If you are over the age of 50 then you can retire in Thailand if you can show 800,000THB in a Thai bank account. There are requirements for the retirement visa in Thailand and you can view this on the website as well. The most often asked question is where to retire in Thailand and do you wish to buy property or lease property during your retirement.
Retirement Property in Pattaya
If you wish to have 24-hour entertainment, then there is no better city than Pattaya. Pattaya has grown over the years and the value of the property in the city have skyrocketed over the last 10 years. Today there are large and more diverse property developments to be seen. The properties which have held their value best has been sea facing condominium units. The type of tourists has also changed over the years with more Asian and Russians making Pattaya their additional home.
The largest developments have taken place in the Jomtien area of Pattaya and further developments are expanding more inwards away from the coast. Large malls are being built with the Airport Mall to one of the biggest in the region. Retirement in Pattaya is going to get more expensive as property prices move up and rentals move in the same direction. Maybe you should consider buying a condo in Pattaya if you are wanting value for money later in life.
Retirement Property in Bangkok
Bangkok has seen growth over the years with many deciding to rent out their property once they bought the units. This has been a bit of a boon over the years but with many people doing it the government has made buying much more difficult for locals to buy using a mortgage bond and then renting out the property. The deposit requirements have been increased to curb property bubbles, but these measures come and go.
You will always need to check which units are close to the BTS or MRT subway system. Also where it does not flood on an annual basis. Bangkok property developments are also expanding out from the center of Bangkok to the outskirts of the city. Hong Kong, Korean and Chinese are currently the big buyers in the area. Many use it to live in when not in their home country.
You will always need to check the location of your property before you buy property in Thailand. Always check how close you are to a temple if you don’t want noise early in the morning. This or a Mosque with their call to pray in the morning. Take all of this into consideration when looking at property. Also check what has been zoned close to the area. Living close to an open market tends to block the roads on weekends. This and the level of noise will rise as well. Flooding is important when buying any real estate in Thailand especially in Bangkok.
Before you buy property you will also need to check how many foreigners had bought condominiums as foreigners are only allowed to own 49% of all the units according to Thai law. Consult a property lawyer in Thailand is always advised.