Please tell us a bit about yourself and your company
My name is Ashley Tiernan, I am a partner in Direct 2 Developers and Pattaya & Jomtien Real Estate in Pattaya Thailand.
I was born in England and have lived in Pattaya Thailand since about 2000 with my wife and 3 kids. Most of my time has been in the property sector for major developers and my own agency.
I teamed up with my partner Alan Beilby in 2012 and set up this company. Alan has many years’ experience managing real estate companies in Australia, Dubai and Abu Dhabi, he holds an Australian real estate license and is accredited with ASIC (Australian Securities and Investment Commission) as a financial / investment advisor.
Pattaya & Jomtien Real Estate Co. Ltd. sells previously owned condominiums and houses / villas at realistic prices and offers rental condos, houses and villas throughout the Pattaya and Jomtien region.If you are planning to buy an off plan or a completed property in Pattaya (condo, house, villa or even just land) you will find that the real estate market in Pattaya, Chonburi has something for everyone.
Land is for sale in Pattaya from as small as 1 million Baht per Rai (1 rai = 1,600 sqm) up to 250 million Baht per Rai for prime beachfront.
Thailand is renowned for its modern condominium buildings and with its extensive coastline Pattaya is no exception. Pattaya condos (or flats as they are called in the West) are by far the most popular purchase.
Pattaya property also attracts those looking for villas in the countryside and beachfront. Houses for sale vary from townhouse 2 bedroom homes to glamorous beachfront mansions, all at very reasonable prices compared to most other countries.
What has the property market been like this year?
The first half of the year was very active particularly with the lower end off plan projects, studio and 1 beds between Bht 1 mil and Bht 2.5 mil.
The second half has been fairly quiet as Pattaya is seasonal due to the number of tourists. Apart from the low season we have had a very wet, wet season, this combined with a shaky world economy has not made life easy. With Christmas looming there are already signs of a pick up.
What do you expect to happen to the market in 2014? Are there any "hotspots" to look out for?
Exchange rates and a shaky world economy do not help the expat spending motivation.
The Thai economy is very strong and growth is still steady in the property sector.
There is plenty of interest in the market but prices are not going to be increasing too much in our opinion for another year or so. The key year is 2015 when a lot of infrastructure projects will be completed driving prices up. So 2014 is a good year to get on the property ladder. Places to look for are Pratumnak Hill and Bang Saray.
What are the major challenges faced by expats looking to buy?
As with any purchase do your home work, if you don’t know the area well talk to a reputable agent. Commission is charged to the seller not the purchaser.
The law here is different to most countries and there is little regulation, however if you do things properly property purchases are safe and offer excellent returns.
In most cases foreigners cannot get finance so be cashed up, the exception is off plan projects where the developer offers finance over the construction period.
What advice would you give to expats going through the buying process?
As mentioned above there is little government regulation to protect you so due diligence is critical. Use an independent agent to give advice and opinion rather than going to the developer direct. A developer will only recommend their own projects; you should compare several to find the most suitable.
Double check contracts, use a lawyer if it’s your first time and get official receipts for any money paid.
How can you be contacted for further information?
You can contact us at:
Office: Third road south Pattaya.
Just before the Bali Hi flyover, the 3 storey blue building.
Tel: 66 (0) 38 413128