5 Warnings Before You Buy Property In Pattaya, Thailand
The real estate market in Pattaya continues to meet and exceed growth expectations as Thailand’s fastest growing property investment market. With the recent opening of Suvarnabhumi Bangkok International Airport only an hour away from the province of Chonburi, the Pattaya area is sure to continue its explosive growth as foreign agencies and customers rapidly build and purchase new properties. Here are some valuable tips if you are looking to invest in the Pattaya real estate property market:
1. Choose your Pattaya neighborhood carefully - While experts predict a rich and prosperous future for the eastern seaboard of Thailand, there are still currently some areas around Pattaya that are not the safest or most promising places for foreign property ownership. While the downtown area is sure to increase in value over time, it is probably not the best place to purchase a house, for example. However, if you are in the Pattaya condos market, the downtown areas near Pattaya Beach are not only quite safe, but also high profile and nearby all the Pattaya “hot spots.” The sub-regions of North Pattaya and Jomtien Beach are also growing rapidly for condo development.
2. Research the property history and financial status - This is especially true for condominiums in Pattaya. Along with the explosive growth, the real estate market has been victim to various scammers from Europe and other places who create various investment schemes using Thai banks and interested customers, and run off with the money before the project is completed or out of debt. It is vitally important that you choose a building that is backed by a reputable investment/ownership company. At the very least, ask around!
3. Consider using real estate agency services - There are hundreds of real estate agencies in and around the Pattaya city limits. Most of them are a combination of foreign and Thai staff members, and often can speak English, Thai, Russian, and various Scandinavian languages. While a healthy dose of caution is wise when dealing with agencies, many of these companies have vast knowledge of the property history, reputation, and gossip all over the Pattaya area and are more than willing to spill it all to you.
4. Consider hiring a property lawyer - Consulting an attorney is wise any time you are making an important decision regarding property or investment. Especially in Thailand, where some laws are easily confusing, and foreigners can’t technically fully own more than 49% of a piece of property, it is almost mandatory that you receive legal advice and direction while investing your hard earned cash into the Thai real estate market.
5. Concern yourself with comfort and security - At the end of the day, your investment in Pattaya real estate might turn out to be one of the happiest decisions of your life, especially with property values predicted to continue their rise for decades into the future. Besides the financial benefits, however, it is important that your building or neighborhood is surrounded by the types of people you feel comfortable with. There are dozens of niche communities in Pattaya, including gay areas, Russian areas, Arab areas, Scandinavian areas, American areas, and more. Be sure that your neighborhood and building make you feel comfortable and safe. Always choose a place that has 24/7 security too!