Pattaya is one of the biggest cities in Thailand and has attracted many foreign buyers in the past decade.
With property prices lower than Bangkok’s and located right next to the ocean, some foreigners simply prefer to invest here.
The city is the second most popular for foreign visitors after Bangkok and has become one of the favorite spots for retirees and young investors who struggle with expensive property prices at home.
Due to the increased interest in Pattaya property, I decided to write this article where I explain the basics when buying real estate in Pattaya.
- Can foreigners buy property in Pattaya?
- Pattaya’s Real Estate Market
- Buying a Condo in Pattaya
- Condo Prices
- Buying Property in Pratumnak
- Buying a Jomtien Beach Condo
- Pattaya Property Agents
Can foreigners buy property in Pattaya?
Foreigners are treated in the same way as in other parts of Thailand and we can own 49% of the units in a strata-title (condominium) project, as well as residential physical structures (villas).
With that said, foreigners are not allowed to own land in Thailand, which is out ruled in the Thao constitution.
Acquiring commercial real estate such as hotels is also a different story as this is typically done through a local company / joint venture.
Pattaya’s Real Estate Market
Pattaya has attracted plenty of Russian and Chinese travelers in the past years and the market relies heavily on tourism and foreign capital.
Even if investors from Japan, China, and Westerners help to back the property market, the depreciation of the Russian Ruble left the market in a decline for quite some time.
The market was also hit hard during the COVID-19 pandemic as the Thai government saw no other choice than to close the borders. The condo supply dropped ass much as 95% during the first half of 2020 and property prices dropped by double digits.
Jomtien and Na Jomtien had the largest amount of unsold inventory as there was strong competition from various new projects and a supply gut.
Bangkok’s real estate market is more stable than Pattaya’s
Bangkok has also suffered from an oversupply in certain areas, however, local wealthy investors keep up the market prices as they don’t sell when overseas markets worsen. The market is generally more stable than Pattaya’s.
If you plan to buy a property in Pattaya, you might not experience as high price appreciations as in other places, like Bangkok, in the coming years.
Do thorough research and hire a real estate agent who knows the local market deepl and where you should invest.
An investment in places like Jomtien might pay off more compared to buying a property in the central parts of Pattaya.
Buying a Condo in Central Pattaya
Condo prices are lower in Pattaya compared to Bangkok, making it an attractive location for those who look for units in the low to the medium-price segment.
With that said, many foreigners tend to buy properties in Pattaya thanks to the proximity to the beaches. Retirees see Pattaya as a getaway from the hustle and bustle they will experience in places like Bangkok.
Here, you’ll experience a more relaxed lifestyle with less traffic and live closer to the ocean and nature.
Prices start at around THB 80,000 per square meter on average, which equals around USD 2,500.
This is a bargain compared to property prices in Hong Kong, Singapore, and the Tier-1 cities in China.
If you plan to buy a small 1-bedroom condo, you can find units starting from as little as USD 50,000.
With a higher standard and more space, the starting prices for a 1 bedroom condo increase to USD 80,000 – 100,000. A spacious 2-bedroom condo is still relatively cheap and starts at around USD 150,000.
Buying a 2-bedroom condo with a higher standard often starts at USD 150,000 – 200,000, which is still significantly lower than in Bangkok.
Buying Condos and Villas in Pratumnak
Pratumnak is located on a hill south of central Pattaya, it’s well-known to cater to investors with a higher budget. Yet, here you can find a 1 or 2-bedroom condo that costs as much as in the central areas.
If you want to avoid the bustling nightlife of central Pattaya, enjoying green parks and beautiful nature, Pratumnak might be your choice.
Even if Pratumnak is more desolate, you’ll often see both local and foreign tourists who enjoy all the attractions that Pratumnak has to offer.
You’ll be sure to find all the amenities you need here, including restaurants, cafés, gyms, and running tracks.
Real Estate Prices in Pratumnak
You can find smaller 1-bedroom units that start from USD 50,000 in Pratumnak. Yet, you usually need to add a bit more than that.
If you plan to buy a 2 bedroom unit, the price tag will increase to around USD 100,000 – 130,000
Buying Condos at Jomtien Beach
Jomtien is one of the newly developed areas and much of the new supply is allocated to this area.
As developers look to expand the touristy areas outside of the central parts of Pattaya, many new projects are now located in Jomtien and Na Jomtien in the South.
Jomtien has most of the amenities that central Pattaya offers, including cafés, restaurants, and green spots.
A benefit of buying a property in Jomtien is that it’s comparably clean to the central parts of Pattaya. This goes both for the beaches and its reputation.
Even if Pattaya attracts a lot of foreigners and local buyers, the distances are not long and it will take you around 15 minutes to go to central Pattaya with a car.
If you want to enjoy a more relaxed lifestyle compared to the central parts of Pattaya, with an opportunity to buy a beach house, Jomtien or Na Jomtien might be your best choice.
Real Estate Prices in Jomtien
A 1-bedroom unit in a condo usually starts at USD 50,000.
Add a bedroom and the starting price increases to around USD 100,000.
Pattaya Property Agents
It’s important that you work with a credible real estate agent that has experience in catering to foreigners and with a good track record.
In Pattaya, you generally have no issues finding property agents that can communicate fluently in English and that meet these requirements.
Some of the most popular real estate agents in Pattaya are:
- Alan Bolton Property Consultants
- My Pattaya Condo
- Seaboard Properties
- View Talay 6
- Pattaya Property Pro
- Town & Country property
Asia Property HQ can also help you find suitable properties in Pattaya, might it be commercial units or residential property investments. Simply fill in the form below if you’re interested and then we will help.
Pattaya is one of the most popular cities among foreign property buyers in Thailand, especially from China and Russia. The market relies much on foreign investments and tourism.
This is a reason why it suffered heavily during the COVID-19 pandemic. The secondary market was also hit hard in previous years as many Russians pulled out from the market due to a weakened Ruble.
Even if increasingly more Japanese and Chinese buyers target Pattaya, they have not been able to cover the void left by the Russians.
Worth mentioning is that Pattaya is the second most popular city in Thailand and with property prices that are significantly lower compared to Bangkok. This has made Pattaya one of the first options for retirees and travelers.
While central Pattaya is more bustling and caters to a large number of foreigners that enjoy the nightlife, you can find properties in more green and calmer areas like Jomtien, Na Jomtien, and Pratumnak.
Prices have increased much here in previous years and you’ll also be able to find units that are less costly to that of Bangkok.