Pattaya is widely known for being the party capital of Southeast Asia. Tourists who come to Thailand precisely to enjoy the night life. Many flock to this city where the entertainment options after dark are comparable to none. The city however, has so much more to offer. There are numerous recreational facilities available especially for people who enjoy outdoor activities. In addition, Pattaya has theme parks, zoos, and botanical gardens for families on vacation.
A large number of expats have chosen to retire in Pattaya. The low cost of living, beautiful climate, easy lifestyle and the disarming smiles of the local folk have made it into a haven for westerners especially those who had spent decades in the stressful and hectic corporate world. With the exodus of these foreigners into Thailand, came the rise of the local real estate industry. Many of them have chosen to settle in Pattaya to avoid the infamous pollution and traffic problem of Bangkok. Also, several Thai and international companies have set up shop in the industrial parks in nearby Rayong thus expats in huge numbers are now leasing real estate in Pattaya.
Foreigners are not permitted to own land in Thailand; however, they can have houses and other structures built in their names. Because of the limited options available in terms of direct ownership of property, leasing real estate in Pattaya is very common among expats. In Thailand, land can be leased for a maximum of 30 years with an option to renew for an additional 30 years while foreign companies may lease land for 50 years where they can erect structures for industrial and commercial purposes.
Although it is the most favored methods by foreigners to acquire property, leasing real estate in Pattaya has its disadvantages. When there is a transfer of ownership or a lessee dies, a breach of contract cannot be claimed against the lessor or landowner. Also, it is possible that a lease of land contract be made and registered for the lifetime of the lessor by the landowner without the latter’s knowledge. The lessee always has the option of filing a lawsuit against an erring landowner however because of the time and money required in the process, it is often better not to not pursue this route. Leasing real estate in Pattaya can be a rewarding experience provided one is assisted by a competent ant reliable lawyer. Siam Legal International is a highly reputable law firm that specializes in providing legal assistance to foreigners in their real estate transactions. Our local and international lawyers have years of experience helping foreigners in Thailand handle all their legal concerns.
Talk to us today!