The market for Condos in Pattaya has grown rapidly during the last few years. Condos are offered in all sizes, studios with only 20 square meters up to huge luxury Penthouses with more than 500 square meters and of course everything in between.
Important for foreign buyers : They can buy a condo in Thailand with their own name registered on the Title Deed (Chanott). That is normally not possible for ownership of land. However only 49 % of the units (really : 49 % of the square meters) in one building can be sold to foreigners. So you can either buy in a foreign name, if this quota is still not full or if the seller is a foreigner, because transferring ownership from one foreigner to another does obviously would not affect the foreign ownership quota in the building.
On the transfer of ownerhip at the land office the buyer has to verify, that the funds required to purchase the condo was sent into Thailand from abroad and in Foreign Currency (Important !). In order to verify this he needs a document (- called Tor Tor Sam -) from the local Bank in Thailand, which confirms the money transfer. Many banks do not charge for this, some charge up to 400 Baht. It takes normally only 24 hours to issue this document. Again : Do not send Thai Baht to Thailand, as this will not qualify you to obtain this document ! Transfer-Fees
If you meet these conditions you can be registered as the legal owner of your condominium without any restriction. Ownership is 100 % freehold, you can do with the property whatever you want, you can sell it, you can rent it out, and you can make a last will and give it as an inheritance to whomever……including foreign relatives or friends.Should the foreign quota for that building, where you want to buy, be full already, you can only buy in a Thai Name or in a Thai Ltd.Company-Name. This has some disadvantages, however you should not forget, that normally condos, which cannot be sold in foreign name, are 15 to 30 % cheaper than condos in foreign names.
Prices in Pattaya and Jomtien for Condos have increased extremely during the last 10 years. Nowadays it is nearly impossible to buy a reasonable unit for less than 30.000 Baht per square meter. On the other hand prices for luxury Condos in Top locations have increased to 150.000 Baht per square meter and more. Higher floors are normally always more expensive than low floors. Often there is quite a substantial difference.
Lower Priced Condos are regularly in older buildings not close to the city center and the beaches. In older buildings you often find individual units with outdated decoration and perfect for re-modelling and renovation projects. You might experience that a Condo on the 30th floor is offered for the double price compared to a condo on the 3rd floor.
Further on obviously units with sea view is an important issue for the price.
Similar to other Western Countries owners have to pay amaintenance-fee for the maintenance of the building. Rates are from 12 Baht up to 60 Baht per square meter per month. If you find a condo for sale, where the maintenance fee is very low, be cautious as the building management might be of low service and they might not have enough money to keep the building in a good condition. The condition and maintenance of the building is an important factor for future capital gains and the future re-sale price.
To buy a condo in Thailand you do not need a special Visa. A valid passport is sufficient. On the other hand ownership of properties in Thailand has no influence on Visas for Thailand at all.
In every market there are some pitfalls, so we recommend that you should seek the advice of a experienced professional agent, who will be able to inform you and help you in not wasting your money and time.
Buying a Condo …
…in Pattaya is the easiest way for foreigners to own a property, because according to the laws it is quite easy for foreigners to buy a Condo with his own name registered on the