Is the deal as good as it sounds?
Forget the glossy brochure for a moment. A condo isn’t just a picture of a skyline view - it’s part of a living market. If the basics don’t hold up, no discount or sales pitch will save the deal. Here are the first things to test:
- Thai economy
GDP should be growing around 2.5–3.0%.
- Currency swings
Look at how the Thai Baht has moved against your home currency over the past 2 years.
- Supply vs demand
If it would take 30+ months to sell all the condos currently available, the market is oversupplied. (Right now, Thailand is carrying that risk.)
How this plays out for you on the ground
You want to see steady growth, a currency that doesn’t swing wildly, and enough local demand so condos don’t sit empty for years. If those three aren’t in balance, you may be walking into a slow-moving market where prices and rents struggle.
What really supports long-term value are things already built and running — like funded transit lines, major hospitals or universities, or existing tourist hubs. Promises of “future projects” don’t count until you see official confirmation.
WATCH 👓 When a developer throws in cash rebates, free furniture, and “guaranteed yields” all at once, it’s usually a sign they’re struggling to sell. Not always fatal, but enough to make you dig deeper before committing.
Market sanity check
Do I actually own this on paper?
When you buy a condo as a foreigner, the paperwork either gives you clear, transferable rights, or it doesn’t. There’s not much middle ground. Let’s make the key terms plain and show you exactly what to ask for.
Non‑negotiables
- Chanote title (freehold): the strongest land/condo title. This is the one you want.
- Foreign quota letter (49% cap): a letter from the building’s juristic office confirming there’s space left in the foreigner quota for your specific unit.
What does this mean in simple terms?
Think of the quota letter as your boarding pass. Without it, you don’t “board” the ownership plane as a foreigner. And the chanote is the aircraft itself, the recognized title that actually carries you.
Money trail that unlocks resale
- FET form (Foreign Exchange Transaction): the bank paper that proves foreign money entered Thailand to buy a condo. It must include the phrase “for purchase of condominium unit” and show your passport name exactly. Keep originals and scans. No proper FET = you may not be able to resell to another foreigner later.
RED FLAG 🚩: Missing/late EIA approval or permits that don’t match the building now on site.
How to check fast
- Encumbrance search (≤30 days old): get this from the Land Department. “Encumbrances” means claims registered against the title (e.g., liens, mortgages). You want it clean.
- If the land is mortgaged: ask the bank (not just the developer) to confirm the unit‑by‑unit release process at transfer.
- SPA milestones: swap vague terms like “substantial completion” for objective checkpoints (e.g., topped off certified by an independent engineer, temporary occupancy permit issued).
Decision Gate: Sign only when you have chanote title, a written foreign‑quota letter, a correct FET that matches your passport, and objective SPA milestones backed by independent verification.
Can the developer really deliver?
Buying the brochure is easy; buying the builder is hard. We focus on money strength, build discipline, and real sales—because those three decide whether you get keys on time and how many defects you inherit.
Quick health checks
- Debt/Equity: Tier‑1 0.4–0.8x; mid‑tier 0.8–1.2x.
- Interest coverage: Tier‑1 >5x; mid‑tier 2–4x.
- Delivery record (last 5 jobs): Tier‑1 ±2 months; mid‑tier ±4–6 months.
- Sales today: Luxury 30–50 units/mo; mid‑market 10–20 units/mo.
Why this matters for your move‑in date
If funding is thin or past handovers ran late, your risk isn’t abstract—it’s months of delay or weak QC at the finish line. Strong developers hit dates and fix snags faster.
Control & concentration signals
- Loan‑to‑cost >70% ⇒ thin cushion.
- Drawdowns must be signed by independent quantity surveyors.
- Broker concentration: one channel with >40% allocation = exit liquidity risk.
- Ask for the litigation register; >2–3 active cases/project (Tier‑1) or open structural‑defect suits = slow down.
WATCH: Stalled sales plus incentives >15% suggests price/product mis‑match.
Decision Gate: Proceed only if the last three projects averaged ≤4 months delay and escrow/progress releases are third‑party certified.
Will the building hold up?
The things you can’t see on a show floor, structure, waterproofing, acoustics, fire safety, decide whether your home feels solid for years or bleeds money and patience.
Targets that should be in the spec
- Structure: post‑tensioned flat slabs; concrete 30 MPa (slabs) / 40 MPa (cores).
- Waterproofing: dual‑layer at roofs, podiums, interfaces.
- Acoustics between units: STC ≥50 (premium) / ≥45 (mid‑tier).
In plain language: how to know it won’t leak or echo
Good buildings stay quiet and dry. If reports are missing or specs look watered down, assume you’ll pay later, in repairs, complaints, and lower resale.
Proof, not promises
- Third‑party structural/façade tests on file.
- MEP redundancy for key pumps/power.
- Fire: 2‑hour cores, proper sprinkler density, pressurization results for stairs.
RED FLAG: No independent testing + single‑layer waterproofing = future leak litigation.
NOTE: ISO 9001/14001 + 2–3 QA engineers/tower and ~12 inspection checkpoints correlate with cleaner handover lists.
Decision Gate: Accept only with dual‑layer waterproofing, documented acoustic targets, and independent QA across major build phases.
Am I running the numbers right?
Discounts and free furniture don’t pay your bills. You need to know what the condo really costs and what it might actually bring in.
Start with the basics
Most condos ask for 10 - 20% upfront, then staged payments until transfer, with the last chunk due at handover. Map those payments against your income or savings. If you earn in another currency, remember the baht can swing. A 5 -10% shift can add or cut thousands off your real cost.
Rental reality
In Bangkok, a decent occupancy rate is 80–85%. Resorts like Phuket swing more, often 65–80% once you average the seasons. After maintenance, sinking fund, and management, expect about a quarter to a third of rent to disappear in costs.
Plain takeaway
If the deal only works with freebies, it doesn’t really work. Test it again without them. Then stress test: rents 5% lower, occupancy 10% weaker, baht 5–10% against you. If your return collapses, it’s too thin.
Current climate
Banks now lend foreigners 30–40% of the price (down from 50–60%). Rates are 4.5–6%, with some drift higher. That makes conservative math even more important.
Decision Gate: Move forward only if your returns still clear your personal target after stripping incentives and running a downside test.
Do my documents actually protect me?
Paperwork decides whether your ownership is rock-solid or shaky. Lock your full pack two weeks before signing so nothing changes last minute. The goal is simple: clean documents, fresh dates, and names that match.
What should be in the folder
- Legal: title deed, quota letter, Land Dept search.
- Technical: permits, certifications, commissioning plan.
- Financial: payment schedule, tax notes, budgets.
- Compliance: FET form, KYC ID.
The quick test
Ask yourself: If I took this folder to the Land Department tomorrow, would it pass first time? If the answer is “maybe,” you’re not ready.
Checks that matter
- Land Dept search done in the last 30 days.
- Quota letter date-stamped by the juristic manager.
- SPA milestones written as clear events (not vague wording).
- Warranties: 5 years on structure, 1–2 years on finishes.
Don’t forget control
- Keep one “final” version with a changelog; archive securely.
- Make sure Thai and English match—close gaps before signing.
- Use a checklist + escrow/retentions, and keep a 5-7% reserve for surprises.
Decision Gate: Sign only when the folder is complete, dates are fresh, versions are locked, and safety nets (escrow/retention) cover what might surface later.
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Want a ready-made due diligence checklist?
Download the exact list we use when reviewing developers and projects in Thailand. Print it, bring it to the sales office, and tick off each item as you go.
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