With the current world economic situation buying property might now be a good idea with prices being more negotiable. Pattaya still has a much better economic outlook than Bangkok at present for a number of reasons. Pattaya and Phuket are still the places most foreigners buy property in Thailand. As for the Bangkok property market, the latest from Umpon Thepnumsommanus, JLL’s director of investments was that, “With the political turmoil affecting our top investment-attracting tourism industry, we don’t expect to see foreign investors to be back in the next couple of quarters.”
With more developers looking at tapping into the growing condo market over the next few years there should be more units available on the market. By that time however the economic crisis would more likely than not be over and the property prices shifting much higher than what it is at present. At the end of 2008, there were 7.71 million square meters of office rental space in Bangkok, 86 percent of which were occupied. New rent-able areas this year will total 216,000 sq m. That is about 400,000 sq m of new supply, a 5 percent increase in space, are expected to enter the market in the next four years.
Buying when the market is in a slump is the best time to buy as when it bottoms out, the only way property prices can move is up. Speak to any of our attorneys in Pattaya for a better view of the property market and how this affects you legally. Many expats who live in Pattaya prefer to buy a villa in Naklua than a condo in Jomtien. Obtaining the property advice is important as the property laws in Thailand do change more often than not.
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