Monday, September 2, 2013

Real Estate and Condos in Pattaya Thailand

Thailand is a wonderful place to live. It has many beautiful beaches, mountains and parks to explore. If you are tired of the hustle bustle of the city, you can move to Pattaya. Before you can move to Pattaya, you need to purchase a condominium or nice property. Even if you don't plan to stay in Pattaya permanently, you can invest in a real estate property. In this way, whenever you come to Thailand for a holiday, you can stay in your own property. You don't have to check in to the local hotel and pay for the hotel room fee.

Pattaya has very limited high quality housing so the properties costs are relatively high. If you want to quickly search for suitable property you can take advantage of the online real estate agents and search via Google. Many online real estate agents have a search tool with large database of properties in Pattaya. You will be able to find the condo or house you want within a few minutes. If you need help in locating a Pattaya real estate property you can hire a local agent. The local property agent is familiar with the real estate properties available in Pattaya so he is able to give you good recommendations and cheap price. It is important that you tell the agent about your needs so that he can find a nice property that matches with your criteria. In addition you must tell the real estate agent your budget. When determining your budget you should take into considerations several factors including type of property, number of rooms, and size of property.

Under the law of Thailand, foreigners can purchase and own condominiums. Usually the condominium will have a 49% non-Thai ownership and 51% Thai ownership. There are two types of properties foreigners can own including freehold and leasehold properties. When shopping for the real estate property, the foreigners need to bring in funds into Thailand. The funds can be purchased through their local bank in foreign currency. After purchasing the funds in foreign currency, the foreign buyers must transfer it the bank account of the Thai developers. Upon receipt of the funds, the foreign buyer will receive the Foreign Exchange Certificate. The Foreign Exchange Certificate is known as Thor Tor 3 or T.T.T.3 form. The certificate proves that the holder of the account has deposited the sum of money to the local Thai developer account in foreign currency. Every major banks based in Thailand have the rights to issue the T.T.T. 3 form.

Foreigners who possess permitted residences in Thailand have the rights to buy condominiums according to the Investment Promotion Act (IPA). The permission for permanent residence is issued by the Board of Investment in Thailand. When purchasing a freehold property, the foreigner must present the passport. The foreigner also must present the certificate that is issued by the Board of Investment in Thailand. Once the quote of foreign ownership is met the foreigner will have an option to own the property.

No comments:

Post a Comment