Thailand is a country where you can work, spend your holidays, and even invest. The country's all-year-round sundrenched climates, wonderful beaches, and beautiful people add even more to what it has to offer. Most people consider investing in property in Pattaya as its local real estate market is always booming and you may even find a great deal on condos there. If you've been planning to purchase property in Thailand, below are some of the things you should know.

Eligibility

If you're not a citizen of Thailand, you're simply not eligible to buy a piece of land there directly. The laws of the country don't allow foreign citizens to buy property in the country but there are some exceptions. You can put a piece of property on lease for 30 years or set up a company on the land you've bought. If you choose to establish a company, you're only allowed to own 49% of the company's shares. Thailand makes an exception for US citizens as they can have 100% ownership of Thailand’s land titles due to its treaty partnership.

Buying condos is better

The housing market clearly states that foreigners are not allowed to buy property in Thailand. However, condos seem to be the better option for most non-Thai citizens as well as ex-pats looking to buy property there. While there are condominiums that foreigners cannot own in Thailand because of their high Thai ownership (typically this is 51% and over), you may still choose to buy one that fits your preference. That said, condos and apartments appear to be more suitable since they do not require a lot of maintenance. Also, since you wouldn't want the mortgage outgoings on a 3 bedroom house to go down the drain, condos are a practical alternative in many instances particularly if you're going on short holidays or weekends away with your family and friends.

Financing is an issue

Even if you decide to buy a condo in Thailand, you'll get to know that the financial aspects of the country are not very good. If you're a foreigner, you may have to face some difficulties in applying for a loan and getting approval. In that case, you should depend on the loan services of an overseas bank there. However, people that buy property there don't rely on loan products, so they make the purchase directly which is also the better option.

So, if you decide to buy a piece of property in Pattaya or anywhere else in Thailand, you must remember the facts mentioned above. Apart from that, you should take note of the deposit terms and conditions as developers may ask you to pay some amount as a downpayment.

Globaltopgroup.com is a team of professional realtors that can help you in purchasing a piece of property in Thailand. They'll listen to your every single concern and build a condominium according to your requirements. You can surely put your trust in them as they've been doing this for the past four decades.