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If you are interested in being informed of the Pattaya real estate market, you will want to read this. Whether you want to buy, sell or rent a condo or house in Pattaya, this is a must read. New project announcements and updates are provided, and look carefully for great resale values.
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Thai Stimulus Package - Reduced Transfer Tax and Other Measures

In the middle of October 2015, the Thai government announced a stimulus pro-gram to spur investment in property and SME growth. Specific measures of the stimulus package include the following:
  • Reduce transfer tax on property to 0.01% from 2% (next 6 months)
  • Reduce mortgage registration fee to 0.01% from 1% (next 6 months)
  • 1st-time home buyers can deduct 20% of home value from personal income for 5 years
  • Corporate income tax permanently reduced from 23% to 20%
  • Corporate income tax & dividend tax exemptions provided for gov-ernment venture funds (10 years)
 
What will be the impact of these stimulus measures?

The stimulus is expected to speed up the transfer of newly completed condos and homes to buyers who will often delay the transfer for as long as possible. We also expect to see an active market for those who have considered buying but delayed their decision previously.

As of the time we publish this article, the reduced transfer tax and mortgage fees have not been implemented by local land offices. In the short term this has slowed property transfers as buyers and sellers want to benefit from the reduced costs.

Specific Business Tax (SBT) appears to remain unchanged. SBT is paid on the sale of real estate in a commercial or profitable manner. Historically this is interpreted by the land office as real estate held by the current owner for a 

period of less than 5 years, or any sales of real estate by a Thai company regardless of how long the property has been held by that company. The tax rate is 3% of gross proceeds from the sale of the property (plus 10% municipal tax for total tax rate of 3.3%).
So is it finally time for me to purchase a property in Pattaya?
We've had a buyer's market in Pattaya for well over a year, and it continues to be a buyer's market. So sales prices are still somewhat soft and sellers remain open to reasonable offers and creative deal structures. The US dollar and other currencies have appreciated in value v. the Thai Baht in recent months. 

In addition to these factors, we now have the stimulus package with its reduced taxes and fees to entice us. 

There's more good news. A few local Thai developers are offering to pass on their tax savings to buyers, reducing their prices by a further 0.99%. Some private sellers are also following suit.

Are you a Thai national and a 1st-time property buyer here?
If you answer yes to this question, or if your Thai spouse or partner can answer yes to this question, there is more good news for you. Government Housing Bank has been allocated a 10 Billion Thai Baht budget to provide housing loans to low income earners. This program is intended to enable first-time property buyers to buy a home. The government estimates that this program will help 9,000 Thai families purchase a new home.

These loans are intended to help 1st-time buyers acquire a home or condo valued at 3 million THB or less. If you applied for a mortgage over the past year and didn't quality for some reason, now may be time to reapply given this new program.

To borrow a large developer's pitch with their current offers aimed at those who've been standing on the sidelines; it's "now or never" to buy that home you've been dreaming about. If you have confidence after reading this article, we hope you choose us to assist you in finding your new home.
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We've been hard at work sourcing some exceptional properties for our clients. You will see some of the best values on the market today. I hope you like what you see here.
 
Call +6689-685-2198 to schedule a viewing
Khao Noi House 6 bed, 400 sqm, 8.5 Million
New low price - now priced to sell
Why I like it: This majestic residence consists of maid's quarters, a separate guest suite, games area, master suite and three further bedrooms with bathrooms. The property offers a huge private pool and parking for at least five cars all situated in large tropical grounds. This house is English built (built to last) and emphasis can be put on the fine craftsmanship. 
Cetus Jomtien 1 bed, 39 sqm, 4.5 Million
Brand new - ready to move in
Why I like it: Cetus Jomtien has been immensely popular largely with Thai property investors. This unit is positioned on a high floor and is priced 15,000 baht per sqm below developer prices. The front corner position ensures the best views in the building. If you want a nice holiday home at Jomtien Beach, this is your chance. This unit is ready for your personal touches.
Markland 2 BR, 157 sqm, 15.2 Million
Location, location, location - southwest views
Why I like it: The first rule in real estate investment is "location, location, location".  This Markland unit exemplifies that rule, as this Condotel is located at Pattaya Beach Road soi 1. Neighbors include Amari Ocean Tower, Holiday Inn, the Dusit Thani Hotel, Northshore Condo and many other landmarks. This spacious unit enjoys a corner position with stunning southwest views.
Winston Village 3 BR,163 sqm, 39 tw 3.89 Million
Affordable family house in suburban East Pattaya
Why I like it: Where else can you buy a brand new 3 bed room home for around $110,000 USD? You can choose from twin or detached 2-story homes. The design blends traditional style with contemporary layout, making the best use of space. Some homes include private pool, while all can enjoy the communal pool. The grass covered roads provide park-like grounds.
The Gallery Studio, 26 sqm, 1,575,000 THB
Just listed - 2 adjoining studios at The Gallery
Why I like it: Two 26 sqm studios side-by-side, both in Foreign name, only 1.6 million THB each. Buy both and combine to make a 1 bed room. It's not easy to find a 52 sqm unit at Jomtien Beach for only 3.15 million. This Russian seller needs to sell quickly and the pricing of these units reflects that. Combined with the reduced transfer tax, this is tremendous value.
Unixx 1 bed, 27 sqm, 2.2 M
Ready for high season - don't miss out
Why I like it: Raimon Land is the developer and the location is the base of Pratumnak Hill in South Pattaya, just a 5-minute walk to Walking Street. These factors combined with the 31st floor unit positioning make for a can't miss opportunity. This property is an ideal pied-a-terre for weekend warriors from Bangkok or for snow birds who prefer the privacy of a condo over a hotel.
Apus Condo 2 bed, 93 sqm, 7.9 M
Exceptional rental property with 7.6% gross yield
Why I like it: Apus Condo is one of the more popular rentals for expats working in area industrial estates. The reasons for this are simple; you can walk to Big C Extra, 7 Eleven and local transport and Highway 7 is less than 5 minutes drive. The modern condo is tastefully furnished and offers every amenity expected by a discerning tenant. The pool is one of the nicest in Pattaya.
Soi Batman Pub 4 BR, 335 sqm,  9.99 Million
Turnkey pub & restaurant - reduced by 4 million
Why I like it: This building has been totally gutted and renovated by the European owner. Opened for several months as a pub & restaurant with entertainment, the owner has closed the doors and decided to sell because of other business interests. Priced at only 9.99 million after a 4 million THB discount, the seller is also willing to offer financing to serious buyers.
Northshore 1 BR, 71 sqm, 9.5 Million
Best price for this unit type at Northshore
Why I like it: This same unit type just a few floors higher sold for 11.3 million recently, while another of this same type is listed for sale at 11.5 million. So you can see this unit is priced well below market price for this building. The property has also enjoyed an excellent rental history, with virtually no vacancy over the past 3 years. Buy as an investment or as your private residence.
El Grande 4 BR,500 sqm,150 tw,  10.5 Million
This home is still available, holding strong at # 1
Why I like it: If you check around all of the websites and agencies around Pattaya, you will be hard pressed to find such a stately home with over 5,300 sq.ft of living space, private pool and 4 en-suite bed rooms for this price. If you're in the market for a luxury home conveniently located to golf courses, international schools and highways, this is a must view.
The Riviera Wongamat Beach will be comprised of 979 residences in two high rise towers (40 and 43 storeys)  on a 7.2 rai plot of prime real estate on Naklua Road soi 16. Designed by Steve Leach and Associates, The Riviera is truly at the leading edge of imaginative modern design.

The location in this affluent section of town is only a 2 minute walk to Wongamat Beach. The Riviera is positioned about halfway between Northpoint and The Palm, both of which are 5-star residences.  Some of the Pattaya area's finest hotels, including the Centara Grand Mirage, are also neighbors.

The actual placement of the towers on the project site was very well planned, as I learned from a recent conversation with Winston Gale, Managing Director of Riviera Group. According to Winston, "The architects carefully studied the surrounding areas specifically to determine the best placement of both towers to ensure the best possible view channels were established. I reviewed numerous designs from our architects and sweated the details before signing off on the placement of the towers" says Mr. Gale.  

The result is that buyers can choose full on views to the West to Koh Larn, views to the south and Pattaya Bay, and views to the north and northwest to the Laem Chabang coast and the Sanctuary of Truth.  I have studied the various options carefully and can objectively assist you in choosing the placement which is best for you.

Developer: The Riviera Group
Rating:  Exclusive
Priced from:  80,000 per sq.m.
Other projects from this developer:  The Palm
Location:  Naklua Rd. Soi 16
Scale: High Rise
Land size: 8.2 rai (3.3 acres)
# of buildings: 2
# of floors: 43 and 40
# of units: 979
EIA status:  Approved
Start:  Q2 2014
Completion: Q4 2017
Building amenities: click here
Sinking fund: 500 THB / sq.m.
Maintenance:  50 THB per sqm
Unit configuration
317  studios - 27 to 31 sq.m.
584 one bed - 35 to 50 sq.m.
78 two bed - 70 to 84 sq.m.
Unit types may be combined to make larger unit sizes and designs.
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Construction progress is impressive at The Riviera Wongamat Beach
As you can see from the photos, which were taken the middle of September 2015, this project is well underway. They have reached the 8th floor and noticeable progress is being made each week. For those who don't like to buy off plan projects until progress is made on construction, this may be a good time to take a fresh look at this project.
Early investor wants to pass on their savings to you!
This is a great opportunity for you to buy into The Riviera Wongamat, just a few steps from Wongamat Beach. Arguably Pattaya's most affluent neighborhood, we expect to see significant capital appreciation between now and project completion.

Prices range from 90,449 to 129,000 per sq.m. with the following benefits:
  • Price per sq.m. is below current developer pricing
  • Payment plan: 5% deposit +  for Thai quota or 15% for Foreign quota
  • Prices include a furniture package 157,000 THB
  • Although these are resale units, new contract will be direct with the developer
Specific units available from this early investor are listed below.
To be consistent with our "Relocating to Pattaya" theme, we have reconfigured our rental properties section to include information about some of the more popular rental buildings and estates, grouped by price range. We hope that this new format is more helpful to you in evaluating which options are best for you. If you see a condo building or housing estate you like, let us know your specifications and we'll source something for you.

We have included 3 properties in each of three different price bands to give you an idea about what you can expect to get for your money. We will add other buildings to this in future months. This expanded format is for you, so please let us know what you think.

NOTE: properties listed below are illustrative of rentals in various price bands. We have many more rentals in Pattaya, so please visit our website for more options.
Budget Rentals: 9,500 THB - 35,000 THB / month
Novana Residence, Pattaya 3rd Rd. - from 9,500 / month
Novana Residence is a modern condo located just off of Pattaya 3rd Road in South Pattaya. This condo is known as offering exceptional value for expat residents on a modest budget. All conveniences are a short baht bus or motor taxi ride away.

Transportation: You're on the baht bus route and motor bike taxis are plentiful. 10 to 20 minutes walk to conveniences, Pattaya Beach and entertainment.
Property Information
- Year completed: 2014
- Scale: low-rise condominium
- Number of buildings: 1
- Storeys: 8
- Total units: 170
Facilities & Amenities
Lap pool, fitness room, garden area, covered parking, security gate and guards, CCTV, high-speed lifts. On public transportation route.
Nova Mirage, Wongamat Beach - from 16,000 / month
Nova Mirage is a modestly priced resort-style condo just a short walk to Wongamat Beach. This affluent neighborhood boasts many 5-star hotels and condominiums, so if you want to rub elbows with the rich and famous, this could be home for you.

Transportation: Can walk to Wongamat Beach, conveniences & restaurants, need car, motorbike or taxi to get into Pattaya for shopping and entertainment.
Property Information
- Year completed: 2007
- Scale: low-rise condominium
- Number of buildings: 3
- Storeys: 8
- Total units: 489
Facilities & Amenities
Lap pool, leisure pool, fitness room, garden area, covered parking, security gate and guards, CCTV, high-speed lifts, laundry, convenience store, cafe.
City Garden Pattaya is ideally located in the heart of Pattaya Beach, just off of Pattaya 2nd Road within steps to the Avenue Mall and Villa Market. This modern condo is well maintained and provides many amenities and services. 

Transportation: Walk to everything - Pattaya Beach, Starbucks, Thai markets, 2 super markets, bars, restaurants and all local conveniences. City Garden is also on the public transport route too.
Property Information
- Year completed: 2009
- Scale: low-rise condominium
- Number of buildings: 4
- Storeys: 8
- Total units: 366
Facilities & Amenities
2 swimming pools, underground car park, fitness, rental service, high speed lifts, cocierge service, cafe, housekeeping, convenience store, state-of-the-art security.
The Meadows, East Pattaya - from 33,000 / month
The Meadows is a residential community of mostly 2-storey and 3-storey townhouses with a few detached pool villas scattered around. With modern design in an estate with good security and nice communal pool and garden, this is a nice option if you want to enjoy more living space.

Transportation: You will need a car or motorbike to get around here. Easy access to the Motorway and Sukhumvit Highway.
Property Information
- Year completed: 2007
- Scale: houses and towhhouses
- Storeys: 1, 2 and 3-storey homes
- Total units: 50
Facilities & Amenities
Communal lap pool, garden area, gated security and CCTV, 8 meter wide roads, trash collection, garden service, housekeeping service
Value Rentals: 35,000 THB - 75,000 THB / month
Apus Condo is a luxury, resort style condo in the heart of Central Pattaya. This condo is popular with expat residents who work in area companies because of its convenient location and quality standard. Choose from 30 sq.m. studios to an array of 1, 2 or 3 bed room units ranging from around 50  sq.m. to 104 sq.m. 

Transportation: Can walk to 7 Eleven, Big C Extra, cafes, restaurants, ATMs and the public baht bus route. Easy access to both Central and North Pattaya Roads.
Property Information
- Year completed: 2010
- Scale: low rise condominium
- Number of buildings: 2
- Storeys: 7
- Total units: 158
Facilities & Amenities
Lap pool, covered parking, high speed lifts, key-card security with CCTV. Meeting space, concierge service and maid service available for a reasonable fee.
Wongamat Residence, Wongamat Beach - from 45,000 / month
Wongamat Residence is a low-density condo at Wongamat Beach with 2 bed room units starting from 108 sq.m. If you want a cheap studio this is not for you, but you will find spacious accommodation at a reasonable price. Residents are privileged to use all hotel facilities at the 4-star Long Beach Hotel located just next door to the condo.

Transportation: Can walk to Wongamat Beach, conveniences & restaurants, need car, motorbike or taxi to get into Pattaya for shopping and entertainment.
Property Information
- Year completed: 2006
- Scale: low rise condominium
- Number of buildings: 1
- Storeys: 7
- Total units: 66
Facilities & Amenities
Swimming pool, covered parking, high speed lift, key-card security with CCTV. Use of hotel facilities including beach front pool and fitness center.
Siam Ocean View, Pratamnak Hill - from 40,000 / month
Siam Ocean View is a boutique resort-style condo in a quiet Pratamnak Hill enclave off the beaten path. Units are spacious and the building has a modern vibe to it. 

Transportation: some basic conveniences are a short walk away. If you want to go into Pattaya for shopping, dining or entertainment, you will need to hire a motor taxi or private songtaew to get you there.
Property Information
- Year completed: 2009
- Scale: low rise condominium
- Number of buildings: 1
- Storeys: 7
- Total units: 79
Facilities & Amenities
Swimming pool, covered parking, high speed lift, key-card security with CCTV. 
The Ville, Chaiyapruek 2 Jomtien - from 45,000 / month
The Ville Jomtien is ideally located just off of Soi Chaiyapruek 2 with easy access to Sukhumvit Road and Pattaya Bypass Road. From this location, you can drive to the beach in 5 minutes, and you can be in the center of Pattaya within 10 minutes.

Transportation: this community is geared for families who work in the area, and a car is essential for getting around. The bypass road will provide you quick and easy access to Sukhumvit highway and the Bangkok-Pattaya motorway.
Property Information
- Year completed: 2014
- Scale: gated housing estate
- Total units: 67
Facilities & Amenities
Communal pool and garden area, state-of-the-art security, wide roads, trash collection
Luxury Rentals: 75,000 THB - 125,000 THB / month
Northshore Condo, Pattaya Beach - 2 beds from 75,000 / month
The most popular units at Northshore Condo are the "03" and "04" front 2 bed room corners. Rental prices for these choice units start from 75,000 per month. The front "09" 3 bed room units are also scarcely available. Rental prices for smaller units start from around 40,000 baht. If you really are keen to rent one of the choicest units, don't dawdle because these units get snapped up within days of being offered to the market.

Transportation: many residents here are C-level employees of area companies and are provided with a car and driver. But if driving is not your thing, don't worry because you can walk anywhere. To the beach, shopping, dining, everything. If you are tired or just lazy, public transport buzzes by regularly on both ends of your soi.
Property Information
- Year completed: 2006
- Scale: high rise condo
- Number of buildings: 1
- Storeys: 28
- Total units: 187
Facilities & Amenities
Communal pool, fitness, sauna, covered parking, high speed lifts, BBQ area, concierge, laundry and housekeeping, state-of-the-art security, and more
Northpoint Condo, Wongamat Beach - 2 bed from 65,000 / month
Rental units at Northpoint are in high demand, and tend to be taken up within days of being offered on the market, and normally before existing tenants move out. Corporate executives from many area companies live here, as this is a 5-star residence all the way. Many of the residents are families, so the building is very child friendly. Neighbors include 5-star hotels such as Centara Grand Mirage Hotel and other luxury condos.

Transportation: as with other Wongamat Beach condos daily conveniences are within walking distance. If you want to head into town, then it is best to hire a taxi.
Property Information
- Year completed: 2010
- Scale: skyscraper
- Number of buildings: 2
- Storeys: 54 (south) and 46 (north)
- Total units: 370
Facilities & Amenities
Several adult and kids pools, water slide, playground, tennis, sauna, covered parking, state-of-the-art security, high-speed lifts, private cabana area adjacent to beach.
Whispering Palms, Mabprachan - from 85,000 / month
Whispering Palms is a secure, gated community located southeast of Mabprachan Lake in East Pattaya. Residents here include mainly expat executives working for area companies. Several families here have children enrolled at international schools nearby

Transportation: this community is geared for families who work in the area, and a car is essential for getting around. Highway 36 provides easy access to Highway 7.
Property Information
- Year completed: 2007
- Scale: gated housing estate
- Total units: 30
Facilities & Amenities
Security guards, wide roads, trash collection, pool & garden service, on site management
I believe this latest stimulus package will in fact have a positive impact on the real estate market here in Pattaya. Already an active market, this stimulus will certainly add more property buyers to the mix.

Just a word of caution. As the local land offices have not implemented the new tax rates as of 31 October 2015, we still don't know exactly how the tax cuts will impact the market and when the cuts will start.

Our sources at the Banglamung Land Office indicate the new, reduced tax rates will be implemented "and day now". We will continue to monitor progress as well as study the impact this stimulus package will have on the market.

In addition to the positive impact this will have on the property market, the reduced corporate tax rate and the dividend tax exemption should have a positive impact on the overall economy. Tax savings for SMEs will stimulate further corporate investment in the region, which should result in more jobs and more spending in the local economy.

I hope you enjoyed reading this month's issue of Pattaya Property Focus. If you have, please pass it on to a friend, and if you have a moment visit our Facebook page and tell us what you think.

 
Michael Barricelli Managing Director
michael@bigmangoproperties.com

Mobile:            +66-89-685-2198 (English)
Office:              +66-38-377-040
Line & Skype:  bigmangomike

www.bigmangoproperties.com


Supansa (Beer) McClarence (Thai)
beer@bigmangoproperties.com
Mobile: +66-85-435-9292


Big Mango Properties
77/91 Boonsampan Rd (Khaonoi)
Nong Prue, Banglamung
Chonburi, Thailand 20150









 
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