Buying Real Estate In Phuket
In Thailand, various different units are being utilized to measure land. In order to give you a feeling for the Western equivalent, we have compiled a short list of conversion factors from Thai units to their Western counterparts.
Three major units exist for the measurement of land: Ngan, Rai and Wah are the units used by Thai people to describe and measure the size of land.
Thai to Thai unit conversion
1 Ngan EQUALS 100 Wah
1 Rai EQUALS 4 Ngan
1 Acre EQUALS 2 1/2 Rai
1 Hectare EQUALS 6 1/4 Rai
The standard pricing method for land is typically in the format Baht/Rai (e.g. 4000 Baht per Rai).
However, it is becoming pretty common to find the Metric units listed in addition to the Thai ones in recent years. Especially, when new buildings such as apartments are being erected, you will usually be presented both variants.
OWNERSHIP OF REAL ESTATE
Ownership regulations are very strict for foreigners in Thailand which translates into a plethora of rules and regulations you have to obey before you can finalize any business transaction involving real estate in this southeastern Asian country.
In a nutshell, a foreigner can not own any land nor can he or she own more than 49 per cent of a Thai registered company that posseses any freehold land. However, foreigners may acquire the building that stands on Thai land, acquire units in so-called registered condominiums as well as equip themselves with a leasehold on titled land for up to thirty years.