Thai restrictions on foreign real-estate ownership were relaxed in 1997, and since then, the country has been a popular destination for foreign real-estate investment.

This article broadly explains the different types of property available in Thailand, and the various mechanisms by which you can acquire them.

Apartments, or condominiums, are the most accessible form of real estate available to foreigners in Thailand. Foreigners are allowed to buy 'condos', so long as they don't own more than 49% of the entire building. Foreigners buying condos are protected by The Thailand Condominium Act, making transactions both safe and easy.

Foreigners purchasing condominiums must bring all of the purchase price from a foreign source into Thailand.

As a general rule, foreigners are not allowed to buy land in Thailand.

Jones Lang LaSalle's 2015 Thailand Property Investment Guide states, "Generally, foreign individuals or corporations are not permitted to hold title to land, but they are allowed to obtain leasehold interests." 

Lease arrangements are usually for a term of 30 years. The leases are renewable, and there is talk of lease terms being extended to 99 years, but at this stage, the 30-year limit is in place. 

Foreigners are permitted to build houses on the land they lease, keeping in mind that building work requires a construction permit. In this model, the foreigner will own the house and have a long-term lease over the land.

Foreigners are able to buy land under certain conditions.

The Jones Lang LaSalle report explains. "Under existing regulations, foreigners may purchase a freehold interest in land if they are:

* joint ventures where foreign parties control not more than 49% of the company,

* foreign manufacturers promoted by the Board of Investment,

* oil concessionaires under the Petroleum Act, or

* businesses located in certain industrial estates."

Foreigners can also invest THB 40 million (AUD $1.5 million) in a Board of Investment approved project, which will allow them to buy a piece of land of up to 1 rai (0.4 acres). Permission must be granted by the Minister of the Ministry of Interior, and is only allowed in certain areas of Thailand.

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Read also:

• Thailand real estate glossary
• Thailand property taxes
• Thailand: obtaining finance as a foreigner