Thinking of buying property or any real estate in Pattaya, Jomtien or Chonburi Province in Thailand. Then speak to an attorney first as they will be able to assist you better than anyone else. Remember that buying property in Thailand can be very complex and the fact that the property market is not really regulated leaves you open to problems. Not withstanding the fact that there are no safety nets in Thailand as there would be in your home country. As a start, did you know that there is no concept of ‘trust accounts’ for attorneys in Thailand, hence your money deposited is not protected by any law society.
Pattaya is set for development in the short and long term. Even though prices have evened off over the last 6 months. This is not going to be for too long. With the latest shopping mall opening in Pattaya on the beachfront. The giant 240,000 square meter complex features a world-class entertainment facility, five-storey Central Department Store, more than 370 international retailers and dozens of beach-themed restaurants and bars.The entertainment complex includes 16 lanes of bowling alleys and ten cinemas, including Thailand’s first ‘seaview cinema’. Lining a beachfront terrace are restaurants and bars serving a vast array of fresh seafood as well as international and Thai cuisine, from 11am-2am.
Vast amounts of money has been spent over the past 6 years on the infrastructure of Pattaya and this has helped to push up prices. A good example is a villa which was purchased in Naklua in 2003 for 900,000 Baht and sold 5 years later for more than 3 million baht. Buying property in Pattaya be it a villa, condo or other real estate in Pattaya is still seen as a good investment by many. With larger developments coming into play even the Thais’ are buying up property in the beach front resort town. IF you are thinking of buying property in Pattaya, contact our German or British lawyer at our Pattaya branch for further advice and assistance. The first consultation is always free so do yourself a favor and ask as many questions as needed!