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Pattaya Property

International visitors seeking a second home in a tropical climate are findingPattaya Homes andPattaya Condos for sale and for rent in Thailand. This region was only known to those from Bangkok prior to the 1950′s. By 1965, the first hotel opened for visitors, and by the time of the Vietnam War, American soldiers had discovered Pattaya’s beautiful beaches when they went on leave. Thailand has beautiful weather, kind people, good medical care, and a low cost of living, making it a growing retirement destination for an international clientele.

Since the 1980′s, the area has built up with not just hotels but with a whole industry of restaurants, clubs, a marina, shopping, golf courses, and other attractions. While the area had previously earned a reputation for hosting a hard-partying crowd, Pattaya has since worked to clean up not only the local water but also its nightlife image to that of a more family-friendly locale. It still offers an easygoing, laid-back tropical lifestyle, but there are residential areas like Koh Larn and Koh Sak islands that offer a quieter, more private night time atmosphere.

Prices are rising on Pattaya real estate, making a pattaya condo or home here not only a relaxing paradise but also a good investment. Foreigners may be concerned about the complication of buying or renting property in another country and adapting to life in a foreign place in which the culture is unfamiliar. Siam Property  caters to international customers, with staff who is able to speak several languages and who are available to help buyers not only find the right property, but also to help them with practical questions about property insurance and taxes, getting work permits and visitor visas, questions about having health insurance in Thailand, and to answer questions about the Thailand culture. Siam Property can help arrange your local transportation in Pattaya and arrange for house or pool cleaning.

If you are looking to buy or sell a Pattaya Condo or house, whether for a business or residential purposes, you’ll find property listings with details about the area, the square footage of the living area and the land area, the number of bedrooms and bathrooms, any amenities on the property such as a swimming pool, and lots of colour photos.

Pattaya Property, basics how to own

For Thailand Property one can say, in general foreigners are allowed to own houses and buildings in Thailand, but thepurchase of Land is limited to natural or juristic persons of Thai nationality.
Depending on the kind of Property and the personal situation of the buyer, there are several solutions to handle this obstacle. In the following are the two most common cases:

Purchase of a Condominium
The Thai government already did a so called “condominium act” to offer an easy way for foreigners to own properties in Thailand directly as a freehold. The condominium act is based on the situation that a condo unit will be sold without a specific ownership on theland plot. Other requirements are:

1. The condominium building has to have a condominium license.
2. Only 49% of the total sqm of the building can be sold as a foreign quota to foreign buyers.
3. The foreign buyer has to show that his funds are brought into the country with the purpose to buy the condo.
If the offered condo unit is within the foreign quota and all the necessary documents are ready, the purchasing process is straight forward and can be done in one day at the responsible land office.

Purchase of a House
For Foreigners who are not in a relation with a person of Thai nationality, there are mainly the options to:
a. Buy a house and lease the land on a long term base (3x 30 years)
b. Register a Thai company, which can own the land and lease it from the company

Regarding to a. To buy the house and lease the land is the best solution for foreigners who just like to buy a property for their own use. If the lease is properly registered in the land title, the lease is as save as a purchase.

Reagrding t b. If a Foreigner would like to purchase several properties or would like to run an active business in Thailand, he should register a Thai Company which is usually a Ltd. As a juristic person, a Thai company is able to own properties in Thailand. A Thai company has to have a min of 51% Thai shareholders, which is not a safety issue, because the foreigner is able to run the company as the only director with the exclusive rights for any relevant activities in the company. If properly set up, a Thai company is a save and legal way to handle, maintain and own properties.

Important notice
Even if the process to secure a Thailand  Property as a foreigner is not very complicated in theory, it is strongly advised to use the assistance of a qualified Real Estate Broker or Lawyer to avoid any future problems.

Real Estate in Pattaya, can a Foreigner own it?

On the subject of buying property in Thailand there are many exotic stories and rumors. However, the facts are quite clear. To prevent a sellout of the still relatively cheap land to foreigners, the Thai government has strictly limited the sale of land to foreigners. Nevertheless, there is of course an interest from the Thai side in foreign investments, and real estate can also for foreigners be secured reliably within the legal rules.

Most important, of course in real estate business are the right partners. Particularly inThailand real estate should be purchased through established brokers. Especially since the cost of a broker in Thailand is generally borne by the seller and the brokers assistance is free for buyers! Established brokers know the market and prices, as well as the legal background, and examine the ownership situation before preparing a purchase.

To purchase a property of short-term acquaintances (No. 1 cause of legal problems) should be prohibited, especially if one has not mastered the language and does not know the legal situation.

The legal background for real estate business in Thailand is far from exotic. The system of official documentation of property ownership was taken over almost 100 years ago from Germany and is well organized. Each district has its own Land Registry. Here the official land register is held, with a separate page for every single land plot which is registered in the district. On this page of the land register all relevant information is listed about the property, type of title, ownership, encumbrances, rights of way, etc. An original copy of the Land Registry page is given as a land title to the registered owner. The land register is public and can be viewed by anyone.

The main differences for foreigners to land law in most Western countries are:
1.  Foreigners can’t purchase land.
2.  The land plot and the development of the property are legally separate from each other.

This legal situation allows foreigners to legally purchase a building and long-term lease the plot where the building is build on.

There are several different ways for foreigners to secure a property. Qualified realestate agents and lawyers can find within a consulting session the best way to own ahouse in Thailand, matching the client’s particular request. Consultation with a real estate specialist before purchasing a property is the best way to avoid problems later. The most widely used two forms for foreigners of real estate acquisition are:

  1. Individuals who only want to purchase a property for private use, can purchase the building and long-term lease the land plot.

  2. Individuals and businesses who want to purchase property as an investment or to operate a business in Thailand, a Thai company should be registered, which is entitled to acquire land.With proper consultation and preparation an acquisition of property in Thailand is a safe investment with appreciation of value mostly well over 10% pa.

- (THB)
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