Buying a Condo in Pattaya: Your Ultimate Guide for Expats
Are you thinking about buying a condo in sunny Pattaya? You’re not alone! Many expats from around the world have already invested in properties in this beautiful coastal city. In this guide, we’ll walk you through the process and offer some insider tips to make your condo-buying journey a breeze.
Can Expats Buy a Condo in Thailand?
Yes, as an expat you can legally purchase a condominium unit or apartment in Thailand. However, there’s a catch. According to the 1979 Thai Condominium Act, foreigners are restricted to owning a maximum of 49% of the total unit space in any given condominium. The remaining 51% must be owned by Thai citizens. So, if you’re eyeing a condo, make sure the ownership quota allows for foreign buyers.
What about Villas or Houses?
If you dream of owning a villa or house, setting up a Thai company is a common route taken by expats. Alternatively, you can invest THB 40 million or more in a project approved by the Board of Investment and purchase up to 1,600 square meters of land. Some have also acquired property by proxy through a Thai spouse or a trusted partner.
Getting a Home Loan in Thailand
Expats can get home loans from Thai banks, but the eligibility requirements can be extremely strict. While residency doesn’t matter, the interest rates are generally higher compared to Western countries. Depending on your circumstances, you may qualify for a loan of 40% to 80% of the property’s selling price, with loan terms typically extending up to 10 years.
What are the Associated Fees
Buying a home in Thailand involves various expenses, most of which are covered by sellers. As a buyer, you might need to pay legal fees while sellers are responsible for real estate agent fees, stamp duty, specific business tax, registration fees, and withholding tax.
Investigating the Title Deed
Before sealing the deal, ensure you conduct a thorough examination of the property’s title deed recorded at the Land Department. Verify that the seller has clear and legal ownership of the land. This search will also reveal any mortgages or liens attached to the property.
Making Payments
When it comes to paying deposits or legal fees, consider using overseas money transfer companies like OFX, TransferWise, WorldFirst, WorldRemit or CurrencyFair. These often offer better exchange rates and lower fees compared to traditional banks, especially for transferring large sums.
East Coast Real Estate – Your Local Property Experts
Buying a condo in Pattaya as an expat isn’t as daunting as it seems. Whether you go through a developer, a real estate agency or a previous owner, take your time to explore your options and do thorough research. Why not take a look at some of the condos we have available and contact us to discuss the details further. With our help, you’ll be sipping coconut water on your condo balcony in no time! Happy condo hunting!