Buying apartments in Pattaya

Hey,

It depends on the projects—some building management companies handle rentals, while for others you have to go through "external" agencies (they usually take a month’s rent out of a year’s worth).

Be careful about buying unfinished projects, and even more so if construction hasn’t started yet... several projects have been abandoned, leaving investors high and dry.

Whether it’s a good or bad investment, only time will tell—just don’t put all your eggs in one basket!)

Buying an apartment in Pattaya... In Thailand, there are countless unscrupulous companies that dangle the promise of substantial profits for real estate investments in shady projects. Property is really risky in the Land of Smiles and deserves serious thought before diving in. Just look at all those unfinished projects in Bangkok or elsewhere to see how many people lose their savings thinking they’re getting a great deal. Plus, in Pattaya, scammers of all kinds thrive in the murky environment of this seaside resort. Before buying another apartment, I’d advise waiting until the first one is completed—hoping the developer doesn’t vanish one morning with the invested money. Thai legislation has nothing in common with the French system. Victims of fraud often have nothing but their tears... unless they’re willing to pay a fortune to tip the scales in their favor. I hope you’ve chosen a project that’s legit, but it’s like with siaminettes—you’re more likely to end up with a rotten deal than a gem.

Okay, thanks for the info—it’s clear I’ll wait to get the keys for the first one before buying another. I think the group is pretty reliable since they’ve already completed a lot of big projects in Pattaya. It’s Matrix/Iguana... I’m heading back to Pattaya in August, so I’ll see how the construction is coming along! Cheers, Cédric

Hi everyone, I think it's a good investment idea

Personal opinion, investing in Thailand will always be risky. It reminds me of that English guy who got kicked out by force over some shady condo deals, even though he was sure he'd done everything by the book. Between that, chronic political instability, and laws that change and are applied unpredictably, calling it a "great idea" is a stretch. Anyway, I wouldn’t put all my eggs in one basket.

Make sure to check with a lawyer from a different region, not the same city/island... and ensure you have the deed/property title issued by the land office...

In Pattaya, there’s the case of the Spanish condo that was sold to 70-80% foreign buyers, with about half lacking official land office documents since it wasn’t legal...

In Pattaya-Jomtien, there are 7-8 large condo projects every year (not counting smaller buildings). You really need to find a unique project with something extra that can’t change—like an ocean view turning into a wall view, which is great for borrowing sugar from your neighbors across the way ;p. This makes the resale market very complicated, given the number of new condos each year.

In Thailand, as elsewhere, take your time to invest, get to know the area... the laws... the scams...

To manage the property, you’ve got the choice between agencies, the building management, or doing it yourself. Right now, there are *a lot* of condos for rent and others under construction—there’s definitely a bubble happening... well, sort of. With so many condos on the market, prices drop during the low season. We’ve got a six-month off-season, so if your place isn’t top-notch, it’ll be tough to rent, which cuts into your profitability. Watch out for new condos being sold with tempting prices—because in the end, the bill adds up. It’s often better to go for second-hand properties. Read the purchase contract carefully; the square meterage is often vague in the contract—typically something like "space around xx sqm." Then they write that the actual sqm will be measured by a land office officer. Here’s how they measure sqm in Pattaya-Jomtien: they measure from the *middle* of the shared wall. Yep, that’s the Thai way of counting sqm—no wasted space for the developer! The shared wall space is entirely paid for by the two owners, split 50/50. Of course, when it comes time to settle the bill for the property title, you can easily end up paying for 1 or even more extra sqm.

Yeah, before buying a second one, see how the first one’s doing...

Buying with the idea of staying there occasionally and renting it out now and then is fine. But if you’re counting on a real investment that’ll give you 7% or more in returns, don’t count on it.

Okay, thanks for your advice—I’ll reread my contract to check everything... As for living off the investment, I’d consider it once I’ve bought a few more, if everything goes well with the first one... :) But I’m taking my time before making the move since I have a really good job here, so I don’t want to take any risks.

Hi

What’s this apartment like?

Hello

What’s this apartment like?

Hi,

Well, I finally got the keys in December this year. Yeah, let’s just say… they were *a little* behind schedule…! Lol

But honestly, I wasn’t in a rush since I had my son in the meantime and didn’t return to Pattaya for over a year and a half.

So, for those who know, it’s the "The Vision" project on Pratumnak Hill. I had to fix a few minor issues in the apartment (with the condo’s construction manager), but overall, I’m pretty happy—it’s nice, well-equipped (Samsung fridge, 2 Samsung ACs, Samsung flat-screen TV, etc.), and the view from the 20th floor is amazing. So, all in all, a positive experience if you’re not in a hurry. Because I can imagine some future owners must’ve lost it with the nearly 2-year delay!

If you’ve got any other questions, feel free to ask ;-)

Titi

PS: I can try to post some photos if I manage…

I got the keys in December 2015—I meant to say...

Hello

What do you think of this apartment?

Hello, Isn’t this it? http://newpattaya.com/construction/the-vision/

Personally, I get why they build high-rises in places where land is scarce, especially in big cities. But when they pop up like warts along coastlines all over the world, I just don’t see the point. And it’s no prettier in Thailand than anywhere else. Aesthetically, humanely, ecologically speaking...🤪

Yes, that’s the one.

I’ll try to add a few photos too...

The first two are photos of my apartment, and the last one is a photo of the pool finished on inauguration day.

One or two more photos

Hello

Two years late and no late compensation, I assume... Not recommended to buy off-plan in Pattaya—there are plenty of resale condos available.

Hello

2 years late and no late compensation, I suppose... Not recommended to buy off-plan in Pattaya—there are plenty of resale condos available.

Hello,

Yes, indeed, lots of (older) condos are for sale, but be careful with the transfer process— selling by a foreigner or a Thai isn’t the same.

yep... we can even talk about a real estate crash

yeah, it's always better to buy in a foreigner's name for a condo

hi there

Peace to all and welcome to the Land of Smiles!

It’s risky to jump into buying property in TH, but hey, why not? I know more than a few who’ve lost a lot—sometimes a lifetime of savings. Be really careful. Sometimes it’s better to invest in France and live off the rental income, even if it’s less profitable (though who knows...).

cheers

Hello,

Peace to all and welcome to the Land of Smiles!

It’s risky to jump into buying property in Thailand, but why not? I know more than a few who’ve lost a lot—even a lifetime of savings. Be very careful. Sometimes it’s better to invest in France and live off the rental income, even if it’s less profitable (though that’s debatable).

Take care

Let’s just say that before buying off-plan, you really need to research the developers. I also know people who bought pre-construction, but the condos were never finished. For my part, I chose a major developer with a proven track record across several projects. So I didn’t go into it blindly, even though there were quite a few delays. But the delays were always explained along the way, and I got progress updates every 2-3 months. I expected delays in Thailand, so I wasn’t too surprised. I agree with you—if it’s your life savings, I wouldn’t have taken the risk. I just set aside money each month during the purchase period since I had a comfortable income...

As for investing in France, I tried, but I was taxed from every angle by the state, so I sold everything. Aside from my primary residence, I’d rather not buy in France anymore. But that’s a personal choice... Still, with so many condos in Pattaya, I’m not sure yet how renting mine out will go. If I don’t rent it enough, I’ll probably keep it for myself and rent it to friends occasionally.

After that, it's true that given the number of condos in Pattaya, I'm not sure yet how renting out my condo will go. If I don't rent it out enough, I'll probably keep it for myself and rent it out occasionally to friends.

everything depends on the location, quality of the condo...

Let's just say that before buying off-plan, you really need to check out the developers.

if you're not too familiar, it's better to buy a finished project—it limits surprises.

think about resale right away and don’t rush—take your time. It’s better to live in a rental for 6 months, a year... explore the area before buying.

I’ve been earning part of my income from these investments for a few years now. It took me about 3 years to buy my first property, and so far, no regrets

I’ve been earning part of my income from these investments for a few years now. It took me about 3 years to buy my first property, and so far, no regrets

Could you tell me more about how you manage your apartments? Do you go through an agency, or do you handle it yourself? Do you know any good agencies there to entrust with managing my apartment for rentals?

Thanks in advance,

Titi

Totalement d'accord avec les réserves émises. Entre les retards de livraison et les promesses de rentabilité locative, la prudence est de mise. Au-delà du Chanote et de la vérification du chantier, méfiez-vous des agences ou intermédiaires qui se présentent comme "gestionnaires d'investissements" agréés pour rassurer. En Thaïlande, tout intermédiaire financier doit être enregistré auprès de la SEC, de la Bank of Thailand ou de l'AMLO. Pour éviter de croiser les données sur trois sites officiels thaïlandais complexes, j'ai développé un petit moteur de recherche gratuit qui les centralise : thailicensecheck.com. Ça permet d'interroger les registres officiels en deux secondes avant de verser le moindre acompte.