Pattaya Properties - Specialists for Real Estate & Property Development


Pattaya Properties

FAQ's

Q: Is it possible for a foreigner to own real estate in Thailand?

A: If you buy an apartment or condo you can purchase the property outright and it remains in the buyers name forever. However, if foreigners buy land, house or a villa, it must be in the name of a company formed in Thailand.

It is a simple procedure and the owner, as Managing Director, has 100% control. We make all the arrangements and use a law firm who are specialists in these matters. The cost to form a company is 30,000 Baht. Thousands of foreigners have purchased property in Thailand by this procedure.

Q: What government taxes are charged when buying in Thailand?

A: There is a small once only tax of approximately 4% of the purchase price but this does vary and as an incentive for foreign investors it is anticipated this will be reduced in the near future.

Q: What is the cost of estate agents fees when buying and selling?

A: We do not charge a commission when we sell property in our new developments. However, most reputable agents charge the vendor 5% commission on a resale.

Q: Are there any council taxes and rates.

A: There are no annual council taxes or water rates. When you take possession of a new house you pay once only for the installation of the metres which is 6,500 THB.

Q: What would a typical water bill be for an average size villa or condo?

A: The average water bill for a villa or condo ranges between 300 & 500 Baht a month.

Q: What would a typical electricity bill be for a villa or condo?

A: The average electricity bill ranges between 500 & 800 Baht per month. However, depending on how much one uses air-conditioning the cost can be around 4,000 Baht a month.

Q: Can a foreigner obtain bank finance in Thailand?

A: Without a work permit it is virtually impossible for a foreigner to obtain finance from a Thai bank to purchase property in Thailand.

Q: How do foreigners pay for properties purchased in Thailand?

A: Buyers should always transfer foreign currency into Thailand. The buyer's local bank will provide a receipt of the transfer and this should be faxed immediately to the recipient so the transfer can be traced and confirmed.

Q: Is this development in a secure environment?

A: Security is of paramount importance in all our developments, which are renowned for the high level of security.

Q: What are the costs for the external and internal maintenance of a villa or condominium?

A: The cost of maintenance for a villa depends on the size of the land. At View Talay Villas the charge is 7.5 baht per square metre per month and paid annually in advance. At Majestic Residence the fee is 10 Baht per square meter and the maintenance charge for a condo at View Talay Residence buildings 1, 2, 3, 4 and 5 is 33 Baht per square meter per month, paid yearly in advance.

Q: What are the approximate costs to import goods like a car or furniture?

A: The import duties can be very expensive especially for items like a motor Vehicle and furniture. We strongly recommend foreigners purchase these items in Thailand.

Q: Is there a demand for rental properties?

A: Because Pattaya and particularly Jomtien Beach are very popular tourist destinations there is a high demand all year round. As a rule, quality properties close to the beach, public transport and shops (as all our developments are) have the highest appeal; for quality properties, investors can expect a return of about 10% on their investment.

Q: What taxes are payable on investment properties or capital gains?

A: There is no capital gains tax on the sale a condominium or apartment. The profit on the sale of a house or land is 30% on the declared profit which is always a conservative government figure. When it comes to houses, usually the Thai company is sold with the property. In this case all that is required is for a change in the name of the Managing Director and therefore there are no taxes due.

Q: How does one travel from Bangkok to Pattaya and what is the cost?

A: Via the expressway the new Bangkok airport is a comfortable one hour and fifteen minute drive. A taxi should cost about 1,500 Baht plus tolls on the expressway.

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