Buying condos and apartments in Pattaya

Pattaya has a large choice of condos with seaviews

Known among beach lovers and those familiar with Thai vibrant nightlife, Pattaya is a good place to live and invest. It’s a popular weekend escape from Bangkok, and only one hour from the new Suvarnabhumi airport. In addition to being a popular tourist resort town it’s also attracting more and more permanent expat residents, many of whom are employed along Thailand’s Eastern seaboard. This all helps keep demand for apartments in Pattaya robust.

As the Thai law restricts foreign ownership of land, condos and apartments are the prime option for foreigners willing to invest in Thai property, since up-to 49 per cent of the total units in a single building may belong to non-Thais. This means that Pattaya condos are the primary property sector in this city, with a mature industry and some very luxury developments. With values increasing by as much as 10 per cent a year, this is considered one of the best condos investment opportunities in Thailand. Leasing prospects are considered to be good.

Your search for the right condo will begin with a browse in the local press and online. There are numerous property agencies who have generous listings of apartments in Pattaya to suit all budgets and tastes. The styles are contemporary and modern, according to Western tastes, with Thailand being well known for its elegant décor and furnishings in tropical Asian style.

At present, the condo market in Pattaya is active and expensive compared with other places in Thailand. This can be explained by high demand from Thai and foreign buyers alike, as Pattaya is close to Bangkok and allows easy weekend breaks for Bangkokians. IN Pattaya, the higher your unit is in the condos, the higher the price will be. Seaviews add to the price although they are not always guaranteed due to unregulated development, and unethical practices at the Land Department.

Typically the condos are modern and luxurious

The market offers high and mid-range properties. High profile condos can be sold for up to 100,000 baht per square metre or more. It varies according to building, luxury furnishings, building position and height/views. The most popular locations are Jomtien Beach, Wong Amat Beach, Northshore in north Pattaya, and Pratumnak Hill. Central Pattaya is busy, touristy and dominated by commercial property. To cater to the ever increasing demand, the property market has even sprawled to the beautiful beaches of Bang Saray and Tawanron.

Buying apartments in older projects is a chance to make a good deal and you will enjoy renovating your unit, to match your own tastes and expectations. Make sure the building you buy in will be well maintained, however. These are from a previous era, and although presenting good bargains and suitable lodging they are outdated compared to the new generation of ‘Post ‘97’ buildings that learnt from the Asian Financial Crisis. Renovation costs are cheap, and there is a sector of less wealthy foreigners looking to rent or buy cheaper condos and apartments in Pattaya.

Being supported by a reliable and trustworthy real estate agent will be one of the best ways to get the most interesting properties in Pattaya. Make sure that you are able to communicate well with your agent to avoid misunderstandings and ease the process that will lead you to a contract. Be warned, Pattaya has a bit of reputation as a ‘Cowboy city’ with some questionable ethics among some property businesses, therefore a good (and trustworthy) lawyer is essential, since the law here is less likely to support you favourably if you get ripped off. Our advice is to take your time and get to know the local business environment and property market before rushing into anything.

Prior to buying condos in Pattaya, define precisely who owns the properties (and the juristic person) and who will be in charge of the maintenance, and how much it will cost you. It is essential to have these points clarified to avoid future hassles. Furthermore, with such rapid growth there are many projects selling off plan and offering good discounts, but in an economic recession they might not weather credit crunches and could fail to complete construction on time if at all.