Whether you plan to buy a property in Thailand that is either landed or the likes of a condominium, it is important that you do your research well before placing your down payment.
Usually, down payments can’t be returned once an agreement has been reached. Before you make a decision that is accompanied by regret, you have to get a good grasp on the basics of purchasing property in Pattaya. In this article, you will learn the basics of buying a condo pertaining to the term ‘EIA‘.
EIA What is EIA? I have not encountered something like this before!
EIA simply stands for Environmental Impact Assessment. This is basically an evaluation process used to determine the seriousness of both positive and negative environmental impacts that a development usually creates. Once the impacts have been identified based on the severity, officials and all concern bodies of the project can take the necessary steps to rectify or prevent the environment from receiving any form of damage. Questionable products and ethics that are to be used in the development processes will need to be adjusted, as they might irreversible harm to our environment.
How is it used in Thailand’s property development scene?
EIA has been used in Thailand’s property development projects since 1981. The process was implemented due to rising environmental problems from economic development projects in Thailand. This useful screening tool has been beneficial to their projects as it helped property developers mitigate the use of harsh methods that could be detrimental to their neighbouring and immediate environment. This is also usually done before the actual commencement of a project.
What type of properties requires EIA?
Buildings with a height more than 20 metres and cover an area that is at least 10,000 square metres, is required to undergo the screening process. Location factors also determine whether the development project requires the assessment. Buildings that are built beside a beach, lake, and river or near a historical park or national park, EIA has to be implemented too.
EIA I am planning to buy a condo, do all condos require EIA?
No, not all condos require this screening process. Only a majority of large sized condos require it. You are recommended to engage the assistance of an experienced property agent or communicate directly with the developer to determine the EIA status of the condo you are interested in. Even the projects receive their initial status, check back again to get updates on their follow-ups too.
Go for condos with the EIA stamp
Before you rush to place a deposit for a condo unit in the aforementioned locations, ensure that they have received an official EIA approval status. Otherwise, the unit cannot be transferred to you on paper and you may risk losing the potential ownership or not even getting one at all! Experts recommend that you take the time to research well and have the support of professionals to guide you through from start till end. One of the ways to determine whether a development project receives EIA approval is to look at its billboards and advertisements pertaining to the aforementioned.