How to Buy Land in Koh Phangan, Thailand

You can buy land in Koh Phangan for a third of the cost of other countries. It is cheap to live in Thailand, and the real estate market is growing. Buy land with white, untouched sand by the shimmering ocean. Foreigners tend to be afraid of corruption and crime, but it is not as bad as it seems in Thailand. Learn how you can buy land in Koh Phangan, Thailand.

Instructions

Difficulty: Moderate

1. Book a flight to Koh Phangan, Thailand, so you can see all of the untouched land it has to offer in the real estate market. Make plans to visit with real estate agents, and find out what is needed to buy land. Take brochures from the real estate agent. You might want him to take you to the properties so you can ask his advice.
2. Sit down with a real estate agent. Ask any questions you may have about buying land after you have visited a few properties. Make sure you know about water, air conditioning, electricity and any other issues so you feel assured that your land will be a good investment.
3. Know about the basic rules of owning property. In Thailand, foreigners must either enter a long term lease or form a company with a local Thai person to own land. Talk to your lawyer about which ownership option is better for you.
4. Learn about Thai land titles. Although there are five types of land titles, foreigners are usually advised to use only three types: Chanote, Nor Sor Sam Gor, and Nor Sor Sam. The Chanote offers the best protection for the land owner since it gives him full land rights, and it describes the property's boundaries with satellite images. Consult with your lawyer about which land title option will give you the best property protection.
5. Pick a few properties that you like. Talk to the real estate agent, and tell them about the areas you want to survey. You will then have to pay for a surveyor to go and access the land and check the conditions, slopes and borders.
6. Choose a piece of land that proves to be a good investment. Tell the real estate agent that you want to buy the land once you have all of your financial guarantees in place and any other required information. Get your lawyer to look over all the details of the contract, and make sure everything is correct.

Tips & Warnings

• Although Thailand currently has no property tax, you will need to pay certain fees and duty taxes for owning property.
• Always keep up to date on property issues in Thailand, just in case the government changes its policies regarding foreigners and land ownership.