Monday, January 28, 2008

Pattaya Property Guide: Buying in Thailand

Property guides for anyone looking to invest in Pattaya, Thailand. Plus, find property in the rest of Thailand.

Pattaya is a city in Thailand and is located around 165 kilometres from Bangkok.

It is found on the east coast of the Gulf of Thailand and its name means 'south-west monsoon wind' in the local language.

The city officially has 101,378 registered inhabitants, but some have suggested that its true population could be far higher - perhaps as many as 500,000 might live in Pattaya during busy months.

Pattaya enjoys a tropical wet and dry climate with a pronounced hot and humid season between March and May. Between June and October the weather is usually hot and very wet.

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In recent years, the city has emerged as one of the most successful beach resorts in the world. In fact, 5.4 million visitors travelled to the city during 2005. What's more, the resort has become increasingly popular with people from the former Soviet Union and other Asian countries.

As a result of its popularity, there has been significant development and building work in the city. Pattaya is second only to Bangkok in Thailand in terms of numbers of high rise buildings. Worryingly, several developments have ignored planning rules and this has caused some problems in the recent past.

Despite this, the area remains popular with tourists. It boasts two principal beaches: Pattaya and Jomtien. However, Pattaya Beach itself has become rather polluted as a result of overdevelopment nearby.

In contrast to Pattaya Beach, Jomtien a popular spot for family vacationers and water sports enthusiasts. The area around the beach is full of beachside hotels, bungalow complexes, condominiums and restaurants.

As well as the usual beach-type activities, Pattaya has strived to develop itself as a destination for golfers.

Website noted: "Pattaya being ideally placed as the gateway to some of the best courses in the world."

It added that there are "at least 24 courses alone within a 45 minute drive of the seaside".

Finally, the city has a reputation as a good destination for shoppers and people seeking exciting nightlife. Pattaya has a vast number of shopping centres, especially around the Beach Road area. Some of the most famous bars in the city include Tonys, Marine Disco, X-Zyte, Lucifer and Hammer.

Pros of Buying Property in Pattaya

As a result, Pattaya is a popular spot for people thinking about second or holiday homes in Thailand.

The website pointed out that "property in Pattaya is an exciting hi-end prospect for homebuyers looking for prestigious properties in one of Thailand's greatest property and tourist hotspots".

It added: "Gated communities, luxury apartments, villas, and related commercial and recreational facilities are all going up in Pattaya, offering homebuyers and investors a perfect investment climate in which to purchase their holiday homes or buy-to-let properties."

It is still possible to pick up bargain properties in the city. The portal currently lists several studio apartments for under £10,000. For twice as much, it is possible to find a one-bed bungalow of a "low-floor" studio condo.

Typical holiday properties cost in the region of £40,000 to £60,000. However, it is possible to spend far more. The site currently lists a "four-bedroom detached" home near the beach for £662,000. A "superb Thai-Bali style property with a lake side setting & still within 25 minutes of central Pattaya" is also on the market for £870,000.

For those with even more cash to spend, a three-bed penthouse, or a 16-room hotel complex could be picked up for something over £1.5 million.

Cons of Buying Property in Pattaya

There are some problems investing in Pattaya. The city has traditionally been known for its high crime rate and associations with the sex trade. Recent government crack downs have addressed the problem somewhat, but concerns still remain.

Furthermore, overdevelopment is a serious problem in parts of the city, as is the pollution associated with it.

However, many experts expect Thai property to perform particularly well in the coming years. Finance website noted that "blossoming demand for good properties has generated exceptional increases in house and land values".

The site added: "It is quite within the realms of reality to expect to make 70 per cent, 100 per cent or in certain cases 200 per cent gains within something close to three or four years."

What you need to know when buying property in Thailand

Property laws in Thailand are complex and foreigners are generally not allowed to buy land, but can own the property on it. This is complicated by the fact that non-Thai residents can buy property and also lease land for a period of 30 years.

Many experts have suggested that renting could be more sensible than purchasing in the country. Those who do opt to buy should seek impartial local legal advice before making any firm decisions.

1 comment:

Philippines properties said...

Thanks for giving us the guide in buying property in Thailand.

Paula M