Buying off-plan Property in Thailand

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The Primary Property Market in Thailand

What does off-plan mean?

The Primary Market is often called off-plan or "off-the-plan".  What this means is that the property is either under construction or will soon start construction of the project, development or home.

The Pro's and Con's

Here is a short list of pro's and con's associated with purchasing off-plan. 


• Some developers will let Buyers are able to customize their new home with materials, finishings and furniture to their own personal taste.

• The house or condo will be completely new when finished.

• There is usually a payment plan when means payments are deferred during the duration of the build scheduled.  Therefore 100% of the capital to purchase is not required upfront giving the new owner more financial flexibility.

• Purchasing off-plan has greater potential for capital appreciation if you invest early in the sales cycle when the pricing may be offered at a lower price. 

• Better and more diverse offering of available sizes, views and layouts.


• There is a wait time to occupy the house or condo because the property is under construction.  This means that the unit is not available for immediate occupancy. 

• Uncertainty on the final product that will be delivered. 

• Building delays due to heavy rains or unforeseen setbacks can be common in off-plan projects.

Research the developer

When investing in an off-plan project it is very important to do your research on the developer.  You need to ask lots of questions. What projects have they built before? Were the projects delivered on time?  Are there penalties in place for late delivery of the project? What is the scheduled payment plan and are these payments based on a project timeline or milestones? How did the developer reach their rental projections?

Your Siam Real Estate consultant will assist in helping you make a fully informed decision.

When buying off-plan - Legal due diligence

Questions you should ask a developer before buying? How to conduct a legal due diligence when buying from a developer?

When buying a property directly from the Developer you should not skip the legal due diligence process. If the developer is a publicly listed company with a history of completing and delivering projects on time there is certainly less risk, however as a property buyer you need to ask the questions that will make sure you feel confident about your purchase.

These are areas where a legal due diligence can add additional security and protection:

Title Search – This step is very important as it reassures you that the property you purchase is legal and the boundaries are clear in accordance with the deed. Does the project observe the correct zoning restrictions? Are there any servitude issues (connect roads or land plots) that would impact accessing the development once completed?  A lawyer will be able to conduct a physical inspection of the land and title to confirm that the title is proper and correct.

Permits - All new project requires government approval. The approvals vary, whether it is a condo or house, depending on the size and type of the project. Has the project been issued a construction permit?   Does the permit reflect the valid plans of the project? Has an Environmental Impact Assessment (EIA) been completed? The answers to these questions will impact the overall timeline and probability that the project will advance as scheduled.

Developer Credentials - Has the developer been involved in any court cases or declared bankruptcy?  Is the developer new to building in Thailand?  Is this a first-time project for them?  Due Diligence can divulge this information.  

Contract Review – A lawyer can review the Sales and Purchase agreement to assure you that the contract is worded equally between the buyer and seller. Are the construction payments linked to calendar months or build milestones? What are the contractual guarantees for renewal of registered leases? What voting rights do you have as an owner the project? What are the warranties and liabilities that the developer have in place?

Access to Capital - Does the Developer have funding in place to complete the project? Is a bank involved in the financing of the project or does the funding of the project depend on the success of the sales cycle?
Researching the points above can make the difference between a good and poor investment. To help in determining if due diligence is required ask yourself how experienced you are in reviewing contracts and investing in Thailand real estate.  Also, how many on-time projects has the developer delivered in the past? 

Your Siam Real Estate consultant will assist you with all these questions and help you make an informed decision.