Koh Samui CondosThe option of buying a condominium on Koh Samui means foreigners can own an apartment close to the beach without having to jump through the legal hoops normally required to buy land or houses in Thailand. Buying into a condominium building offers both security and convenience and although condominiums are still the least prolific investment options on Samui, a number of new projects have been completed and new ones launched in the last year. Advance sales in these developments suggest the trend is likely to grow and have a major impact on the property market.
Outright ownership of land by foreigners in Thailand can seem like a complex process. Although there are a number of legal ways to own land and property as a foreigner, the fact that condominiums can be purchased in the buyer's name appeals to many private investors. The only main legal requirement is that the majority of the building is Thai owned. With this obligation in place, the process of buying an apartment is relatively simple and there is now need for Thai partners or company structures as a safeguard to investment.
Unlike on Phuket and in Pattaya, condominium sales have not yet become a major focus in the residential property sector on Samui, but a number of new projects are now completed both on the island's southern coast and along the relatively undeveloped north shore. These condominiums not only offer buyers a swift and easy way to invest, the developments also provide residents with attractive additions that enhance their tropical lifestyles.
Attractions and enhancements such as on site restaurants, communal swimming pools, sports facilities and even spas make owning a condominium on Koh Samui an appealing option for a wide range of international investors, which is driving this sector of the market and inspiring a growth in the number of developments planned in the coming years.
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