Wednesday, November 18, 2009

Condo Boom In Pattaya - An Excellent Long Term Investment

Condo Boom In Pattaya - An Excellent Long Term Investment

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Thailand is one of the most popular destinations to live in. It is even better when you prefer to live in Pattaya, an incredible island destination, situated in the northern Gulf Coast of Thailand. The city of Pattaya is dotted with an amazing range of attractions covering superb beaches, picturesque landscapes, interesting museums and art galleries, beautiful parks and gardens, sumptuous as well as authentic seafood cuisines, and exciting nightlife.

The cost of living in Pattaya is exceptionally cheap when compared to other popular cities of the country, such as, Bangkok. Further, its great culture, salubrious climate, and presence of amicable Thai people all have made Pattaya truly a unique destination. Perhaps for these reasons, many people, especially westerns, choose Pattaya as their retirement destination, apart from a holiday destination
. Many organizations function here exclusively for the welfare of expatriates, including, Expats Club of Pattaya, UK Club of Pattaya, and Pattaya Sports Club. Hence, it is no wonder why property market is booming in Pattaya.

A spectrum of properties is available in Pattaya. From affordable and stunning bungalows and villas to apartments and gated communities like flats, accommodation choices in Pattaya are vivid and colorful. However, with the flow of westerners as well as the increased demand for western style of accommodation, the demand for condos is greater than ever before. Many foreigners even prefer to acquire land and build houses as per their tastes and requirements.

However, expenses in connection with the building of single detached houses are quite high. Additionally, in order to own a land and build a house by a foreigner, certain legal tangles are associated with it. For instance, if you are a foreigner, you must require either a Thai spouse or a legitimate company to acquire a land in the region.

But, when comes to owning a condominium unit in Pattaya, the Thai government does not enforce any kind of precincts, except for some requirements to be complied with under the Condominium Act of 1979, including bringing in 100% of cash for the purchase of condominium unit in foreign currency and recording of it through a local Thai bank on a Foreign Exchange Transaction Form (FETF), which is regarded as an evidence to present it to the Land Department office.

Probably for this reason, nowadays both foreigners and natives prefer to own and stay in condominium units. Many of the upscale condo units in Pattaya are centered around such areas as Bang Saray and Tawanron beach, Jomtien beach, and Wong Amat beach.

On the basis of your lifestyle, budget, and preferences, different types of condo units are now available in Pattaya, from low cost condos to high end luxury condos. Condo units are also available depending upon the number of members in your family. You can choose from a range of condominiums in Pattaya, such as, apartment model, townhouse, and sometimes even in the form of a single detached structure.

No matter it is of any model, a condo unit in Pattaya comes complete with amenities such as superb bedrooms attached with relaxed beds, expansive living rooms, sophisticated kitchen, and bathing area with uninterrupted water supply. Some luxury condominium properties are replete with most modern facilities such as game rooms, laundry facilities, whirlpool spas and saunas, pools, meeting rooms, and parking areas.

A plethora of benefits can be derived from owning a condominium in Pattaya. Foremost is that condo living in Pattaya enables you to live in a well-controlled community. Another key benefit of living in condo is security, since many of the condo units are coupled with most sophisticated monitoring system. Low interior and exterior maintenance costs and access to superb facilities such as elevators and swimming pools are the other benefits of living in a condo unit.

In addition, buying a condominium in Pattaya is regarded as an excellent long term investment, guaranteeing good returns. But, the price of condominium units is exceptionally high in contrast to other accommodations options such as apartments and single houses.

With the introduction of the internet, purchasing or renting a condominium in Pattaya is no longer a tiresome process. Scores of realtors as well as real estate firms, property builders, and consultants, are now in the scenario to help in fetching your dream condo unit in Pattaya. Majority of them have their own websites, with details including expected price, amenities available and pictures of the condominium, it allows for convenient purchasing of a condominium. Further, many of them customize condo units according to your specifications.

By: Wantanee Khamkongkaew

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About the Author:
Wantanee K. is an independent author evaluating and commenting on leading International Property Consultants in Thailand, especially CB Richard Ellis.