Buying a New Condo in Thailand from a Developer: A Step-by-Step Guide (2025 Update)

Purchasing a brand-new condominium directly from a developer in Thailand can be an exciting venture. This streamlined process, often facilitated by real estate agents, offers the allure of modern design, fresh amenities, and potentially attractive investment opportunities.

Based on the typical procedures, here's an updated step-by-step guide for navigating the process in 2025:

1. Selecting Your Ideal Property:

The initial step involves identifying a condominium that aligns with your needs, budget, and investment goals. You can explore a wide array of new projects through various channels, including online property portals, developer websites, and crucially, by engaging a reputable real estate agent. A knowledgeable agent can provide you with extensive property listings, recommend suitable projects based on your criteria, and offer invaluable insights into different locations, developer reputations, and potential future appreciation. Luxury condos in Bangkok's prime locations command high prices, often exceeding THB 250,000 per square meter (around $7,300/sq m as of 4/2025) and going much higher for ultra-luxury or uniquely positioned properties. The specific location, project amenities, and unit size will be the most significant determinants of the final price. It is advisable to consult with reputable real estate agents specializing in the luxury market for the most accurate and up-to-date pricing information on specific developments.

2. Reserving Your Chosen Unit:

Once you've identified the perfect condominium, you'll typically need to pay a reservation deposit to secure the specific unit. This deposit takes the property off the market while you proceed with the next steps. At this crucial stage, your real estate agent can act as your advocate, assisting in negotiating the purchase price with the developer to potentially secure a more favorable deal. Ensure you receive a receipt for your reservation deposit and a clear outline of the reservation terms.

3. Signing the Purchase Agreement:

Following the payment of the reservation deposit, you will enter into a formal purchase agreement with the property developer. This legally binding document outlines the terms and conditions of the sale, including the agreed-upon price, payment schedule, completion date, and specifications of the unit. It is highly advisable to have your real estate agent and your own independent lawyer thoroughly review this agreement before signing to ensure its terms are fair, protect your interests, and comply with Thai law.   

4. Making the Down Payment:

As stipulated in the purchase agreement, you will be required to make a down payment on a specified date or according to a pre-determined schedule. The percentage of the down payment can vary depending on the developer and the project. Your real estate agent can provide advice on accepted payment methods (which often include bank transfers, manager's cheques, or online payments) and ensure you adhere to the agreed-upon timings to avoid penalties.

5. Securing Financing (If Required):

If you require a loan to finance the remaining purchase price, you can explore options with Thai banks or other financial institutions. As outlined in our previous article on foreign property financing, eligibility criteria for foreigners can be more stringent. Your real estate agent can often assist in the loan application process by providing necessary property documents and information to the bank. However, it's crucial to research different lenders and understand their specific requirements and terms.

6. Paying the Remaining Balance:

Leading up to the completion of the condominium and the property handover, you will need to pay the remaining amount as outlined in the purchase agreement. Your real estate agent can advise you on the final payment methods and the expected timeline. Ensure you have the funds readily available to meet these obligations.

7 & 8. Property Handover and Inspection:

Once the construction of your condominium is complete and it's ready for occupancy, the developer will notify you to schedule the property handover. Before officially taking possession, you have the right and responsibility to thoroughly inspect the property. This inspection ensures that all aspects of the unit, including fixtures, fittings, and finishes, are completed according to the agreed-upon specifications and that there are no defects or damages. Your real estate agent can provide valuable property inspection services, either by accompanying you or recommending professional inspectors to ensure the quality of the unit meets the agreed standards.   

9. Transferring Property Ownership:

Following the satisfactory inspection and handover of the property, the final legal step is the transfer of property ownership at the local Land Department. This process typically involves the payment of certain taxes and fees, including transfer fees and stamp duty. Your real estate agent can assist in these procedures, ensuring all necessary documents are prepared and the transfer of ownership proceeds smoothly and legally.   

10. Moving In and Post-Purchase Support:

With the ownership officially transferred, you can finally move into your new condominium. A good real estate agent can continue to offer post-move-in services and advice to help you settle in comfortably. This might include recommendations for local services, assistance with utilities, or guidance on condominium management procedures.   

By following these steps and engaging the expertise of a reputable real estate agent and legal counsel, you can navigate the process of buying a new condominium from a developer in Thailand with greater confidence and ensure a successful investment.