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

Buy a condominium before construction starts, pay the developer in stages, and sell it later for more money. Sounds simple, doesn't it?

I've worked in Pattaya property long enough to remember when people genuinely made good money doing exactly that. I've also watched buyers discover that an attractive launch price does not guarantee a profitable exit.

First, forget the guaranteed profit

A developer's opening price can be attractive. It can also be a marketing price. Whether a property eventually resells for more depends on demand, competing supply, completion quality, the broader market and, sometimes, plain luck.

The developer may increase the advertised price during construction. That does not mean an independent buyer will pay that amount for your unit. There is a big difference between a new price list and an actual completed sale.

A simple example, with a catch

Imagine agreeing to buy a condominium for THB 4.5 million and hoping to resell it later for THB 6 million. On paper, that's a THB 1.5 million gain.

But it isn't your net profit. You still need to consider transfer costs, taxes, commissions, financing, currency movements, maintenance and holding costs. You also need a real buyer, at the price you want, at the time you want to sell.

And if the market turns? You may have to complete the purchase, hold the property longer, reduce your price or accept a loss.

What I would check before committing

  • The developer: completed projects, financial track record, construction quality and realistic delivery schedules.
  • The permits: land title, planning permissions, EIA requirements where applicable and what has actually been approved.
  • The contract: payment dates, completion obligations, penalties, cancellation terms and whether assignment or resale before transfer is permitted.
  • The unit: genuine appeal to an end buyer or tenant, not just a nice sales-gallery rendering.
  • The competition: comparable completed condominiums and the stock likely to be available when this project is finished.
  • The ownership structure: foreign-quota availability and all applicable requirements confirmed independently.

Sometimes the best launch deal is a completed resale

I enjoy looking at new projects. But I also like walking into a completed building, checking the management, seeing the actual view, reviewing the financials and inspecting the precise unit being sold.

That level of certainty can be worth considerably more than an attractive pre-launch discount.

So would I buy off-plan?

Of course, if the project, developer, contract, location and numbers were convincing. But I'd buy on the assumption that I might need to own the property for a while, not because somebody promised I could flip it before completion.

Property can be a sound investment. Speculation is another business altogether.

For a broader look at yield, growth and risk, read What Actually Makes a Good Property Investment in Pattaya?

This article is general market commentary, not legal or investment advice. Have the contract and ownership arrangements independently checked before paying a deposit.

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