Buying off-plan property — investing in a condo or villa before it’s built — is a common option in Thailand’s real estate market. It allows buyers to secure a unit at a lower price and choose from the best layouts. But it also comes with specific processes and risks you need to understand.
🧱 What Does “Off-Plan” Mean?
Off-plan refers to buying property directly from a developer during the pre-construction or construction phase — based on floor plans, brochures, and 3D renders instead of a finished unit.
✅ You pay in stages as the project progresses
✅ You often get better prices than post-completion buyers
✅ Completion can take 1–3 years, depending on the project
🔄 How the Process Works
Here’s a simplified overview of the off-plan purchase journey in Thailand:
📌 Step-by-Step Breakdown
| Step | Description |
|---|---|
| 1. Choose the project | Research developers and select your desired unit, floor, and view |
| 2. Pay reservation fee | Typically ฿50,000–฿200,000 to secure the unit |
| 3. Sign sales & purchase agreement | Done within 14–30 days, outlines the price, timeline, and payment terms |
| 4. Progressive payments | Payments are made in phases (e.g. 20% on signing, 20% during construction, balance on completion) |
| 5. Final payment & transfer | Once complete, the remaining balance is paid and ownership is transferred at the Land Office |
📊 Example: Off-Plan Condo Purchase
| Item | Description |
|---|---|
| Unit price | ฿3,500,000 |
| Reservation fee | ฿100,000 |
| Deposit on contract signing | 25% = ฿875,000 |
| Progress payments | 3 x ฿500,000 during construction |
| Final payment at transfer | Remaining balance: ฿1,025,000 |
💡 Advantages of Buying Off-Plan
| Benefit | Why It Matters |
|---|---|
| 📉 Lower entry price | Often 10–30% cheaper than completed units |
| 🏙️ Best unit selection | Choose the best view, floor, or layout early |
| 📈 Capital appreciation | Property may rise in value by completion |
| 🎨 Customization | Some developers allow unit upgrades during construction |
⚠️ Risks to Watch Out For
| Risk | What Could Happen |
|---|---|
| 🕒 Project delays | Construction can be delayed months or even years |
| 🏚️ Developer defaults | In rare cases, developers run out of funds |
| 📜 Contract loopholes | Poorly written contracts can cause issues later |
| 💰 Non-refundable deposits | If you back out, deposits are often lost |
| 🔧 Lower-than-expected finish | Final product may not match marketing materials |
🧾 Red Flag Checklist
✅ Developer has a strong track record
✅ Land title is legally owned by the developer
✅ Sales agreement is vetted by a lawyer
✅ Construction permits are in place
✅ Project has a clear completion date and penalties for delays
🛡️ Legal Protections for Buyers
Thailand has improved buyer protections in recent years, but you should still:
- Hire an independent lawyer to review the contract
- Check the developer’s registration with the Thai Department of Business Development (DBD)
- Ensure installments are tied to construction milestones — not just calendar dates
📌 For condos, ensure the project is registered under the Condominium Act — giving foreign buyers the right to own freehold units (up to 49% of total space in a building).
🏁 Conclusion: Is Buying Off-Plan Worth It?
✅ Yes, if you’re comfortable waiting 1–3 years and have a trusted developer
❌ No, if you need immediate use or dislike uncertainty
It’s a great strategy for investors looking for capital gains or foreign buyers wanting the best deal. Just make sure to do due diligence, vet the developer, and read all contracts carefully.
