Even in times of crisis, the property developements market is very dynamic in Thailand, especially in the areas popular with foreign investors. The demand for high quality new properties is increasing, while the resale market does not have the same energy.

The objective of a rapid appreciation is certainly the purpose of many investors buying off-plan, but it doesn’t mean that buyers should forget to pay attention to certain elements before signing a purchase order.

What is an off-plan property purchase?

Buying off-plan means purchasing a property before its completion, sometimes several months or even years ahead of the delivery date. As he is selling the first units, the developer is thus gathering the funds needed to finance the operation, or the sale volume that will allow him to borrow the needed funds from a bank.

The benefit for the buyer can be a competitive initial price, a bigger choice among available units, and in many cases discounts offered by the developer to the first buyers.

It is essential to learn about the reputation and the previous achievements of a property developer. Buying a property with a reputable developer, such as Sansiri oou Raimonland, will be safe. You should be careful with other developers, especially  when they are little-known. It may be useful to check that the owner really owns the land on which he is building, to get information on this company previous achievements, and to make sure that the company has the builder’s license which is mandatory in Thailand to benefit from legal guarantees.

Also check that the price is comparable with prices of similar properties in the same area. If the price is much more expensive, the difference may be justified by the higher quality, an outstanding location, but it can also mean that you will pay really too much, and in particular compared with the prices of property resales. On the contrary, if the price is clearly too low for the market, there is a probability to be scamed…

Providing you remain enough time on site to become familiar with the local property market and the real estate transactions in Thailand, you can conduct an off-plan property purchase alone. Otherwise, it is certainly wiser and safer to be advised by a professional, well-known and having a good reputation. Identifying a reliable professional to help you in the process of buying a property off-plan will always be easier than evaluating alone a property developer in a country that is not yours.