If you are wanting to retire in Pattaya then you should consider all the options in Pattaya for you. Pattaya has been changing from a more entertainment arena to a more family orientated destination. Massive amounts have been spent on infrastructure in Pattaya and living costs have also increased. If you are considering a business, then consider the occupation and if you can obtain a work permit for this as there are prohibited professions in Thailand for foreigners. See the main articles on retirement locations in Thailand.
You should keep this in mind when looking at property as an investment in Thailand. Jomtien has always been one of the areas with the most developments and this trend has continued. The expatriates have also now included not only Westerners but also many Chinese and Russians. Take legal advice on property matters and see how to buy a condo in Thailand on the sister website.
There have been a number of high-end property developments in Pattaya over the years and traffic jams are now rather commonplace in the once sleepy town by the sea. Many ex-pats tend to rent the property before they buy and you should make this part of your strategy before investing in property in the area. Property values have held very well in Pattaya and many have seen their property increase in value. Condo units in Pattaya that have sea facing views have held their value very well in the range of THB 119,795 sqm while those non-facing units went for around THB 66,925 sqm.
In order to obtain a retirement visa in Pattaya, you will need to be over the age of 50 and you need to be able to show at least 800,000THB in a local Thai bank account each year with its renewal. Your application for a retirement visa can be done anywhere in the country. Many apply in Bangkok during their first visit to Thailand then renew the visa each year in Pattaya itself. You will not that this visa does not allow you to work in Thailand. Many who get married in Thailand when retired tend to apply for a marriage visa as you only need to show 400,000THB in a bank account however the paperwork and red tape for this is going to be far more than the retirement visa.
Your first cost is going to be your apartment or condo and this range. The following are the prices in USD and you can calculate from there what you can expect in Thailand. There are also Thai style apartments which are very cheap but this would be the average monthly costs on average.
|Apartment (1 bedroom) in City Centre||557.93 $|
|Apartment (1 bedroom) Outside of Centre||309.06 $|
|Apartment (3 bedrooms) in City Centre||1,230.55 $|
|Apartment (3 bedrooms) Outside of Centre||693.59 $|
Apartments are normally bachelor flat open plans and these vary. The cost of $170 would be about average for the low end of the market and depending on who owns it can vary in quality as well as location. At this size, the unit will be less than 50 SqM.
As for electricity, there will always be disputes if you are paying electricity to your landlord or direct to the government. The direct payments to the government are always cheaper as landlords add their own percentage of profit onto it.
– Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment 78.79
– 1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) 0.07
– Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) 18.85 $
You should ask about these before you move in as it is where most conflicts occur. Also, they will normally want a one-month deposit as security and again this will vary from landlord to landlord. If you are going to retire in Pattaya then consider all your options such as access to a private hospital and ensure that you have medical aid coverage preferably from a local insurance company.
If you retire in Bangkok you will note that there are many options. From high-value areas around the BTS and MRT to lower-cost areas. Bangkok has everything you will need during your retirement.
Chiang Mai has many things to offer. The laidback lifestyle with mountain views. There are excellent medical facilities as a large expatriate community. See more here about the province.