Dozens of developers to join visa-for-property scheme: TPC

[ezzra]

It would have been a good idea to run a survey and see how many foreigners are in Thailand over all, how many own a property and what kind of property before they all jump on the greedy wagon to flog properties to foreignness...

[shackleton]

If there are people willing to buy into this scheme and looking at the numbers seems  so 

Its  positive instead of always reading negative news about investing in Thailand 

Proberly  a surprise to some on here 

[Spellforce]

Attract foreigners by investing in Thailand in exchange for a temporary 5-year visa? It is more like a 5 year lease and cannot reassure investors.

 

I think a genuine easy-to-obtain resident visa would be much more effective. And not only for the new people willing to settle in Thailand...

[locknloll]

It's all perspectives. Assumption of rentals paid out for 11 years at 2.64M @20k monthly. You get to OWN a condo @Onn Nuit area.

[Raphus]

Thailand still doesn’t understand that 80% of the worlds population are stuck in their countries and saving money due to global uncertainty.. 

maybe when Thailand finally wakes up it will have already collapsed as an economy!

[jrward42]

People seem to be confused about how a property developer can offer a visa. Surely they can just pay for an Elite visa for their customers? They have a condo worth 10 million or more and then just whack an extra 500,000 to the price and pretend it comes with a free Elite visa. I don't know how it would work with residency but buying their customers an Elite visa doesn't require them to work for immigration.

 

Having said that, it's mental and I have no idea who would go for it. Not that anyone can right now anyway.

[scorecard]

37 minutes ago, Raphus said:

Thailand still doesn’t understand that 80% of the worlds population are stuck in their countries and saving money due to global uncertainty.. 

maybe when Thailand finally wakes up it will have already collapsed as an economy!

Oh no, can't be true, my friend told me all farang are super rich, no limit to their money and their governments are rich and give every citizen, regardless of age, working or not working a big salary every month.

[ChrisvS]

18 hours ago, bkk6060 said:

I think something is lost in translation.

10 million properties?

And 30 property companies involved?

So, each company would average around 330,000 units?

 

The Base alone in Pattaya is 1,000 units.  So, 330,000 of those times 10?

And, there will be 10 million condos available with a price of 10 million b?

 

Maybe I am missing something, but none of it makes any sense.

10 million Baht properties, not 10 million properties however, I am sure you knew that. ????

[spidermike007]

A long term elite 2 million baht elite visa should be a gift. Silly to ask a foreigner to buy a condo over 10 million baht, in this upside down market, and then ask him to cough up the money for the visa.

I have personally seen hundreds upon hundreds of shops, travel agencies, massage shops, bars, restaurants, and hotels closed, in Bangkok, Chiang Mai, Pattaya, Phuket, and Samui, and many thousands have closed nationwide, many permanently. Talk to the average person. Other than government workers, the armed forces, and some food vendors, most people have been affected by this slowdown. What sacrifices is Thailand willing to make, to create the so called hub he is referring to? Ten year visas for free? Allowing foreigners to buy property here? Reducing punitive luxury and wine taxes? Reducing import duties on stuff we want to have shipped here? Ditching the submarine project, to support the people?

It is amazing how these guys go on and on and on about what they are intending to do, and never, ever talk about the sacrifices they are willing to make, to attract these new businesses and investors. A true COTU (Thailand is the center of the known universe) mentality, and it is so far from reality, it boggles the mind. Millions of jobs have been lost. What is being proposed to help those families get back on their feet? The one principal here, that they have still not come to grips with, is that Thailand needs the world, 100x more than the world needs Thailand.

 

Courageous of BAM chairman Bunyong Visatemongkolchai to state the truth. The pain will be felt for many years to come. I anticipate condo prices to drop by half. A friend of mine recently moved to Pattaya. He looked at condos in Jomtien. He walked into one of the nicest towers, looked at a 36th floor unit with panoramic views, and when he was quoted 26,000 a month, he offered 10,000. They settled on 13,000. He said the agent more or less admitted the building was nearly empty, and they could not rent to sell anything, at this time.

Demand is way down. The Chinese market is nearly gone, Russians and others are very hesitant to commit. And the long term tourists are gone too. So, who does that leave? Wealthy Thais, many of whom see the market collapsing, and would rather wait and see how all of this shakes out, and ex-pats, many of whom are smart enough to be shopping for bargains right now.

Anyone interested in buying a condo right now, would be better off waiting awhile. Timing is on your side. Time is now your ally. The economy is going remain devastated here, for a very long time to come. And the longer this goes on, the more people are going to be affected by it, and the more desperate some will become. For the wealthy it barely matters. But, there are many middle class who have money invested, and there are alot of Chinese and Russians who bought, and cannot even visit Thailand. Some of them will want to unload their properties. Wait. The condo market is severely overbuilt. And demand is low, for all but the top buildings.

 

With the tens of thousands of hotels that have closed, or are running at a 9% occupancy, the airports closed to any international traffic, and cargo, the borders sealed, real estate sales have ground to a near halt, rentals are way down, and with the economy in the duldrums, nobody could convince me that this is a good time to buy, unless we are talking about a 50% discount on a condo. 
 

[Caldera]

There's definitely a scent of desperation in the air!

 

[mar zarych]

Why would anyone in his right mind spend $333,000.00 USD for the right to a visa that in easily and cheaply obtainable in any number of other ways ? Do not forget to add in the interest and HOA fees, property tax etc. 

[soi3eddie]

11 minutes ago, mar zarych said:

Why would anyone in his right mind spend $333,000.00 USD for the right to a visa that in easily and cheaply obtainable in any number of other ways ? Do not forget to add in the interest and HOA fees, property tax etc. 

 

Also, if one buys into a new and largely unsold project and it remains that way, there will be less HOA fees paid each year (Common Areas Fees for cleaning, maintenance, insurance, repair and service etc). After a few years your investment will start to look shabby - I know as a friend rents (at a now bargain price) in one of these places. His is a highend project in Bangkok and they still have a large percentage of unsold units. Still the sales office won't discount by much. The place shows neglect after just 3 years since completion. 

 

[Tonypandy]

20 hours ago, welshguy said:

Hmnn.

 

I wonder when the stampede to buy these 10 million?, condos./long term visas will start?!

When the stampede starts for the golf quarantine! Oh no all the golf clubs that were interested have pulled out due to not being able to make any profit 

[olfu]

I wonder if these condos will be brand new and how big and what about 

location.

Its kinda smells like a scam big time.

[eastendanto]

On 12/21/2020 at 11:49 AM, bkk6060 said:

I think something is lost in translation.

10 million properties?

And 30 property companies involved?

So, each company would average around 330,000 units?

 

The Base alone in Pattaya is 1,000 units.  So, 330,000 of those times 10?

And, there will be 10 million condos available with a price of 10 million b?

 

Maybe I am missing something, but none of it makes any sense.

this is what you are missing ".... in exchange for investing at least Bt10 million in property"

[eastendanto]

On 12/21/2020 at 2:26 PM, timendres said:

 

You, Sir, are exactly right. So many times people have told me I am "wasting my money" on rent. But in the 11 years I have lived in Bangkok, I have had the chance to live in 5 different locations, each with its own unique character. I love exploring the new locations, with fresh shops and restaurants and people. Having the ability to move your 800k to another more inviting country also provides some peace of mind while watching the ever changing landscape.

 

Were I in my 30's, then, yes, I might be more concerned about building equity in a property. But at my age, death follows me like a shadow. I value flexibility much more than the investment potential.

why would you pay bt10 mill just to get a "free" elite card for 5 years.... just pay for the elit card and get a free bt10 mill condo sounds like a better deal ????????

[George FmplesdaCosteedback]

On 12/21/2020 at 6:24 PM, welshguy said:

Hmnn.

 

I wonder when the stampede to buy these 10 million?, condos./long term visas will start?!

I have read this and the original article. Nowhere can I see 10 million properties, just property to the value of Bt10m.

It is asking far too much for far to little anyway, the usual Thai style "deal".

[welshguy]

21 minutes ago, George FmplesdaCosteedback said:

I have read this and the original article. Nowhere can I see 10 million properties, just property to the value of Bt10m.

It is asking far too much for far to little anyway, the usual Thai style "deal".

  

"Most have high enough purchasing power to buy Elite cards priced at Bt500,000 to Bt2 million. To be eligible for an Elite Flexible One membership card, applicants must spend at least Bt10 million on condo-style property under the scheme."

 

I did read it squire.. 

 

Copied and pasted it for you.!  

 

I never mentioned 10 million condos..........I said the stampede to get a visa .....providing you buy a condo for 10 million baht?!!

 

I doubt there are 10 million residences, in Thailand... for the Thais..............  let alone 10 million condos! for farangs to buy!

Edited December 22, 2020 by welshguy
spelling

[smutcakes]

20 hours ago, scorecard said:

But is it sanctioned by the the immigration Bureau and the committees above the Immigration bureau?

 

The OP says 'grant' visa, 'offer' is a bit different but in reality property developers aren't in a position to grant or offer any form of visa.

 

Another view, the old saying - 'would you buy a used car from this person?'

 

Same applies to property developers and their sales people, many have no hesitation to offer to sell you the Sydney Opera house. 

 

 

Well if they are going to launch it with much fanfare you have got to expect it is. No doubt there will be some small print in it.

[kiwikeith]

On 12/22/2020 at 12:37 AM, herfiehandbag said:

That is an awful lot of condos they are looking to shift! All those speculative building projects over the last few years must have got it badly wrong!

I am just wondering if they could offer some kind of elite visa to unload the thousands of empty condos on the coast from Cha Amm to Hua Hin, these were mentioned in a article in the BK Post, they look like a sick picture, all painted the same colour and locals, expat and Thai say that no one would want to live there

In fact people say that they are ghost towns and depressing.

 

They have been empty since built, a few years now and the BK posts questioned that they were built to launder drug money. 

 

Along with these condos there were thousands of new condos going up all over Hua Hin, sick looking same colour gated communities everywhere, and over the top prices. 

 

This coupled with the high Baht made private property owners think they could sell their property for inflated prices. 

This was just before lockdown, but was going on for some time. 

Now I'm stuck in NZ since last January, so there must be a glut of housing for sale, I  wonder how the real estate agents survive. 

 

The Baht still to strong and I would guess property still being built and prices to high 

Then they are built using Burmese labour which is now shooting the government in the foot with a C19 bullet. 

 

The government should offer a free 5 year visa to the existing overseas property owners and to any other overseas buyers of private sellers or condo developers. 

This would kick start the property market and allow overseas buyers to enjoy their property without all the stupid immigration requirements. 

 

It would bring prices to reality, maybe, but it would be a huge revenue boost for the land of who's smiling now. 

[elgenon]

On 12/21/2020 at 3:49 AM, bkk6060 said:

I think something is lost in translation.

10 million properties?

And 30 property companies involved?

So, each company would average around 330,000 units?

 

The Base alone in Pattaya is 1,000 units.  So, 330,000 of those times 10?

And, there will be 10 million condos available with a price of 10 million b?

 

Maybe I am missing something, but none of it makes any sense.

Is there a Bt before the 10 million?

[Jud Canada]

On 12/21/2020 at 6:37 PM, herfiehandbag said:

That is an awful lot of condos they are looking to shift! All those speculative building projects over the last few years must have got it badly wrong!

Best to read the article properly BT 10,000,000 . 

[dcnx]

Or just buy a 5 year visa for 500k and invest your money elsewhere.

 

This scheme is as stupid as the look on the health ministers face.

 

 

[Jud Canada]

3 hours ago, Milad said:

Thailand is a sh*thole country. They have nothing but expect too much, empty expectations and no real return. They think other countries are <deleted>*king stupids and idiots like Thai government and Thai people. 

Thanks for showing everyone what a mouth piece you are. Your English is as poor as your IQ I am willing to bet. Best you stay in your own narrow minded, rude and prejudice country where you can sit and write this garbage. Thailand doesn’t need people like you here. That’s for sure.

Edited December 23, 2020 by Jud Canada

[Pravda]

15 minutes ago, Jud Canada said:

Best to read the article properly BT 10,000,000 . 

 

You and the other guy complaining about people's inability to read; the thread title was quite different and didn't make sense before it was changed. 

[Jud Canada]

19 hours ago, jrward42 said:

People seem to be confused about how a property developer can offer a visa. Surely they can just pay for an Elite visa for their customers? They have a condo worth 10 million or more and then just whack an extra 500,000 to the price and pretend it comes with a free Elite visa. I don't know how it would work with residency but buying their customers an Elite visa doesn't require them to work for immigration.

 

Having said that, it's mental and I have no idea who would go for it. Not that anyone can right now anyway.

It’s a government sponsored plan to stimulate investment. The developers simply apply for the program.

[herfiehandbag]

58 minutes ago, Jud Canada said:

Best to read the article properly BT 10,000,000 . 

However you interpret the numbers, and yes 10,000,000 is certainly not the number of condos "up for grabs", the whole idea reeks of desperation to clear a large "overstock" of unsold properties.

[Robin]

What is really on offer is a chance for criminals to park some hot money without any questions being asked, and to give them a long term visa.

So many opportunities for money laundering in Thailand

[garyk]

Rentals are a dime a dozen in Thailand. As soon as they get shabby move to a newer one. 

And that was in the good times, I cannot imagine how it is now.

Buying a condo in Thailand if a retired westerner is a fools game.

 

[dcnx]

17 hours ago, Jud Canada said:

Thanks for showing everyone what a mouth piece you are. Your English is as poor as your IQ I am willing to bet. Best you stay in your own narrow minded, rude and prejudice country where you can sit and write this garbage. Thailand doesn’t need people like you here. That’s for sure.

He’s not wrong. For the most part, Thailand is a dump, as are most countries in the region. The government is completely out of touch with everything that doesn’t involve oppression and submission, and they absolutely count on foreigners being dumb and desperate enough to buy into their silly schemes. 
 

Why would anyone pay 10 million baht for a condo so they can get a 5 year visa that only costs 500,000b?  That takes a special kind of stupid. And lucky for Thailand, there is no shortage of stupid foreigners. However, most foreigners coming to live in Thailand don’t have 10 million baht.