Pattaya welcomes a huge number of expats from all around the world. Most people who relocate to this resort city usually want to enjoy the beach and the lower cost of living. Due to its relaxed lifestyle, the city is also popular among retired expats who want to live closer to the ocean, especially since Thailand provides a retirement visa that allows people 50 years of age or above to stay for 10 to 20 years. And since the city offers more affordable property prices compared to Bangkok, Pattaya is also an attractive location for foreign investors.
One thing that foreign buyers need to remember is that under Thai law, foreigners cannot own land in the country. However, foreigners can own a condominium as long as the total number of units in the building bought by foreigners does not exceed the 49% quota. Therefore, buying condos is the most popular option for foreigners in Pattaya. Here are some tips that may help you out before you seal the deal.
Do an Adequate Research
First things first, before buying a condominium (or any property in general) in Pattaya, you need to consider various factors. Do you need to answer several questions, such as what is your budget? What type of property do you need? Why are you buying the property? What are your criteria? How many bedrooms and bathrooms do you want? Are there any amenities you need nearby? And many other questions. However, it all comes down to one question: where in Pattaya do you want to be? Do you want to live in the center of the city or along the beach? The city is big and the closer you are to the water; the prices will get progressively higher. If you are buying a house within central Pattaya, you will be in the middle of the city’s bustling nightlife, meaning you are close to all of Pattaya’s entertainment venues, such as restaurants, bars, and shops. If you want to live in a more tranquil setting, you can find your dream property in areas such as Jomtien and Pratumnak.
The location will also determine the return of investment you will get if you are buying to invest. It is best to do comprehensive research about Pattaya’s property market beforehand. Although the property market is still on the rise, you need to make sure that the property you are buying will keep rising in the future too.
Find Out Who Owns the Building and Land
Large developers are usually very professional and will likely explain everything you need to know clearly. But you need to be careful when purchasing a property and make sure you know who owns the land, how the property will be maintained, and the yearly charges because although the majority of properties in Pattaya are owned by large developers, there are also independent owners. Knowing who owns the building and land is very important if you buy resale units.
Know the Average Cost of Property in Pattaya
Knowing the average cost of property in Pattaya will help you determine if the property you are going to buy is of good value. You can find out exactly if it is too expensive or too cheap. You can do this by comparing other properties of the same type, size, and amenities in the area. The price of beachfront condos usually starts from 100,000 THB per square meters. These condos are usually luxurious and offer outstanding amenities.
Understand the Legal Issues and the Contract
If you are a foreigner, there are many laws you need to consider before buying a property in Pattaya. As stated before, foreigners are only allowed to purchase a condominium with one condition: only 49% of units in the building can be owned by foreigners. However, there are many other laws and regulations that you need to understand before you buy a property in Pattaya.
Once you agree on a price and completion dates, you need to sign a sales and purchase agreement. This agreement will specify the parties involved, the agreed price, the procedures, and information about any furnishings. You will also need FET forms (Foreign Exchange Transfer forms). The FET forms are very important because to buy a property, the money must arrive in Thailand in your local currency and then converted to Thai Baht by the Thai bank. Also, you will need to have your passport and other official documents, including visa, marriage certificate, and work permit, photocopied when buying and transferring the property. It is advisable to consult a good law firm, especially if you are not buying from a trusted developer or if you do not have any local experience in Pattaya’s property market.