Property market in Pattaya a 'hot spot' for investors
After a somewhat weaker period, the real estate market in Pattaya, especially the condominiums and apartments, is 'hot' again and is again attracting many foreign and Thai investors.
The strategic location of this seaside resort appears to be an important driver for tourism and the real estate market, according to CB Ellis, an internationally operating real estate consultant.
Not surprising when one considers that Pattaya is the closest beach resort to Bangkok, just an hour's drive from the capital. It has all amenities such as shops, restaurants, nightlife, quality hotels, golf courses and beaches. A combination of these factors puts Pattaya well positioned for further growth, added CBRE.
A number of Thai and foreign celebrities have already expressed interest in buying an apartment. An example of this is Jimmy White, a legendary English snooker player, who urges people to follow his choice on large billboards. He recently bought an apartment in the recent luxury beach project The Palm Beach Wonamat. Jimmy stated in a press release: “The choice was easy, after researching several options I chose this vacation rental as The Palm meets all my needs. Wongamat is my favorite beach in Pattaya, The Palm's location is ideal, I can enjoy the sea view from my condo, use the facilities provided and the price was right”.
CBRE reports that nearly 70% of the units in The Palm Beach Wongamat have been sold despite the fact that sales only started six months ago. About 65% of the end users and/or investors are foreigners and 35% are Thai.
This sales result clearly indicates the strong foreign demand for affordable luxury holiday homes, with interest mainly coming from Europe and Russia.
The Thais buy an apartment as a holiday home, but there are quite a few Thais who have bought several units as an investment because of the good price-quality ratio.
Freely translated from Thailand BusinessNews
the laws governing the purchase of real estate are so obscure and opaque.
it seems that one can never own 100 percent of real estate in thailand, and inheritance rights are also not clear.
think before you start
@ That does not apply to the purchase of a condo. You just own that.
so if I understand correctly a condo is the same as with us an apartment??
and what are all the differences according to you with the Netherlands and Belgium?
can you pass it on to your children eg?
A condo is similar to an apartment. I can't answer the other questions, simply because I don't know.
A condo has some extras compared to an apartment. Such as a swimming pool, green facilities, fitness room, reception, maintenance and cleaning staff, parking space. Just to name a few. An apartment is just living space. No more than 49% of a condo or app. complex may be foreign owned. Buying Freehold then you have no problem. Not in the name of your Thai partner. If something happens to him or her (and you are the legal heir) and 49% of the complex is in foreign hands, you cannot become the owner. You will then be above 49% in foreign hands. There is an agreement between the Netherlands and Thailand about inheritance law. A Dutch will is also valid in Thailand and visa versa.
True, but not all condo complexes have a swimming pool, etc. I've had two condos in BKK and the facilities were hard to find
provided that no more than 49 percent of the total surface area of the condo building is in foreign hands. When purchasing, you must submit a statement from the manager to the country office.
Of course it is and remains a big risk to register in Thailand or something
yet to be built. Especially codos or apartments. As 51% of the whole
don't get sold to a Thai you have a big problem and you can go to your first one
down payments whistle. It's best to buy something that already exists.
It is also the case that the whole is managed under the name of a kind of company.
So only in your own name. Heirs get nothing.
If you have enough money it will be a concern for you. For our standards, the prices are
so that you can not even buy a nice garage for it in the Netherlands.
But for many people, 40.000 euros (I'm just saying) is a lot of money.
Color
Heirs get nothing? Then you have to hire another lawyer, because with bare ownership the heirs normally inherit.
@Cor – That risk can be estimated of course – just look at the history of the developer. In addition, that is a strange story of the problem you have if that 51% is not sold to Thais; I think 51% is often automatically in Thai hands and is then 'sold on' to farangs via leasehold, while 49% is sold directly to farangs via freehold. It is therefore quite possible that (almost) 100% of the units have been sold to farang, but that 51% is still in Thai hands through that leasehold construction. Reason for me to only go for freehold. But, especially at an older age, leasehold can also be a good option for others. It depends on your personal situation and goals.
I want to add something to my story. If you own a Thai wife,
can you put 51% of the codo in her name. if anything happens to you
she owner. The same is true with buying a house with a company contract.
You can also make all other house purchases on the 49-51% principle, because you do not have a
owner of land or house. There are exceptions, but you must make a deposit
do with the emigration of a million or two and you also get a visa for five years.
Then they do give the right to purchase land or a house.
If you ever get into trouble with your wife, she can't just give you the house or condo
throw out. She has to buy you off and/or in the worst case, sell her house.
Repay about 49% of that amount to you.
I can already do several examples of this. A Thai judge was involved.
You have to think I have paid everything, but in the end I almost have the
half back.
Cor.
I don't know where you get that wisdom from, but you are mixing up a number of things. Your heirs always inherit the property from their father (or mother), including the 49 percent. You can get a condo in your own name, provided 51 percent of the surface is in Thai hands. No reason to involve a Thai or Thai in that. The deposit upon emigration is nonsense. You are undoubtedly referring to the arrangement that if you invest 40 million baht you can own land in the name of a company. That has nothing to do with a five-year visa, because that does not exist. And so on…
It is well known in Thailand that wealthy investors buy in very early. They often buy several condos at a new condominium to resell at a profit a year later.
This also happens with villas. They are also able to buy a new villa and immediately knock it down to build the house of their dreams.
In Pattaya you only have a guaranteed sea view if your condo is located directly on the beach or the road. If it's even remotely possible, another condominium will be built for yours one day, blocking your sight.
I just want to comment on Robert's story. You know a lot more about it than I do. Maybe you should do something about advising people.
Yet it is true that many people have experienced many disappointments with
buying apartments or a bungalow. In the place where I live I now see all kinds of half-finished complexes with signs on the raclame, first delivery
2010. What do you think of the people who made their first deposit.
Not happy, money back? Don't believe it. Across the (highway)
In the beginning that I lived here, a number of bungalow villages were built.
I live in Bangsare, 25 km towards Sattahip.
The houses (only 5 were finished) were delivered without water and electricity.
It took more than 2 years for everything to be in order.
Without advice I stick to buy what already exists.
Cor.
Oh, of course, ghost stories galore. Most imaginative is the project of (google it) Alan Sadd's Coco International, where many Hong Kong investors have jumped on board. He was eventually arrested when he left for Singapore on a seaplane, I believe. Wonderful story! Check with Samui insiders. All those empty villas you see on the left on the hill when you fly into Samui!
As with all investments, the higher the risk, the higher the potential profit (or loss). But to say that buying before building entails an unacceptable risk is going too far. I also bought before the first pile went into the ground, with all guarantees for delays / delays / no delivery in black and white. The developer had already successfully completed many projects and was financially stable. In the end, the project was delivered 3 months ahead of schedule. That's another way to do it.
There are a few issues why it sometimes takes so long.
The Thai construction workers are often seasonal workers.
When there is nothing left to do on the rice fields in the north of Thailand
they come back where bungolaw villages are built.
When a number of houses in the bungalow village have been sold, there is money again
to finish the other houses.
Only in the vicinity of Wongamat Beach are there many Russian construction workers
Working 24 hours 7/7. These (Russian) investors want to see money back quickly,a
number of apartments have been sold to Indians as holiday accommodation.
The beach is difficult to reach because it is partly of the hotels and apartments, otherwise it is a stony beach with few facilities.
From Centara Grand towards Sanctuay of Truth and further Zign it seems slowly
a large construction site.
I was therefore surprised by Mr White's advertisement.
Sincerely,
Lodewijk
Russian construction workers working in Thailand? I thought that was forbidden.
The better developers are often more expensive than the others. You will get a better quality house in return. In Bkk you have e.g. Sansiri which is a good developer. Good is a relative concept because I personally think that a new house should be without problems for at least 10 years. New houses are often full of cracks in the plasterwork, just knock on it and you will hear that it sounds hollow and is therefore already loose.
I myself had the cracks repaired 3x for warranty within 1 year. The 3rd time the plasterer was not yet gone or the cracks appeared again. The painter primed them and painted everything. The construction supervisor pretended not to understand me, but yes, I'm not going to worry about it anymore, mai pen rai. I built the kitchen to the house myself and there is not 1 crack in it, so it is possible. Thais really can't paint either, by the way, usually the bucket falls over or they spill the entire sidewalk themselves. The neighbour's painter fell with bucket and all from the roof onto my new water tank and plants.
If you are going to buy a Thai house, you really have to check everything. Even if you let them do something for you, you have to stay with them 100% otherwise things will not happen as they should.
The best part was when I had a new air conditioner installed in the living room by Powerbuy. 4 technicians came to do it and when they were done the air conditioner did nothing! After an hour the conclusion was that the wire behind the ceiling must have broken, so my wife had to go and get the electricians quickly. When my wife came back (electricians would be coming) she got the idea to flip that big switch next to the door, after all it was for the air conditioning and it is in every room near the door. YES!! then it worked, 555555….I kindly laughed at them, the mechanics.
From now on I will do everything myself in our house, I can write for hours about my experiences in Thailand, but I want to forget that.
In Thailand, more things are forbidden.
A small consolation in terms of build quality.
Completed apartments (€ 950.000,= NO bath) turned out
to have roof leaks in Holland. Subcontractors are now rolling
still fighting on the ground about liability!
Sincerely,
Lodewijk