Property and Thailand’s Real Estate is a slim book that was sent directly to
the Pattaya Mail for review. Written by Nick Pendrell (ISBN
978-0-9561448-4-3, Informer Books, 2012), the book is designed to assist the
reader buy Thai condominiums, homes and villas. As many different factors
abound for the different types of dwelling, this has been a large project
for author Pendrell.
His interest in the real estate market began in Latvia, but his first foray
into putting his knowledge came in 2007 in Egypt, where he had his own RE
office. Seeing the hieroglyphs on the wall, he left Egypt before they blew
the place up and so he discovered Pattaya and its booming RE market.
Pendrell believes that prices here are not going to stay at their present
level, so the time to buy is now. Moving here earlier in 2012, he has been
researching and advising “buyers to find their dream home in the sun.”
In the first few chapters he gives general advice, of the style we were all
given at the closest bar, such as visas, the 49 percent maximum holding by a
farang in a Thai company and even how much money is needed for a foreigner
to live here. And how to open a Thai bank account, about which there is much
folklore but little fact. Author Pendrell does accurately describe the
niceties and logistics, even to the point that if one branch of Bank A is
not helpful, another branch of the same bank may be quite the opposite.
Finally, he compares various developments between Naklua and Jomtien and
Bang Saray and even East Pattaya as a distinct entity and is not afraid to
give his personal recommendation.
As his final piece of information (and a very helpful one), he has created a
table in Excel format to crunch the numbers when you are looking at various
developments. The calculator can be downloaded for free by using the link
printed in the book.
At B. 599 it is not over the top, and the advice is sensible, though I did
feel that he was not giving unbiased advice when the company he was
recommending for legal advice was also mentioned in the acknowledgments at
the front of the book. But then again, ‘transparency’ has never been one of
Thailand’s long suits! However, he does come out in the open and touts for
the reader’s business at the back of the book. If you have been looking at
property in Pattaya you will also have noticed that Pattaya is more than
well served in RE developers, RE agents and sales personnel, some as
employees and many others freelance. Buying off the plan is pushed by the
developers, and some folk have done well out of this. But others have had
their fingers burned. In RE probably more than anything else, the old adage
“Caveat Emptor” (let the buyer beware) should not be forgotten under any
circumstance. If the Pattaya Property and Thailand’s Real Estate book has
made you become very careful, then it has done its job!