Buying property in Pattaya is not always as straightforward as some people like to make you think it is. There are a number of important factors to consider before one invests one’s hard earned cash here.
Property sales in Pattaya has been thriving now for many years and it is certainly one of the older markets in Thailand with so some many old and new projects evident on its fantastic skyline. The Pattaya property industry, by virtue of its age and popularity, has become more and more sophisticated over the years to cater for the more affluent tourists it is now attracting. The increase in tourism is mainly thanks to the development of some of Thailand best and most renowned five star hotel chains, this coupled with its incredibly easy accessibility from Bangkok and its main airport, as well as the local international airport, has led to a bit of a property Boom!
I’ve compiled a few Frequently asked questions with a few tips to help the newbie’s out there to the Pattaya Property market.
Property in Pattaya near to or within the city center may well provide you with some of Pattaya’s finest entertainment on your doorstep, as well as commercial opportunities – the catch here is that you will inevitably be paying a higher price due to the more inflated cost of land in these areas.
Another option is to of course invest into property just on the outside of central Pattaya, such as East Pattaya, Jomtien, Bang Saray, etc. The benefits, aside from the general lower cost of real estate, here are of course, much less traffic, quieter residential areas and a general decrease in cost of living. A further option again is to invest in the new five star lifestyle products that have not only graced central Pattaya, but have also moved further south to its neighbouring, but much nicer beaches.
I really do believe that there is a location in the Pattaya area to satisfy almost anyone’s desires. Maybe that may involve a bit of exploring for some people, but that’s what we at Pattaya Condo’s & Homes are here for.
The prices of condominiums has went both ways recently in Pattaya, mainly to cater for the increase of tourism in two different sectors, the more affluent buyers, as well as the more budget minded or entry level investor. Therefore it is now possible to buy brand new condominiums in the region of only 30,000 THB and at the same time spend in excess of 200,000 THB per sqm in some of Pattaya’s more luxurious, high rise, beachfront condominium developments.
Even if you do decide to spend in the region of only 30,000 THB per sqm on your new condo, that doesn’t mean you will end up with an inferior product. Far from it!! Pattaya’s property market is now blessed with many good developers offering great condominiums at very low starting prices, without having to sacrifice much in the way of quality, and even managing to provide some 5 star services you would only expect to see in a high end hotel. The choice of condominiums, in all price ranges, in Pattaya and the surrounding regions out there is now quite simply overwhelming!
Well! You essentially get a slice of heaven as most developers would put it….and to be honest, it’s not far from the truth. There are multiple developers now offering superior life style products, with pristine beachfronts, fantastic panoramic views and five star, hotel like management. Most of these high end developments still offer studio condos as well, however just of a much higher standard than the standard developments, so as not to put off the entry level investor. Therefore you can expect to find units ranging from 30sqm to some 500++ sqm penthouses stuck more than 50 floors up! Obviously the high floor apartments and penthouses command the higher price per sqm.
This is of course an important consideration as you will need to know who will maintain your investment and make sure it’s a profitable one. It is important to know that your chosen property will be well looked after it reaches completion, and if you are buying as an investment, has a safe and sound rental management plan.
This bit is relatively simple. Find a good agent. There are a few to choose from out there. The important thing to check for is that they are registered and have work permits. We are obviously one of those agents – please feel free to contact us with your investment criteria and we will happily help you out with some free advice and consultation either in person, telephone or via email.
Many condominium buyers in Pattaya decide not to hire the services of a law firm, especially if they’re buying a condo with foreign freehold status (which allows all foreigners to have direct foreign freehold ownership) from a good and trusted developer.
However, for those not buying freehold condominiums from one of Pattaya’s more trusted developers, it is highly recommended to seek the services of a good and reputable law firm, and one that can actually speak your own language – we can offer advice on this as well.
Some further information on legal issues can be found here as well.
Pattaya’s property market has been fairly buoyant from around the middle of the last decade and is thriving with many developments selling more than 50% of their stock before they even put a brick in the ground. It is regarded by many working real estate professionals and analysts as the safest and most profitable real estate hotspot in Thailand!
Do not trust anyone selling property to you on the street – there are plenty of scammers here just like in every other country. Always use the services of a trusted agent/developer, and like I said before, make sure your preferred Pattaya property agent is registered