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How to buy real estate in Pattaya for foreigners?

Written by:
Elizabeth Mickhaylova
Ryutaro Uozumi

Pattaya in Thailand is an exotic, but at the same time attractive enough to buy a house or apartment. Having your own place to stay, buyers will not have to spend money on hotels during the holidays, and the rest of the time the property can be rented and generate passive income. Real estate in the resort becomes even more attractive when investors monitor flats costs in Pattaya. The reasonably-priced apartments are available for purchase in various footages and designs. In this article, we are going to discuss the procedure of buying real estate in Pattaya in Thailand. 

Assistance in buying real estate in Pattaya 

As a rule, the buyers of Thai property involve the services of a law firm in the process of buying and registration of purchase. It happens for several reasons. 

     - It saves the buyer from having to come to Thailand to obtain the necessary documents, which, given the cost and duration of air travel, is quite an expensive and tedious task.

     - It gives the buyer another party representing the interests, and therefore interested in the smooth passage of the transaction.

Thus, after the choice of the property you can sign the contract for the purchase of the object, power of attorney to conduct the transaction on your behalf on your chosen lawyer, if necessary - to open an account in a Thai bank to transfer the money to him to buy a property, and leave Thailand. On completion of the financial calculations, the law office will give you a certificate of ownership of the selected object and a document confirming the receipt of money from abroad to purchase real estate.

The stages of buying property in Pattaya

1. Selecting and booking the housing object.

In the process of negotiations with the developer, it is important to discuss the following options: 

     - the value of the property;

     - what of the interior is or is not included in the price;

     - who and in what proportions pays the Transfer Fee and the services of a law firm;

     - the amount and date of the deposit (usually about 10%);

     - the date of the transaction (money transfer);

     - the date on which the property will be ready for occupancy by the new owners.

Once the prospective buyer has decided on the choice of object, it is necessary through a real estate agency to book the object. For this purpose, fill out the reservation form and pay the deposit. Thus, the future buyer fixes the price and the availability of the object. On average, the deposit is between 30 to 50 thousand baht.

2. Compiling the contract. 

Then, within two days, the agent or the developer prepares a contact in English and Thai.

3. Paying the bill. 

Once the contract is executed and all documents for the apartment are ready, the buyer receives an invoice (bill for payment). It is paid at a bank in a non-resident country. For the registration of the property it is necessary to obtain a certificate that the funds were transferred from abroad.

4. Obtaining the certificate of the ownership. 

If the buyer is buying an apartment on the secondary market, after the payment and providing the certificate, the ownership is registered within 1 day in the land department. If you buy a house in a new building, the ownership is registered after the construction is completed and the keys are received.

Peculiar features of buying real estate in Pattaya 

Demand for real estate is constant and due to the availability of land for construction, successfully satisfied by developers. Because of the constant demand for apartments and houses in Pattaya, property prices rise smoothly but steadily for 5-7% per year.

The most promising areas are Pratamnak and especially Jomtien. North of Pattaya is limited in the availability of free land and lags behind in terms of infrastructure, especially transport.

The system of buying apartments on a foreign passport, houses - on a Thai legal entity, managed by a foreigner/owner (free hold) is widespread.

The bottom line 

Purchase of real estate in Thailand is a responsible decision. To make the investment without any regrets, choose the property with Thailand-Real.Estate. The exclusive collection of world-class quality is available for foreign purchase at the affordable price. 

By Liliana Alvarez

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