Thai Banks

For transferring money of Thailand, you will need a SWIFT code if you're doing so via Thai banking apps. SWIFT codes are 8-digit codes for the recipient's bank which ties in with the sort code and account number.

The following are SWIFT codes associated with notable Thai banks:

• Krungthai Bank: KRTHTHBKXXX
• Bangkok Bank: BKKBTHBKXXX
• Siam Commercial Bank (SCB): SICOTHBKXXX
• TMB-Thanachart Bank (TTB): TMBKTHBKXXX
• Kasikorn Bank (KBank): KASITHBKXXX
• United Overseas Bank (UOB): UOVBTHBKXXX
• Krungsri Bank: AYUDTHBKXXX

How to get your THB Transfer marked as International Transfer by the Recipient Bank

Assume the recipient bank is Kasikorn or Bangkok Bank:

1. Set the currency and transfer amount to THB.
2. Fill in the Recipient Details.
3. Choose Kasikorn or Bangkok Bank as the recipient bank.
4. Fill in the account number.
5. When you get to the transfer purpose, select Funds for long-term stay in Thailand or Purchase of Property.
6. Review the transfer details and confirm the transfer.
7. Select the pay-in method and pay the transfer.

Transferring money into Thailand through WISE

To transfer money into Thailand through Wise, here's what you will need:

1. Sign up online via the Wise app for free using a Facebook or Google account, or an email address.
2. Once you pick how much money you would like to transfer, you will then get a display of upfront fees and the estimated money arrival timeframe.
3. Next up, fill in the details of your recipient's bank account.
4. For certain currencies or large transfers, there may be an extra step involving identity confirmation. In that case, you will need a photo of your ID.
5. Send the money through a bank transfer, or a credit/debit card, and you're done!

Once you transfer the money, the recipient will get notifications on the estimated money arrival date. You will also be able to track the progress through your account.

For More Information:

Bottom Line

Whether you're a traveler or you're managing cross-border finances, the takeaways are clear. Understand the rules, work with authorized banks, and stay informed. With these insights, banking in paradise becomes a breeze. So, go ahead and embark on your financial journey with confidence. Let your money flow in this enchanting corner of the world. Cheers to hassle-free international banking in Thailand!

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In Thailand's real estate market, a revolution goes by the name of "Proptech." Picture a world where technology merges with the world of property. This makes buying, selling, and managing real estate as easy as a few taps on your smartphone. In this blog post, we'll explore how Proptech reshaping the way people find, own, and enjoy their homes. So, get ready to dive into the future of real estate, where innovation meets convenience!

What is Proptech?

Proptech is a portmanteau of Property and Technology. This involves using data and technology to make real estate work better. It helps with keeping track of customers, managing leads, and handling property listings. The use of technology also made the real estate business easier and faster.

But it's not only for real estate brokers or companies. Sellers, agents, and property managers can also use proptech. It helps them access and take care of their properties with greater efficiency.

For instance, there are apps and tools that help manage customers. They let you see what customers want and share that information with your team or manage it yourself. This helps you respond to customers in time and increases your chances of making sales.

Innovative Examples in Proptech

Big Data

Big data is changing the real estate world. It collects information from different places and uses it. This helps businesses plan to give customers what they want. Assume there are people searching for houses on a website. You can see who they are, what they like, and which pages they visit the most. You can use this info to update and improve the website over time.

IoT

The Internet of Things (IoT) links everything to the internet. It lets us manage and check devices from anywhere, at any time. For instance, you can use a phone app to switch your air conditioner on or off or keep an eye on your home appliances. Today, lots of companies create apps adding convenience to customers. Such convenience offered from these apps include door locking and light switching. Another example is the option for customers to communicate with caretakers 24/7.

Machine Learning

Machine learning is where AI learns and looks at types of data. There are systems from Meta (Facebook), that can look for people, animals, or items in pictures. This tech can see if there's furniture, appliances, or other stuff in property photos. It makes it faster for real estate agents to list what's in a house or condo they want to sell.

Blockchain

Blockchain isn't only about cryptocurrencies, it takes real estate to a new level. With smart contracts, agreements buying, selling, or renting become quick, safe, and easy. This lowers the chances of fraud or mistakes when dealing with contracts.

How is Proptech Beneficial in Real Estate?

Data for Informed Decision-Making

Proptech help agents, brokers, firms, and property companies in gathering and analyzing data. This allows users to study market trends, understand buyers, and analyze competitor strategies. All the collected data saves users the time and effort of manual data search and collection.

Accessible Data

Cloud databases help real estate professionals like agents, brokers, and property companies. They can save customer data for later analysis and creating new services. They can also keep documents on cloud servers accessible from anywhere online. This makes it easy to check transactions for accuracy and status. Plus, it cuts document storage costs while making work flexible and convenient.

Higher Chances of Closing Sales

Many real estate businesses now embrace proptech by developing websites and apps. They post online, making it easier for customers to find properties they love. Some also offer 3D virtual tours using VR technology. This allows customers to explore properties in detail without actually being present. This provides an impressive experience and boosts the chances of closing sales.

Effective Customer Communication

Proptech makes communication with customers fast and smooth throughout the process. Real estate agents or staff will know when customers reach out through apps and chatbots. Customers receive initial explanations about their questions. Should there be specific inquiries, this is where the related staff comes in.

Bottom Line

With Proptech, the real estate market becomes more accessible and efficient than ever. From helping buyers to agents, Proptech is the key to the future for all players in the real estate game. As Thailand embraces the digital revolution, it's an exciting time to be part of this industry.

Your next move lies in your fingertips, feel free to put your hand up if you have any inquiries! Our property consultant team will be very happy to assist you.

In real estate, besides knowing projects, there's more – land and title deeds. It's not only what's written inside, but also the colors used that matter. You might wonder: Why do the Garuda emblems come in different colors?

Well, today, PropertyScout is going to help you color-code these documents. What's in it? Let's dive in and find out!

The Biggest Questions

Before we explore the colors on land title deeds, let's understand what they are all about. Find out what this is, how important it is when buying or selling property today, and how having one can be helpful. Let's begin!

What they are

A land title deed is an official paper that proves you own a piece of land. The government gives it out, and it has a special symbol on it. This paper follows today's land laws and might show a map, special notes, and approvals for using the land. Even if the paper follows old laws, the owner still owns the land.

When you have full ownership, you can control the land, sell it, or stop unauthorized usage.

Characteristics

When we want to figure out which paper is a land title, it's not only about written content and usage. Its basic characteristics matter too. So, let's see what every land title paper should have.

• Size: 24 X 36 cm.
• The paper is yellowish in color and has a unique pattern.
• There's a signature and an official stamp from an officer.
• The backside has the land ownership history & an official's signature.
• When you shine a light on the title, you'll see the official emblem surrounded by a circle. It says "Department of Land, Ministry of Thailand."

Why this Matters

The next question is why the Land Title Deed Matters. This paper helps us keep our benefits and rights to the land we own safe. It also tells us who the real owner is. Knowing the owner is super useful, especially when you're buying or selling. It's not about the land; it's also about any buildings or stuff on it.

The Benefits

• Shows proof of legal land ownership along with proof of identity verification.
• Solidified proof of ownership for landowners.
• Used as evidence to establish rights, both for government and private purposes.
• Provides location details, boundaries, and individual plot sizes.
• Prevents issues of unauthorized land expansion (reserved zones, conservation areas, and public lands in particular).
• Used as evidence to resolve disputes, disagreements, or claims over land rights.
• Serves as proof of assets or collateral for loan applications.
• Serves as collateral for guaranteeing loans.
• Provides a stable economic foundation, leading to reduced production costs.
• Fosters a sense of attachment and concern for one's land, motivating improvement and development efforts for maximum benefits.
• Checking land papers for land with title deeds is quick and helpful for selling, transferring, or paying for land, except inheritance.
• Doing legal stuff with land that has title deeds or use certificates.
• For legalities like buying, swapping, mortgaging, or selling with special conditions, you need the deed to register with the land office where the land is.
• For legal things with land that has use certificates (like Nor. Sor. 3, Nor. Sor. 3 Gor, Nor. Sor. 3 Kor), you need to register at the district land office where the land is. This follows the law, unless the district officer's power for registration and legal stuff gets canceled. Then, you must register at the land office where the land is.

What to be Aware of

While these important documents help show land ownership and protect benefits, rules exist. If you keep a land title for over 10 years, or a use certificate for 5 years, the land might become government property. If someone uses your land without an agreement for over 10 years, they could gain rights to it too.

Types of Land Title Deeds

Now, let's talk about the different kinds of land titles. It's not only one or two types, but a bunch of them. There are different types and even colors for distinction. Here's how we can break them down:

Red Garuda Deeds

Red Garuda Deeds, or Nor. Sor. 4 (นส.4 ), are all about direct owner sales. They have a clear photo of the land from the sky. With this title, owners can do things on their own, like buying, selling, transferring, and more. It's super valuable because of the rights it offers.

We can tell its age by the last letter in its code. If it's "ก" (ghor), it's the oldest. The new one ends with "จ" (jhor), like "น.ส.4 จ." (Nor. Sor. 4. Jhor.).

For this title, if you do a transaction, you need to register it at the local land office. If not, the deal doesn't count.

Age of Title: 10 years

Nature of Ownership: Buying, selling, transferring at ease.

Caution: If someone occupies the land for 10+ years, without concealment, they might gain rights to the land after a 10-year period.

Green Garuda Deeds

Green Garuda Deeds, also known as Nor. Sor. 3 Gor (น.ส.3 ก), are certificates of use. They signify that this document demonstrates the ownership rights over the land for beneficial purposes. It includes a clear aerial photograph, similar to Nor. Sor. 4 or Red Title Deeds. The main difference between the red and green versions is that while the red title allows leaving the land vacant, the green title requires using the land for beneficial purposes.

With Nor. Sor. 3 Gor, you can buy, sell, transfer, and mortgage, including with banks. Once the land gets surveyed, owners can request this title without waiting for the 30-day public announcement. It certifies ownership rights but not full ownership.

The transfer document comes in three forms: Nor. Sor. 3 (น.ส. 3), Nor. Sor. 3 Gor (น.ส. 3 ก), and Form No. 3 (which is no longer issued).

These types of titles are not actual land titles until you submit them to the land office.

Age of Title: Unspecified

Nature of Ownership: Can possess for beneficial use without full ownership rights and you can buy, sell, and mortgage without requiring public announcement.

Caution: May get claimed by others if possessed for over 1 year.

Notes

Property owners can ask to switch their rights document to a Nor. Sor. 4 title. This involves submitting a request at the local land office, and it won't cost anything. Once the boundaries are verified, you can get the title without waiting for 30 days. Later on, Red and Green Title Deeds will be given out, and the Green ones will be canceled.

Black Garuda Deeds

Black Garuda Deeds, also known as Nor. Sor. 3 or Nor. Sor. 3 Kor (น.ส. 3/น.ส. 3 ข), are quite like Dark Red Title Deeds or Nor. Sor. 3 Kor. But, the main difference is that these titles don't include clear aerial photos. Instead, they only provide a basic outline of the land's shape, size, and boundaries. The map they include might not be very accurate due to the materials available in that area.

Like the other types, you can use Black Garuda Deeds to apply for a land title. But here's the catch: you'll need land surveyors to assess the land and put up notices about it for 30 days. If nobody contests your ownership at that time, you can move ahead with the application. Once you get the title, you can use it for buying, selling, and even mortgaging the land.

These types of titles are not actual land titles until you submit them to the land office.

Age of Title: Unspecified

Nature of Ownership: Owning without ownership rights. You can buy, sell, and mortgage without the need for public announcement.

Caution: May get claimed by others if possessed for over 1 year.

Differences between Nor Sor 3 Gor (Green Garuda) and Nor Sor 3 (Black Garuda):

Blue/Red Garuda Deeds

Blue-Red Garuda Title Deeds, also called Nor. Sor. Kor 4-01 (ส.ป.ก.4-01), are papers that let people farm in a specific area. But, only farmers can have this title. People with this title can't say they own the land, can't get land papers, and can't buy or sell land. They can't let other people have the rights. This is unless they want to pass it down to their family when they're not around anymore. And that family can only use it for farming.

These papers are from the Land Reform for Agriculture Office (LRAO). This is to help people do farming in that area only.

*State-owned land titles that grant rights to the public for agricultural activities.

Age of Title: Unspecified due to inability to contest ownership.

Nature of Ownership: Granted rights include leasing, lease-purchasing, long-term renting, and agricultural use. Owners can transfer, divide, and pass down these rights as inheritance. Forbidden are selling, mortgaging, and utilizing the land for purposes other than agriculture.

Caution: Be sure to distinguish between the Blue-Red Garuda Title Deeds (Nor. Sor. Kor 4-01) and Nor. Sor. 4 title documents.

Differences between Blue-Red Garuda Title Deeds (Nor. Sor. Kor 4-01) and Nor. Sor. 4 title documents

Differences between the four types of Title Deeds

Closing Comments

Land titles are not only for ownership but also exist in different types. These include emblem colors and names. From Red Garuda for public use to Blue Garuda for agriculture, each type has unique features. The distinctions go further, varying in how to request and their purpose.

Before buying land, think about its type, purpose, and protections against conflicts. Also consider legal matters, and finances. It ensures proper property transactions. We hope this post helped. More articles to come. If you find interesting topics, PropertyScout will provide information. Goodbye and see you next time!

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Step into the world of Thailand’s history, where each plot of land tells a story that spans centuries. From Rai to Ngan and Wa, units of area measurement have seen the nation’s evolution. Join us as we uncover the units’ origins, its role in shaping Thailand, and its cultural importance. This blog post takes you to the heart of Thailand’s heritage. Let’s discover the history that shaped Thailand’s area measurement.

History of Thailand's Area Measurement

Thailand adopted the metric system on December 17th, 1923. A metric system is a measurement system that replaces the decimal system based on the meter.

Before metrication, Thailand used anthropic units for their traditional measurement system. Some of these are still in use. But, they follow the International System of Units (SI, Système International)/metric measurements. When the Royal Thai Survey Department conducted a cadastral survey in 1896, Director R.W. Giblin F.R.G.S. had this to say:

“”It so happens that 40 meters or 4,000 centimeters are equal to one sen,”.

Thus, surveyors plotted, drew, and printed all cadastral plans in a 1:4000 scale.

Rai, Square Wa, and Ngan are the three primary measurement units for area and space used in Thailand.

Rai

Rai (ไร่, pronounced [râi]) is a unit of area measurement in Thailand. 1 Rai is equal to 1,600 square meters in metric measurement. The current size derives from the meter unit, but isn’t part of nor recognized by the modern metric system , the International System (SI). Rai is 1 square sen (40m X 40m). Rai can also divide into four ngan or 400 square wa.

1 Rai = 4 ngan = 400 square wa = 1,600 square meters.

The word Rai in general also means farms.

Ngan

Ngan (งาน, pronounced [ŋāːn]) is a unit of area measurement in Thailand. 1 Ngan is equal to 400 square meters. The size derives from the meter unit, but isn’t part of nor recognized by the modern metric system , the International System (SI). Ngan is 1/4 rai, or 100 square wa, which is nearly 1/10 of an acre.

Ngan is also spelled as Ngaan due to different romanization of the Thai Language.

The word Ngan in general also means work.

Wa

Wa (วา, pronounced  [wāː]) is a unit of area measurement in Thailand. 1 Wa is equal to 4 square meters. The 1833 Siamese-American Treaty stated:

“The Siamese fathom…being computed to contain 78 English or American inches, corresponding to 96 Siamese inches.”

Back then, the equivalent to wa would be a modern 1.981 meters. Following the 1923 metric system conversion, wa derived from two meters. But, the unit isn’t part of nor recognized by the modern metric system , the International System (SI).

Wa is also a colloquialism for Square Wa, the latter of which abbreviates as “ตร.ว.”. Wa abbreviates in Thai as “ว.”

Wa, due to different romanization of the Thai Language, is also spelled as Wah or Waa.

Wa, as a verb, is the act of outstretching one’s arms to both sides.

1 Rai is equal to 4 Ngan. 1 Ngan is 100 Square Wa. That means 1 Rai is equal to 400 Square Wa.

Basic Rai Equivalents to Common Western Measurement Units

1 Rai is equal to 1,600 square meters.

1 Rai is equal to 0.395369 Acres.

1 Rai is equal to 1913.5840740817 Yards.

Example Conversion: Rai to Square Wa

Let's say a plot of land measures 2 rai in size.

Multiply 2 by 400, which results in 800.

2 X 400 = 800 Square Wa

This means 2 rai is equal to 800 Square Wa.

*To convert 800 square wa to square meters, multiply 800 by 4 to get the square meter equivalent.

800 X 4 = 3,200 square meters

So, 800 square wa is equal to 3,200 square meters.

Example Conversion: Square Wa to Rai

Let's say you see a plot of land that measures 700 square wa in size.

In this case, do the reverse. Divide 700 by 400, which results in 1.75.

700 ÷ 400 = 1.75 rai

This means 700 square wa is equal to 1.75 rai.

*To convert 1.75 rai to square meters, multiply 1.75 by 1,600 to get the square meter equivalent.

1.75 X 1,600 = 2,800 square meters

So, 1.75 rai is equal to 2,800 square meters.

Example Conversion: Rai to Ngan

Let's say a plot of land measures 4 rai in size. 1 rai is equal to 4 ngan.

Multiply 4 by 4, which equals 16.

4 X 4 = 16 Ngan

This means 4 rai is equal to 4 ngan.

*To convert 4 ngan to square meters, multiply 4 by 400 to get the square meter equivalent.

4 X 400 = 1,600 square meters

So, 4 ngan is equal to 1,600 square meters.

Example Conversion: Ngan to Rai

Let's say you see a plot of land that measures 48 Ngan in size.

Do the reverse by dividing 48 by 4, which results in 12.

48 ÷ 4 = 12 Rai

This means 48 Ngan is equal to 12 Rai.

*To convert 12 rai to square meters, multiply 12 by 1,600 to get the square meter equivalent.

12 X 1,600 = 19,200 square meters

So, 12 rai is equal to 19,200 square meters.

The Formulas

Squares and Rectangles

The easiest way of calculating the area of a quadrilateral is when it's square or a rectangle with 90 degree angles. You can get the area using these two formulas.

Square area = Side X Side or Side Squared

Example

Assuming the land has a length of 20 'wa,' you would get 20 x 20 = 400 square 'wa.' The area of a rectangle = width x length.

Rectangle area = Width X Length

Example

Suppose the land has a width of 15 'wa' and a length of 20 'wa.' Then, you would get 15 x 20 = 300 square 'wa.'

Other Quadrilaterals

In reality, the shape of the area might not always make right angles at every corner. Sometimes it leans left, right, broader at the bottom, or tapers at the top. These variations can result in various types of quadrilaterals. So, you need to use formulas that involve the diagonals and both sides, as follows.

The area of any quadrilateral type 1 = 1/2 x (diagonal x sum of the branches)

Example

Assuming the land has a diagonal of 10 'wa' and each branch has a length of 4.8 'wa'. You would indeed get 1/2 x (10 x (4.8 + 4.8)) = 48 square 'wa.' This results in a rectangular area with a width of 6 'wa' and a length of 8 'wa,' which also equals 48 square 'wa.'

The 'branches' are the lines drawn from the corners to form right angles (90 degrees) with the diagonal. Split the quadrilateral into two triangles and calculate their combined area. But, in cases where there are all four sides of the quadrilateral, you'd need a more complex formula.

Triangles

To calculate the area of a triangle, you need to know the length of the base and the height from the base to the apex. Then, use this formula.

The area of any triangle = 1/2 x base x height

Example

Assuming the land has a base length of 16 'wa' and a height of 12 'wa,' you would indeed get 1/2 x (16 x 12) = 96 square 'wa.

Recommended Apps for Calculation and Conversions

For those wishing not to go through the calculation on their own, there are mobile applications to help you.

Ling

This app makes land measurement a breeze. It comes with the option of pinpointing survey markers on satellite maps within the app. It also provides GPS coordinates for each marker and easy data sharing with others.

Available on:

Land Survey Calculator

This app calculates area based on the selected shape of the land. It also allows you to convert the result into other units within the same app. But, the conversion is available only for international units.

Available on:

Rai Thai Area

This application calculates areas using numerical inputs and converts them into Thai units. It also features a unified measurement unit conversion system. This eliminates the need to specify the source and target units for conversion.

Available on:

Area Measurement Units Demystified!

Today, as we navigate landscapes and transactions, these units’ heritage remains intact. As we close the book on this exploration, remember that rai, ngan, and wa are more than a unit of measurement. It’s a story passed down through the generations.

If you’re looking to invest in or buy land, then you’re in the right place. Check out the links below or get in touch with us today!