Property for Sale in Pattaya

Owning a condo in Thailand, need to pay a maintenance fee based on the size of the condo unit monthly and make yearly payment, which ranges between 30 and 80 Baht per square meter per month, with the average being around 50 Baht for a well-managed property.

Buying an off-plan condo or villa in Thailand, you will be required to pay a (non-refundable) deposit to the developer first, then pay the down payment within 15 days and sign the contract. By the way, it’s possible for most developers to mail the contract for the oversea buyer to return signed. Following the signed contract, buyers will be required to pay installments on the dates specified in the contract. Finally, when the project is completed, the developer will inform the buyers of the delivery date, then the buyers make the final payment and finish the process of delivery in person with the developer.

Buying a pre-sale condo, there is a transfer fee of 2% of the appraised value of the property, which is the buyer’s duty but it’s commonly shared in a 50-50 split between developer and buyer, and all other duties and taxes related to the registration and transfer of ownership will be paid by the developer. But in the case of a private sale, it all depends on the agreement between the seller and buyer. So it’s advisable for a buyer of a re-sale condominium to clearly confirm with the seller in the agreement regarding how to divide the transfer fee and all taxes.

According to local law, foreigners are not allowed to own land in Thailand, which means foreigners cannot buy a house or villa directly by their name. But foreigners may own land in Thailand under a name of a Thai company, so if foreigners wish to purchase a piece of land or buy a villa, they can register a Thai company first and own the property by this Thai company. Leasehold ownership is another option for foreign buyers, it allows them to occupy the property for a long-term period not exceeding 90 years totally.