If you are looking to capture the best of Thailand, you need to head straight towards Bangkok, Chiang Mai, Chiang Rai, or the southern islands like Phuket, Phi Phi or Samui. These destinations have captured the fancy of tourists from all-over the world. Additionally, thanks to slowdown in the global economy, and newly-imposed travel bans, the real estate market has become affordable to most foreign visitors, even in posh locations.
As Thailand is heavily relied on tourism, and its burgeoning expatriate population to drive its economy, rented properties are often as diverse as people’s needs, and guess what, Thailand offers plenty of solutions for long-term rentals.
Types of properties that can be rented
Generally, you can find four types of attractive properties in Thailand with the serviced apartments, the houses for rentals, the condominiums and the town houses.
Among these houses, which are often located in the suburbs (take commute to job into account) with plenty of open space, at economical rates. Rented condominiums are becoming the prized trophy in Thailand’s real estate market in recent time.
The local real estate market is banking heavily on modern amenities like home automation, great views to attract guests. If you are a bachelor, a serviced apartment might work the best for you. These apartments come laden with support staff to do everyday household chores, and provide a life of comfort for guests.
Expatriate community in Bangkok, however, heavily relies on these apartments for a comfortable stay.
The attractive rental prices in Thailand
If you are looking to enjoy beach life for some time, you might want to head towards Pattaya, Phuket or Samui. These places are home to some luxurious and affordable rental properties.
One of the best online portals for investment, Investopedia, notes that costs of living in Thailand have remained extremely low despite its robust pace of growth. According to the portal, one can live a comfortable life in Thailand for US$ 1000 a month. The portal also recommends Thailand’s 2000 miles shoreline as one of the best housing investment for expatriates.
For quiet family life in Thailand, the portal recommends cities like Chiang Rai and Chiang Mai. The monthly rent here can be about US$ 380 for a one-bedroom apartment, and a three bedroom can cost about US$760. On the other hand, people can also live outside the city center, wherein three-bedroom apartments can cost as little as US$490 per month. For those who prefer to live the island life, Koh Samui has houses and villas for rent at affordable prices. Whatever the type of holidays of long-stay you prefer, Thailand is home for all your dreams.
Rules to rent a property in Thailand
Generally, the rental agreements in Thailand are for a year. Additionally, the landlord will also acquire rents in advance for the first month, and a one or two-month deposit to secure their estate.
Tenants are required to provide a month’s notice in advance before moving out of a place.
Recent changes in laws provide more option to tenants, making the system more flexible. For example, the Thai legal system has accepted that tenants can provide a short notice in cases of job changes, and landlord are expected to refund deposits on a short-notice in such cases. Do keep this in mind before negotiating the contract.
If you are looking for a retirement destination, Phuket would be an attractive spot. The place is laden with luxurious housing estates, shopping malls, and golf courses. If you have a job in Bangkok, you will find the central business district to be a home away from home, thanks to its large expatriate community.
The country’s proximity to China, Singapore, Hong Kong and Kuala Lumpur, and its attractiveness as a tourist destination makes it a pearl among Asian real estate market. Thailand is also in a recovery mode from the on-going Coronavirus epidemic, thanks to the promising initiatives by the Thai government. However, Thailand, like many developing countries exhibits a slow-paced legal system. Hence, keep in mind that the most important thing to maintain your rented property is the nature, and relationship with your landlord.