Can foreign persons own a building in Thailand?

No. Foreign nationals may not purchase land “freehold” in Thailand.  Neither foreign citizens nor foreign companies may be the registered owner of land (registered on the land title deed maintained at the relevant Land Office).  In addition, neither foreign citizens nor foreign companies may own more than 49% of the shares of a Thai company which is the registered owner of land.

Yes.  Both foreign citizens and foreign corporations may purchase condominium units in Thailand and register such ownership on the land title deeds directly in their own names.  However, only 49% of the livable area in any condominium building may be foreign owned.  Therefore, it is essential that the condominium sale and purchase agreement include a warranty from the seller to confirm that “foreign quota” is available to register ownership of the condominium unit in the name of a foreign person (citizen or corporation).