Buying a condo in Chiang Mai as a foreigner
How the 49% foreign quota works, and what to check before you pay a deposit.
Foreigners can't own land in Thailand in their own name, but they can own a condo unit outright. If you're looking at Chiang Mai, that's why most foreign buyers start with condos in Nimman, Santitham or around the Old City.
The foreign quota
Under the Condominium Act, foreigners can own up to 49% of the total sellable floor area in a building. Once that share is used up, the rest of the units can only be sold to Thai buyers.
Before you get attached to a unit, ask whether the foreign quota is still open. The building's management office (the juristic person) can confirm it in writing.
Paying from abroad
To register a condo in a foreign name, the money has to come into Thailand from abroad in a foreign currency and be changed into baht here. Tell your bank the transfer is for buying a condo. The receiving bank then issues a document, usually called a Foreign Exchange Transaction form, which the Land Office asks to see on the day of the transfer.
Keep every bank record. Money that's already in a Thai account, or that arrives in baht, can cause problems at the Land Office.
What to check before you pay a deposit
- The title deed for the unit (for a condo this is an Or Chor 2) and that the seller's name is on it.
- That the foreign quota is open, in writing.
- A letter from the management office showing there are no unpaid common area fees.
- What the deposit covers, and when you get it back if the sale doesn't go through.
Costs on the day of transfer
The sale is registered at the Land Office. The transfer fee is 2% of the government-appraised value, which is often lower than the price you pay. There are also taxes, mostly on the seller's side, and these depend on how long they've owned the unit. The sale contract should say clearly who pays what.
If the quota is full
If a building has no foreign quota left, you can still lease a unit for up to 30 years, or ask about other units nearby. A lease gives you the right to use the unit, not ownership, so read the contract carefully.
This is general information, not legal advice. Rules and fees change, so check the details with a lawyer before you sign anything.
