Reader question: Buying an apartment in Jomtien

€ 25.000 = approx. Bht. 900,000. You don't buy much for that. Not in Jomtien either and certainly not much m2. Anyway, your question: You never become the owner in that sense of the word, but you are the owner/user. You participate in a collective. That collective consists of 51% Thai owners (that can also be 1, namely the builder who has every interest in the situation remaining that way) and 49% other nationalities. A kind of shareholders, therefore, with a meeting and a board at least once a year. You can buy a condo in 3 ways: In Thai name but then the partner must be Thai (with some risks if the partnership goes wrong). You are then part of that 51%. In a so-called company, which actually rents to the owner/tenant. The company has to prepare an annual report with an accountant, costs between 10,000 and 15,000 Bht and again that 51/49 ratio. More explanation is needed about advantages and disadvantages. I can give you that, but it will take too long here. The third is the farang (not Thai) sale. In general, you have to pay more for such a condo. There are no further conditions attached to this, provided that the condo can be delivered. Pay particular attention to the papers supplied and engage a notary for the correct course.
There is currently a great deal of existing and new construction in Pattaya-Jomtien. I wouldn't recommend it at the moment and certainly not with so little money. [email protected]

Please keep me informed

No more than 49% foreigners may own a condominium. The purchase is then called freehold, you are then the full owner. This has nothing to do with 30 years, 30 years means leasing a piece of land because a foreigner cannot buy land in Thailand.
If the 49% is sold to foreigners in a complex, there are realestate agents who tell you that buying is no problem at all. You must then set up a Company, I personally would never do that.
Also never buy off plan (construction has not yet started or has started), you do not know if they will build, when they will build, when it will be finished and how the construction and finishing will be.
There won't be much for sale for 25.000 euros, prices are usually starting from that. But that from then on is a studio in a complex where you can't turn your ass. I myself live in a Condo on Samui that is for sale, I will be happy if I get the same as what I paid for it 7 years ago. I've never seen it as an investment. If I get the same in return, I've lived for free outside of the maintenance and sink fund fee.
If you regularly go on holiday in Thailand and then also rent out to the same place in between, it is worth considering.

When purchasing freehold in foreign name, purchase price in foreign currency must be transferred to developer if under construction or with existing condo to own bank account in Thailand stating purchase for obtaining Forex statement. Can be provided by both developer and bank. It is wise to know the ins and outs of the offered condo, for example when an existing condo or association of owners is active. Many projects off plan have problems and are advertised with projects on paper for which down payments are collected but later never built, whereby changing of company name to reject liability happens regularly. Estate agencies that advertise projects collect commissions when they recruit buyers, but later reject any accountability if it turns out that it is a ghost project or non-compliance with the promise of free furniturepacket and others in the purchase agreement. If there are laws in Thailand to deal with such misappropriations, little happens in practice in favor of cheated buyers. Just lost their money. Litigation for justice takes years, is expensive and in the end it is only farang who loses money.

The legal information given here is correct, but I find the personal advice rather negative to be honest.

1) For 25.000 € you can, with a bit of luck and a good search, certainly buy a beautiful modern new-build condo in a building with many facilities! Although a very small studio, but super modern.
2) If you were to turn your back on Thailand and no longer use it yourself, you would just rent out that studio anyway. Your pennies will always yield more than in the bank.
3) You are the owner of your condo for your entire life, after all, it is not a house with land

So why wouldn't you do it if you have that amount, unless of course these are your very last pennies.

I would advise positively.

Dear,

Go rent first then you can see if you like the place. There's plenty to buy. Rob.

Dear Rob and Anouk,

Why do you want to buy in Jomtien ??
And it's not true what you've been hearing about losing your condo.
It is important that you buy in your own name and not in your company name.
And you should buy from a reliable developer.
I live in Thailand for 15 years, and I first looked around for at least 12 years before I bought a pasr condo's.
What do you want to do with it? Are you going to live in yourself or for the rental?
If you want to buy something, I can give you good advice, because I also bought condos for 26000 euros.
And I've rented them all out right now.
You can email me and I'll send you some pictures of these condos I have.

[email protected]

Best regards,

Joshua.

Many realistic assessments have already been made. I believe that it is certainly possible to buy an apartment for that budget in the said area. Jomtien is not a bad choice: the sea will always be popular, and its proximity to Suvarnabumi Airport makes it interesting for foreigners flying in. In addition, aspects are important for long-term value retention: quality and location. Don't buy a condo with money you may need in 10 years, so look long term. And don't just look at possible financial returns, because they are uncertain, but especially look at what you like to spend (long) holidays on. Then you can't go wrong. Go the official route and buy the Dutch equivalent of the apartment right that can be registered in the name of foreigners.

Take the time to make a choice. Hire a local broker who is independent of major developers. If you are going for new construction, then choose a reputable developer, and also look at an already realized project of the developer in question.

If you are interested, I can show you the way to reliable and transparent advisors. Let me know.