Can a foreigner legally own a condominium unit in Thailand?

Any non-Thai who has legally entered into Thailand may have a freehold ownership over a condominium unit, constructed on a land of less than 5 rai, of certain projects in municipal jurisdictions of the Kingdom, such as Bangkok, Pattaya, and Phuket. However, condominium units owned by a foreigner shall not exceed 49% of the total space of the condominium project. Other restrictions are applicable. A non-Thai owner of a freehold condominium unit may transfer a property to other foreigners.
If you wish to buy a condominium in Thailand, there are certain points of which you should be aware before choosing your new property:
- How much will the monthly maintenance fees and charges be?
- How much are the sinking funds? (For a use of common parts of condominium)
- Some condominium projects have never been finished for various reasons, so consider carefully before buying.
- If you are interested in a used condominium, verify that your ownership of this property would not rise above a total of foreign-owned total space of all units to more than 49% of total owners.

This Q&A was found on PattayaCity.com:: Pattaya : http://www.pattayacity.com/directory/modules/smartfaq/faq.php?faqid=122