Pattaya is desirable for those looking for a nice place to live, relax and enjoy a tropical environment. Easily accessed from Bangkok, it is conveniently connected to international destinations thanks to the nearby Suvarnabhumi Airport. The city is one of Thailand’s more popular travel destinations, endowed as it is with modern amenities and services. It is especially popular with tourists as well as expats looking to retire or spend part of their year here. In short, Pattaya is the right city 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 making an investment, Pattaya is considered one of the safest markets in Thailand.
However, as with anywhere in Thailand, foreign ownership of land is forbidden. Foreigners can only buy condo units, with no more than 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. A lot of people circumvent this by forming tax-paying companies, or having their Thai spouses give them 30-year renewable leases.
Property is more expensive within the city and at the beach, and condos are often more expensive than houses,. with prices rising the higher up you go. A new generation of buildings have gone up in a recent wave of growth targeting the luxury end, but are still quite affordable to Westerners. Before signing contracts, make sure to know exactly who owns the building and who will be in charge of maintaining it. That said, all condos and houses come with a chanote; a legal Thai document issued by the local land office indicating clearly the ownership of the property.
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 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 sought after locations, while the Naklua area in North Pattaya is considered a little more upmarket in general. Condos are widely advertised in the local press; check for new developments before they start to secure the best location.
Before investing in properties in Pattaya, it is 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 disputes. Buying off-the-plan (off-plan), especially in recessionary times, is risky, so check the financial background of the developer. That said, demand for condos in Pattaya is high, reducing risk to those investing.
Sales agents are numerous in Pattaya and are proficient in English. You need to find a reliable and trustworthy agent to make sure you get the best ROI. Support and secure your investment by getting the services of a lawyer specialised in property affairs.