Pattaya property
The property boom in Pattaya is one of the region’s largest inflows of investment and boasts some ambitious projects that include plans for the worlds tallest apartment block. Everything from apartments and condos to huge luxury mansions with sculpted gardens are being constructed all over Pattaya. The well establish industry for property in Pattaya makes it one of the easiest places in Thailand to actually find exactly for what you are looking for. Investors also keep a keen eye on this market, which is one of the most robust for property in Thailand.
From rental apartments in the downtown area to beachside condos for investment or buying houses further out of town, property in Pattay offers exciting and satisfying prospects at extremely attractive prices by western standards.
Pattaya has a large and ever expanding foreign community, as well as suuporting a burgeoning eastern seaboard which attracts foreign companies and their employees. Patttaya is also within easy reach of Bangkok which has boosted the property sector as many of the capital’s wealthy have property here. The also boasts a plentiful supply of real estate agents and local lawyers used to dealing with foreigners looking for property in Pattaya, either to rent for short or long periods, or to buy.
On the whole the property industry in Pattaya is quite sophisticated and developed. But there are however, a number of things the potential property buyer needs to know in Pattaya and these are covered in more detail in the relevant sections below. Pattaya’s local media are a good source for property, and sometimes have good general articles on subjects such as purchasing property.
Renting property in Pattaya
This is extremely easy in Pattaya. It is possible to rent anything from one room studio apartments to large houses with gardens. The many agents can always recommend a property to suit your budget, but it is actually easy enough to find an area that you like and drive around stopping at places available. Of course this is a lot easier if you can find a Thai person to accompany you for translation.
Apartments start at around 3000 baht for a basic studio. Small houses start around the 5000 baht mark per month. Obviously, in general the more luxurious the place is, the higher the price.
In the past five years there has been a quantum leap in quality and price of property under development in Pattaya and some apartments are in price ranges similar to Bangkok. Although Pattaya property is known for its numerous high-rises, there are also good value homes to be found in the suburbs. Since foreigners are only allowed to own condos (in which the building is still majority Thai owned) most opt for this, while those married to a Thai have the added priviledge of buying land (in their spouse’s name). Many expat prefer the many foreigner managed buildings as Thai landlords and building owners sometimes default on returning deposits (usually two month’s rent) or neglect the maintainance.
Another option for finding rental accommodation in Pattaya is to look in the classifieds of the local newspapers. The Pattaya Mail is probably the best for this although the Pattaya People and Pattaya Trader both also have classified sections.
Buying property in Pattaya
Under Thai law foreigners are not allowed to own land in the kingdom. However, foreigners are allowed to own a condominium provided the total number of units in the building owned by foreigners does not exceed 49 per cent. In Pattaya this is a very popular option. The critical consideration before purchasing a condo is who owns the building and how it will be maintained. Condominiums are comparatively expensive compared to houses and their prices will probably spiral up with the opening of the new international Bangkok Airport.
Many condos and houses are advertised in the local newspapers. A variety of agents and lawyers can also be found advertising their services. However, before thinking about buying a house, read the paragraph below and take up to date legal advice from a local lawyer.
The only remaining option now for foreigners who want to own a house is to have their spouse, if of Thai nationality, purchase the property. This remains fairly common. The main drawback is if the marriage were to end acrimoniously the foreigner would almost certainly lose the land and house. This happens fairly frequently, you have been warned. One safe arrangement is to place the land title deeds in the spouse’s name and draw up a 30 year no-rent lease agreement for foreinger the use the house, ith the option to renew. Previously many foreigners took advantage of what was seen as a legal loophole in the land ownership law and set up a company to purchase the house with Thai nominees. This service was offered by many agencies and law firms. The legality of this option was always tenuous but with the government recently cracking down on this practice in southern Thailand, this option route is effectively finished.
Building in Pattaya
Building is relatively cheap in Pattaya. Manpower and materials are relatively cheap, provided you have an eye for poor quality. Building inspectors have lax standards and are often in collusion with the builders. Short cuts are often made and numerous builders have arrived in Pattaya over the years to take advantage of a racket duping unsuspecting foreigners. Your recourse to the law is often frustratingly insufficient. Several foreign managed firms have thrived as a result. You will need a thai spouse or legitimate company with capital-investing Thais to own the land, but planning permission is fairly unrestricted and straight forward. Thais love building comfortable homes and the range of materials and imported fixtures is astonishing.
Pattaya’s building boom has ensured that a good selection of suppliers are available, selling everything from fitted kitchens to gardening props. Landscaping is also a pleasure with mature trees and a good range of nurseries on hand to help create a wholesome tropical garden. Land for sale can be found in the newspapers mentioned in the rental section, however, you need to carefully assess the neighbourhood as non-existent zoning laws means that a school, condo or karaoke bar might go up right next to you.
