How much are apartments and houses in Pattaya in 2024?
ince 2012, the cost of real estate in Thailand has been steadily increasing every year in the range of 1-10%. Prices remained at the same level even during the pandemic, as purchases were made through an online transaction. The stability of the baht against the dollar has also been noted over the past 25 years. This attracts many foreigners to invest their savings in local real estate.
In addition, developers offer buyers an interest-free installment plan for the construction period, apartments with renovated and furnished and a guaranteed yield of 7-10% per annum. At the same time, the buyer gives the state 2-3% of the value of the purchased housing from the developer, depending on the registration of the property in freehold or leasehold, and about 6% — when buying on the secondary market.
Advantages of purchasing real estate in Pattaya
The resort town is a two-hour drive from Bangkok, the capital of Thailand. The developed infrastructure for living and recreation, the opportunity to practice windsurfing, diving and kitesurfing, many beaches annually attract tourists and travelers from all over the world. In recent years, many foreign citizens have decided to buy real estate here. This is not only an opportunity to come on vacation to a sunny country with a comfortable climate at any time of the year, but also an investment in the future.
The main advantages of buying real estate in Pattaya are the preservation of finances in the national currency, which is stable, an increase in the cost of housing under construction and long—term investment without having to pay tax every year. There are also minimum payments for the maintenance of the condominium. The owner pays them once a year. The approximate price for 1 sq. m is 30-40 baht. This includes the maintenance of the territory, garbage collection, pool cleaning, garden maintenance, etc. Water and electricity are paid for every month after the fact.
You can relax in Thailand and live in your own apartment, and rent it out the rest of the time. There is no pronounced tourist season in Pattaya. People come here all year round, so you get regular income. It should be noted that in the period from October to April, the profit from renting an apartment is considered to be the highest.
Contact our experts to get recommendations on buying a property in Pattaya. We will share with you the experience and knowledge of the local market, select an apartment or house that best meets your requirements — the type of object, cost and location.
How much does it cost to live in Pattaya?
The cost of an apartment starts from about $ 2000 for a studio of 25 m2 (in a condo 2 km from the sea). Furnished apartments with an area of up to 45 m2, in a place popular with tourists, with good infrastructure, can be purchased at a price of $ 250,000. The starting price of a small two—bedroom villa in a gated community starts from $505,000 at the construction stage. The cost of such real estate starts from $ 4,000 per square meter.
The most profitable way is to buy an apartment in Pattaya in a condominium under construction, especially at the excavation stage. The cost of already built housing can increase by 15-45%. Many developers offer buyers a phased and interest-free payment before the commissioning of the facility with a final payment of 20-40% upon receipt of documents and keys
Features of buying housing by foreigners in Thailand
Russian speakers and citizens from China occupy a leading position in purchasing real estate in the Land of Smiles. They are followed by citizens from the USA, Great Britain and France. Until 2022, foreigners bought housing mainly for living, and now the investment goal is more outweighed.
There are no restrictions on foreigners buying real estate in Thailand, but they are subject to the usual visa regime. And for the registration of property rights, careful legal support is recommended.
Registration of real estate in a freehold is 100% private property, a leasehold is a time limit of ownership for a period of 30 years with the possibility of double extension up to 90 years. You can read more in another article posted on our website. The cost of the leasehold facilities is about 10% lower than the freehold. Foreigners can buy apartments in freehold, except for land plots. Also in Thailand, there is a division in property law in apartment buildings:
- condominiums — shared ownership;
- The apartment is owned by one owner.
Foreign citizens can buy apartments only in a leasehold, and in a condominium, the developer has the right to sell apartments to a freehold in accordance with the available quota — 49% of the building, the rest only to the leasehold.
We offer you to buy modern housing in Pattaya. We cooperate with well-established developers who use fresh architectural solutions and technical innovations. If you want to make money on the sale of the contract before the completion of construction, then we can also choose the most cost-effective project for you for this strategy. Please note that it is possible to conduct a purchase/sale transaction remotely. Find out more by calling the phone number listed on the website.
