Purchasing a condominium in Pattaya is actually a clear and straightforward process. However, there are a few things you need to be aware of before you start.
Foreigners can own 49% of the aggregate unit space in a building.
Pattaya Hotels
For foreigners to be eligible to purchase a condominium in Thailand they must present proof (Tor Tor 3) to the Land Department that the funds have been remitted from overseas in foreign currency. Without such proof the Land Department will not permit the transfer of ownership to the foreign buyer.
Please note the following for the financial transfer:
1. Transfers of funds must be made in foreign currency only and not in Thai Baht.
2. Remittances must be sent in to your bank account in exactly the same name as that on the purchase contract.
3. Amounts transferred must be more than ,000 in order to obtain a Tor Tor 3 form.
4. The purpose of the remittance must be stated on the remittance advice. This should be "For the purchase of a condominium"
5. Be sure that the developer or seller sends you a copy of the Tor Tor 3 for each of ;your remittances. If you do this, it will avoid future problems. Make sure that the Tor Tor 3 has been issued correctly.
One reason for the Tor Tor 3 form is so that you can remit the money back out of Thailand when you sell.
Remember the following terms:
Leasehold : means you will never own the property. You will merely lease it from the land owner.
Freehold : gives you full ownership rights. Obviously, freehold is much better.
One Rai : is equivalent to 1,600 square meters
One Wa : is equivalent to 4 square meters
Why Invest in Pattaya and Jomtien?
- Established Tourism destination in Thailand
- Great beaches and Islands
- Proximity to Bangkok and the new International Airport.
- Wide-ranging connections by air, by road, and via Laem Chabang deep sea port
- Booming high quality residential property and luxury housing market.
- Great general infrastructure: health, medical, shopping, international education, roads, telecommunication, utilities and services
- Choice resort for many foreigners and buyers
- Nearest main weekend holiday destination for Bangkok residents
- Pattaya is the beating heart of Chonburi province
- Chonburi is the fastest growing province in Thailand for tourism and business.
However, If you can't afford to invest in the property in Pattaya right now, you can come and take a look and survey first to see its feasible of your future investment. By staying in the apartment or guest house will save you cost rather than staying in the hotel.
Buying a Condo in Pattaya