Due to the cheap cost of living, availability of lovely attractions, low crime rate, and easy accessibility, Thailand has become a hub for many foreigners that want to retire or just live in another country. Expectedly, lots of foreigners prefer to buy properties in the Southeast Asian country as they try to settle down to enjoy everything that it has to offer. Given this, there is always a question about how much a house costs in Thailand.
Like other places around the globe, it is hard to give a specific figure for the cost of a house in Thailand. This is because various factors affect the cost of homes in the Land of Smiles. According to Numbeo.com, the price per square meter of property in the city center is $3355 (110,745 THB) whereas it is $1693 (55,899 THB) for outside of the city center. Comparatively, Tranio.com says that an average apartment in Thailand costs about $110,000 to $250,000 (3.3 million THB to 7.5 million THB).
Of course, the prices of houses in the country can be significantly cheaper or even costlier than the amounts indicated above. This will depend on several factors that will be explained below. Besides, we will also give an estimate of the cost of a house in different popular cities in the country.
What are the factors affecting the cost of a house in Thailand?
When it comes to the price of houses in Thailand, the major factors that will affect it include:
- Location
In all countries around the globe, location is the single most essential factor that determines the price of houses. As expected, Thailand is not an exception. In some locations in Thailand, the price of a house can be double the price of the same kind of house elsewhere.
According to Tranio.com, houses are the most expensive in Bangkok. On the other hand, the prices of houses in Chonburi, Hua Hin, and Rayong are relatively lower than in other popular cities in Thailand. So, when you want to purchase a property in Thailand, you should first consider your preferred location to have an idea of the price.
- Type/size of a house
Houses come in different sizes and types. The sizes and types of properties have a significant impact on the overall cost of the properties. For instance, a 4-bedroom apartment will cost more than a 1-bedroom apartment within the same location. Also, a duplex will likely be pricier than a bungalow in the same neighborhood.
- Amenities in and around the house
Apart from the location and the size of a house, the availability of amenities is another common factor that affects the cost of a home. If a house has all modern amenities, you should expect it to be more expensive than another property without those amenities. These modern amenities can include a luxury bathtub, on-site gym, game room, mini cinema room, etc.
Also, the facilities around a property or within its neighborhood can affect its overall cost. This is because such facilities will affect the standard of living of the residents.
- Age of the house
Age is another common factor that can affect the cost of a house. Most homebuyers prefer new houses as they will likely have modern amenities and be structurally better. Therefore, a new house will likely cost more than a similar old house with similar amenities in the same neighborhood.
Can a foreigner buy a house in Thailand?
If you are a foreigner, buying a house in Thailand can be quite dicey. As highlighted by Retirepedia.com and other trusted sources, foreigners cannot own land in Thailand. However, they can buy condos and apartments in the country. Besides, they can collaborate with a Thai company to buy residential properties in Thailand.
Nevertheless, lots of processes are involved in buying a house in Thailand. To educate yourself, you should check out Global Property Guide.
The average cost of a house in some selected cities in Thailand
Bangkok, Phuket, and a few other cities are the common places for foreigners to buy condos and apartments in the Land of Smiles. So, we will look at the average cost of a house in a few popular cities in the country as described by Retirepedia.com and Tranio.com.
- Bangkok
Bangkok is Thailand’s capital city and is one of the most expensive places to buy a house in the country. The population of this city has been projected to be more than 10 million individuals soon; hence, there is a scarcity of good properties in the city.
Typically, you will have to pay around $198,000 for a condo in Bangkok. If you want to buy a house in the same city, you should be ready to spend about $383,000. Of course, you can get cheaper condos and houses in the outskirt of the cities. Also, there are houses worth millions of dollars in the affluent neighborhoods of Bangkok.
- Phuket
Phuket is also relatively more expensive than most other places in the country. Known as the largest island in Thailand, it has sandy beaches, great resorts, and courteous locals. It has numerous expats and retirees from different parts of the globe.
In Phuket, an average condo will cost around $158,000 whereas you may need to shell out about $500,000 for a whole house.
- Pattaya
Since it is a well-known resort location, Pattaya also has numerous foreigners. To buy a one-bedroom apartment in a good location in Pattaya, you should be ready to spend around $100,000 to $140,000.
- Krabi
Although Krabi may not be as popular as Phuket and Bangkok, it is the home of numerous expats and retirees. The average cost of a condo in this city is about $185,000 while the average of a house is around $210,000.
- Koh Samui
With around $130,000, you should be able to get a condo in Koh Samui. A house, on the other hand, will cost you around $456,000.
- Chiang Mai
When compared to other cities on this list, Chiang Mai is undoubtedly the cheapest. You can get a condo for just $76,000 and a house for around $145,000.
For more ideas of the cost of condos and houses in Thailand, visit Realtor.com and Zoopla.co.uk.
Conclusion
With this article, you now have an idea of how much a house costs in Thailand. This should help you to determine whether you are ready to buy a house in this Southeast Asian country or not.
