The definition came from the UK and is applied in real estate. A condominium is a property form of real estate where each apartment has own owner, and all common areas, technical rooms, facilities of the housing complex, and the enclosed territory are the property of all owners. The form of ownership is popular in many countries of the World, including in Thailand. Therefore, if you decide to buy an apartment in Thailand, you will definitely come across it.
A condominium may consist of one or more buildings.
In other words, a condominium in Thailand is an apartment building, usually with an improved internal infrastructure, which may include a swimming pool, gym, parking, 24-hour security, reception, and even a tennis court.
Co-owners of common share ownership also bear the costs of its maintenance and management.
Homeowners regularly hold meetings where the costs of maintaining the condominium are discussed, and current management issues are resolved.
Is it possible to buy an apartment in a condominium in full ownership (freehold)?
Yes, foreigners can buy an apartment in a condominium in full ownership, Thai law does not prohibit it. But there is a foreign quota, according to which the number of apartments owned by foreigners should not exceed 49% of their total number in the condominium. In addition to the full ownership of an apartment in a condominium can be purchased for long-term rental for up to 90 years.
Why is a condo better than a regular flat?
The main advantage of a condominium over an ordinary flat is an improved internal infrastructure, which includes additional amenities for homeowners. For example, such as common pool, gym, free shuttle to the beach, concierge service and other amenities. The more amenities a condominium includes the more prestigious and expensive it is.
As a rule, condominiums in Thailand are well guarded. Video surveillance systems are installed on the floors, 24-hour security is working, the entrance to the condominium is carried out using magnetic keys.
Often, in a condominium, there is a management company helping owners to rent out the apartment they own.
If you want to buy a condo in Phuket, but you still have questions - write or call us - we will answer.
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