Buying and investing in properties in Pattaya
Pattaya is desirable for those looking for a nice place to live, relax and enjoy a tropical environment. Easily accessed from the capital Bangkok, it is conveniently connected to international destinations thanks to the nearby Suvarabhumi airport the city is one of Thailand’s more popular travel destinations. Endowed with modern amenities and services, it’s popular with tourists as well as expats looking to retire or spend part of their year here in Thailand. In short, Pattaya is the right city to for buying and investing in properties in Thailand.
Of particular note is the increasing demand for Western-level luxury condos and apartments in Pattaya from part time residents, and those working on Thailand’s busy Eastern Seaboard. Buying and investing in Pattaya attracts many foreigners as it is often much cheaper for them than buying and retiring in their home countries. Whether you are planning to buy a first home, a second home or make a good investment, Pattaya is considered one of the safest markets in Thailand.
However, as with anywhere in Thailand, foreign ownership of land is forbidden. Foreigners are only allowed by law to buy condominium units, with no more 49 per cent of all units (per building) owned by non-Thais. On the other hand houses and land are usually bought through a Thai spouse, so legally they are not the foreigner’s own property, which can be risky when securing control over your asset.
Property is more expensive near and within the city of Pattaya (starting from 100,000 baht per square meter). Condos are often more expensive than houses and their prices rise according to the floor you are interested in. A new generation of buildings have gone up in a recent wave of growth targeting the luxury end, but still quite affordable to most Westerners. Before signing the contract, make sure to know accurately who owns the building and who will be in charge of maintaining it.
When buying or investing in condos and properties in Pattaya, the new projects ensure that modern facilities are available but older condos can also be a good choice as they are cheap and can be renovated easily to turn a nice profit. Such is the demand from all sectors of the price spectrum that these also appeal to less wealthy foreigners wanting to stay in Pattaya. It is possible to buy respectable condos for 20,000 baht per square meter.
In Pattaya, properties directly accessible by highway 331 make an interesting investment for they are not impacted by vehicle congestion like many inner-resort developments. Developments in areas south of Pattaya (Jomtien and Bang Saray for instance) are other very sought after locations, with the NaKlua area being the most up-market in general. Condos are widely advertised in the local press. Check for new developments before they start to secure the best location.
Before investing or buying properties in Pattaya it’s prudent to familiarise yourself with the local market, particularly from a trust perspective, as there are some unethical practices, and the law does not support foreigners very well in the event of dispute, as influential developers can sidestep legal responsibilities or lawsuits. Buying off plan, especially in recessionary times, in risky, so check the financial background of the developer. That said, demand for condos in Pattaya is one of Thailand’s best, reducing risk to those investing.
Sales agents are numerous in Pattaya and proficient in English. You need to find a reliable and trustworthy agent to make sure you will get the best out of your money. Support and secure your investment by getting the services of a lawyer specialised in property affairs. A well respected monthly magazine on Pattaya and Thailand real estate that is worth reading is Property Report Thailand.
- Real estate agents in Pattaya
- Buying condos and apartments in Pattaya
- Buying land and houses in Pattaya
