Pattaya real estate tips

The property industry in Pattaya is quite sophisticated and developed. Pattaya's local media are a good source for property listings, and sometimes have good general articles on subjects such as how to purchase property.

• Houses near or within the city centre provide you with modern entertainment and commercial opportunities. The drawback is the high cost of property within the city limits. On the other hand, if you want somewhere peaceful and quiet, spots outside the city are perfect and cost much less.
• The average price of grade-A high-rise condominium developments at prime beachfront locations is now between 85,000 and 110,000 baht per square metre.
• Sales agents and Pattaya property companies are nearly as easy to spot as 7-11s.
• The critical consideration before purchasing a condo is who owns the building and how it will be maintained.
• The popular units in beachfront front condos are usually priced at over 100,000 baht per square metre for property in Pattaya.
• A good agent is essential when you buy a property in Pattaya. Always be careful in analyzing your particular investment requirements.
• It is wise to appoint a lawyer who is fluent in your language so that you understand properly all the legalities and proceedings. Most lawyers in Pattaya speak English but check to be sure.
• Pattay property has been very bouyant since the middle 2000s and continues to have a robust outlook, it's probably the safest property investment bet in Thailand.
• As is always the case with rampant property development in a foreign country, there are lots of scammers ready to take advantage of those without local experience.

Buying houses in Pattaya

Residential houses present the best value in Thailand, they are generally large, comfortable, modern and well endowed with luxury fittings and nice landscaped gardens. Since material and labour are cheap, it's not unrealistic to enjoy living in houses rather condos, even in a big city like Pattaya.

Houses in Pattaya are numerous, and long stay residents opt for these rather than condos, prefering the tourist-free peace and quiet further out of the CBD. There are plenty of houses for sale, old and new, with the current trend being ‘gated communities'. These appeal to the Thai middle class in particular and present a nice modern ready-made suburb.

Real estate agents in Pattaya can show you plenty of houses for sale, but driving around the residential suburbs looking for ‘For Sale' signs is equally effective and removes the agent fee. You'll notice that there are an abundance of empty houses in Pattaya, many developed prior to the ‘97 financial crash, and although it may be a buyers' market (the condo boom in the city hasn't entirely extended to houses), often the owners will hold out for a unrealistic speculative price.

The biggest impediment to foreigners buying houses in Pattaya is the ownership status, and since only Thai citizens may buy land in Thailand, only those with Thai spouses can acquire land. Even then they don't entirely have ownership and have to depend on trust, but others opt for a renewable 30 year lease on the land and build a house. Further still, you can draw up an arrangement where you lease the land and own the house during its tenure. Many foreigners in the past set up companies with bogus Thai partners (to fulfil the mandatory 51 per cent local ownership) in or to buy land, but this loophole has been shut down by the authorities.

This of course retards the market for Pattaya houses and dampens demand, making it even more attractive for those with a means to buy houses through a Thai ownership. It's advisable to enlist a lawyer and conduct due diligence. Many house on the market in Pattaya are owned as investments by Bangkok residents and the integrity in selling a latent defect-free house is lacking.

In general, houses in Pattaya present much better value for money than condos and provide more of the advantages of living in a cheap tropical country. Those opting for the ease and security of a newly developed gated community pay a premium for the status and peace of mind.

Buying condos in Pattaya

The biggest market among foreigners in Pattaya is condos. Like the rest of Thailand this is because of foreign ownership restrictions on land. Condo sales in Pattaya are equally supported by Thai buyers, due to the convenience and commutable proximity to Bangkok - providing a weekend holiday home. Condos in Pattaya are comparatively expensive compared to houses and their prices increase the higher you are probably (especially with rampant development destroying the view of the sea).

Pattaya's housing and condo markets continue to prosper with an increasingly two tier market developing as both the established high and mid-range sectors perform equally well. They now directly rival private investment associated with he more established upmarket Thai resorts.

Prime locations include Wong Amat beach where the new Northpoint twin towers are to be built, following on the success of Raimon Land's first project at Northshore in north Pattaya, and Pratumnak Hill. Another choice area is the Jomtien beach area where La Royale is one of several quality Pattaya condo developments soon to be ready for occupancy. In fact, so huge has been the demand that the luxury market is fast spreading to Bang Saray and Tawanron beach which still can offer pristine beaches, a lot of lush greenery and true privacy. Most of the Pattaya condo projects are on or near the beach as it's essential to have sea views from the prime units.

With many condo developers providing new developments at prices below 70,000 baht per square metre, these values contrast with the more high profile developments in Pattaya marketed in excess of 100,000 baht per square metre. This pricing spectrum supports a broader purchaser demographic by reducing entry level pricing barriers and enabling budget conscious buyers to invest, creating a dynamic and sustainable trading environment.

The increase in the mid-to-high and high-end or premium sectors, however, represents a much higher value - not only in monetary terms, but also in meeting the needs and aspirations of a luxury market for Pattaya condos.

In Pattaya many condos and houses are advertised in the local newspapers. A variety of agents and lawyers can also be found advertising their services. Another increasingly lucrative option in light of the demand, is to buy older condos in the less desirable buildings and do them up. Renovating is cost-effective and fun in Thailand and there are plenty of shells that can be snapped up cheaply.