The best way to purchase Pattaya land, condos and houses |
| Date Added: February 05, 2010 12:06:31 PM |
| Author: Virtual Travel Guides |
| Category: Business & Economy: Finance and Investment |
| The city is only one hour from the main international airport of Thailand and also just one hour away from pulsating Bangkok. Here’s a guide to getting a piece of the action. As in all of Thailand there are three main venues in Pattaya to buy real estate. In a leasehold, buyers secure a 30-year lease over a piece of real estate or a block of land and this lease is renewable. The lease can be renewed every 30 years but this is not guaranteed. This is still preferable than renting apartments in Pattaya. Limited leasehold provides leases that expire permanently within 30 years and so this option suits the elderly and many retirees. Limited leasehold leases cannot be renewed but there is always the possibility of private negotiations with owners, if necessary. In a freehold situation, investors secure indefinite ownership over the property. The catch is that any single foreign investor can only hold 39 percent shares in any form of investment in Thailand and this includes real estate, property and housing. The 39 percent limit is never negotiable but can be increased to 49 per cent with other foreign investors. When looking to finalise property purchases and investments buyers may prefer to use the services of brokerages. Brokerages act like real estate agents and maintain portfolios of available properties in their area. They always aim to secure the best deal for all parties and so often they are the most preferred agent. Management companies parcel large blocks of land, which they own, and sell off smaller parcels and lots to private investors. Private investors may be required to sign a contract stipulating that they will build according to certain styles and height limits in order to maintain consistency over the block. Management companies charge a fee for ongoing monthly support for the life of the investment. Independent developers also sell parcels and lots of larger land grabs to private investors but they do not provide any ongoing support. This means, of course, that the monthly fees do not have to be paid but it also means that all responsibilities for the property management and all the expenses are carried by the owner. These monthly arrangements are sometimes a headache, so this choice needs to be considered carefully. Pattaya is very close to Bangkok and so using real estate agencies and making real estate arrangements with companies and agents that are located in the capital does not present any kind of problem for buying property in Pattaya. Indeed, most of the vendors and real estate companies that are currently operating in Pattaya are outlets of much larger companies that maintain their headquarters in Bangkok. The two main places in Pattaya where people buy property are main beach overlooking Pattaya bay or Jomtien, the beach to the east which is less developed in general, but where construction is taking place at an alarming place. Jomtien really is where most new investment is taking place with a number of apartment towers reaching for the skies here. |
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