By KC Cuijpers, CEO, Town & Country Property Co., Ltd.

Gold. Shares. Property. Cash. Perhaps a little cryptocurrency, if that's your thing.

Everybody has an opinion about where money should go. And because I work in real estate, people naturally assume I'm going to say property is always the best investment.

Sorry to disappoint you. It isn't.

What property does well

Property is tangible. You can live in it, rent it out, improve it and, if you've bought sensibly, perhaps sell it for more later. In a place like Pattaya, a condominium or villa may also be something you and your family actually enjoy using.

That is a genuine advantage over numbers on a computer screen. But enjoyment and financial return are two different things.

What the glossy investment brochure forgets

Property is relatively expensive to buy and sell. It isn't especially liquid. Tenants can leave. Buildings need repairs. Common-area fees don't stop when the unit is empty. A change in surrounding development can affect your outlook and resale appeal.

And unlike listed shares, you cannot sell ten percent of your condominium to pay an unexpected bill.

For foreign buyers in Thailand, the legal ownership structure is another vital consideration. A condominium under the foreign freehold quota is not the same transaction as a leasehold villa or a property involving a Thai company. Independent legal advice matters.

Rental yield is not the whole story

Suppose an apartment earns good rent for part of the year. You still have to deduct vacancy, agent fees, maintenance, insurance, management charges and any other relevant costs. A quoted gross yield is not what reaches your bank account.

Capital appreciation is also not guaranteed. Sometimes you buy at the wrong point in the cycle, or simply pay too much.

What about other investments?

Shares can offer diversification and liquidity, but prices fluctuate. Bonds may provide income, but have interest-rate and credit risks. Gold has its place for some investors, although it generates no rent. Cash is useful when you need flexibility, but inflation can eat into its purchasing power.

In other words, every investment has a downside. Be suspicious of anyone who pretends otherwise, including a property agent.

What I tell my own clients

Start with what you want to achieve. Regular income? A future home? Capital growth? Somewhere to spend winter? And importantly, how long can you afford to keep your money tied up?

Then compare the property you are considering with actual completed sales and realistic rental evidence, not just asking prices and optimistic projections.

Our more detailed guide, What Actually Makes a Good Property Investment in Pattaya?, explains the checks I use.

I like property. I've spent more than two decades working in it. But I like good judgment rather more than a catchy promise of easy money.

General commentary, not personal financial, tax or legal advice. Investment choices depend on individual circumstances.

KC Cuijpers
CEO, Town & Country Property Co., Ltd.