Pattaya Condo

It is always risky to buy off plan for many reasons I will try to summarize.

Firstly never forget that Thailand had a big financial crisis in the past, and you can still visit the "ghost building" or "ghost house" with more than 500 unfinished condos in Bangkok ,, ( it become like a touristic area as some want to see the damages and ruins ).

When many promoter went bankrupt in the past, it is often the buyers who lost their deposit, and there was no insurance to cover them..

Also be aware of real estate trying to sell the dream to many foreigners ( I can see the 1st post have been moderated ), as this is on the top 10 scams in Thailand, some people maybe lucky had good experience in buying off plan but others have bad experience.

These are often some expensive condos or hotel resort, that mean you pay it far away the market price, and no chance to sell it back later, the common charge will be also very high in this case.

Yes they will always propose you a good return 10% per year on 5 years or even more, and they can even propose you to buy back it at a fixed price, everything is possible when you pay it 3 to 5 times what it really worth...

The most common problems that a buyer will be confronted are:

- The developer went bankrupt and the project partially completed ( often foreigners developpers )
- The joint ownership proves to be offered as a long-term lease ( sometimes the land on which the building is erected is just lease for 30 years, difficult to check the title deed !! )
- Lower quality of what was planned
- Delay in the delivery of the units
- Differences between what was expected ( what you bought from drawing ) and the final delivery

Your money is not in an escrow account (third party), so in 2 years or more ( between contract signature where you pay your deposit, and start your payment, until completion ), anything can happen and you can lose everything.

The main goal is to sell 49% of the building to foreigners at expensive price, the rest 51% is under control of Thai company, as no Thai will buy units in resort condo. The Thai company will lease the units like in a hotel for tourist, or can even sell more through long lease 30 years to foreigners or through others financial package ( set up company etc.. )

First let me say I would not buy off plan because of the risked mentioned in previous post.

Only buy a condo that is in the foreign quota and can be registered in your name.

Have you considered buying a resale because many good units for sale and its a buyers market right now.

You might find article in below link very informative about Pattaya condo market that was published in August of this year.. 

http://property.bangkokpost.com/news/65 … l-inactive