Pattaya is a city in Thailand about 165 km southeast of Bangkok. This very popular R&R destination was once a fishing town until the Vietnam war. It became a favorite seaside vacation spot for families from out of town. Today Pattaya is a major tourist attraction with numerous golf courses, theme parks, zoos, botanical gardens and others.
It is a place where visitors can engage in various activities such as bungee jumping, leisure flying, horse riding, and diving, just to name a few. Aside from these outdoor activities, Pattaya is also widely known for its colorful and exciting nightlife. Aside from tourists, Pattaya has also attracted settlers from the west. The city, in fact, has a large expatriate community whose presence has positively impacted the real estate business. Pattaya is one of several places in Thailand where there has been extensive property development. Prices of real estate in the area have been steadily rising and foreign investment in land and buildings have grown significantly. Despite the fact that foreign ownership of property in Thailand is limited by Thai law, it is foreign money from the sales of real estate such as Pattaya condominiums that has led to the substantial growth in the city’s economy.
Foreigners are allowed to directly purchase a condominium in Thailand. According to the Condominium Act of B.E. 2522, they can have freehold ownership of condominium units and up to 49% of the value of an entire condominium project. This privilege is extended to individuals and foreign corporations. Non-corporate expats who have been given permission to reside in Thailand through the Immigration Act and the Investment Promotion Act are permitted to purchase a Pattaya condominium; the same is true for foreign individuals who come to Thailand to specifically invest in this particular type of real estate. In addition to individual foreign investors, corporations which are registered with the Thai government, those which are promoted by the Thai Board of Investment and those that bring foreign money into the country may also freely purchase condominiums in Thailand.
The process of purchasing a condominium has been simplified for foreigners. It basically involves sending money from abroad in a foreign currency which is then converted into baht by a local Thai bank. There are two ways by which money may be transferred to the developer; one is by directly depositing the funds to the developer’s account and the other is by transferring it to the buyer’s account in a local Thai bank and then having it transferred to the developer’s account. After the remittance has been made, proof of the transaction must be presented to the Department of Lands for the transfer of ownership to be registered.
Many foreigners have successfully invested in Pattaya condominiums. With the help of a good lawyer, one can have a hassle-free real estate transaction. Law Firm has a team of competent and reliable attorneys who specialize in assisting foreign clients with their real estate concerns in Thailand including the purchase of a Pattaya condominium. Our local and international lawyers will give you sound advice on the best real estate deal for you and will make sure that you are protected from unscrupulous sellers.
