A house or apartment on the seacoast is not only a profitable investment, but also an opportunity to spend your annual vacation in comfort while saving on accommodation. However, the Black Sea coast is known for very high prices, which is why our compatriots are increasingly buying property abroad.
Thailand is particularly popular, as you can purchase an excellent apartment by the sea at an affordable price here. A large amount of real estate is offered in Pattaya, which is world-famous for its resorts and high standard of living.
What rights do foreign buyers have in Pattaya
Depending on the purpose of purchase, financial capabilities and personal preferences, foreign buyers want to buy an apartment, house or villa.
Thai laws protect the interests of their citizens, so there are special conditions for foreign investors acquiring property:
In any new building, the quota for selling housing to foreigners is 49% of the entire housing stock, with the remaining apartments reserved for Thai citizens. If a foreign citizen wants to buy housing from the Thai quota, they can do so by opening a company in Thailand under a Thai name and purchasing the desired property through this company.
As an alternative, you can arrange a lease for an apartment for a period of 30 years, which can be extended two more times for the same period. Thus, the total lease term is 90 years.
A foreign investor purchasing property in a building under construction can initially pay 25% of the cost, and pay the remaining 75% in installments according to an individual schedule.
When buying a house or villa, the land under the property does not transfer to foreign ownership, but can be leased to them for 30 years with the option to extend the lease for 30 years two more times.
Purchasing a house in the name of a Thai company allows you to register ownership of the land under this house and around it. Nominally, a Thai citizen will be listed as the owner of the company, while the foreigner will be the actual owner.
How to acquire property in Pattaya?
Although the purchase procedure seems not very complicated at first glance, it is still better to contact a trusted real estate agency to avoid language problems and circumvent the "pitfalls" when completing the transaction.
The staff at Leto Real Estate agency will explain the rights of foreign investors, help with selecting an apartment or house, and will accompany the purchase from start to finish. At the same time, the buyer does not need to be in Thailand the entire time, as the agency specialists will do everything independently and provide the buyer with a full report on the progress of the transaction.
