Thai govt considers allowing foreigners to more easily buy/own property

[ChrisKC]

Am I right that some people think the law about land ownership for foreigners is a bureaucratic one? I don"t think so. It is about the abuse there (could) would be in buying property simply to sell it on to another foreigner at a substantially higher price. This is arising from the property prices in the West being very much greater than in Thailand. One sells their property in USA for example,  at the going rate, say $500,000. This capital will allow two similar Thai properties to be purchased and sold on with a profit of say, $100,000, to two other foreigners who will still get something better than an equivalent price back home.

 

This scenario artificially creates a rise in property prices that begins to exclude Thai people

 

I am in favour of land ownership in Thailand but with conditions that prevent the above.

[berrec]

"Moving Forward", C'mon man!

 

They can't even keep TM30 amd 90 Day online reporting software up and running.

 

[Excel]

1 hour ago, unblocktheplanet said:

Frankly, I have always been strong opposed to foreigners being able to buy property. Just like the Chinese in other countries, or Yanks in Mexico, it would drive prices up & locals would never be able to afford their own home. We're guests here. Get used to it.

I agree with your first point and look forward to the day when all foreign governments confiscate all property purchased by Thais in those respective countries. Seems pretty fair to me.

[shackleton]

21 hours ago, tjo o tjim said:

How many farang would want to live in a Thai housing estate?  I mean it as an honest question— it would not be attractive to me, and I can’t quite figure out who the target market would bel\.

The housing estate we live in has a majority of Thai family residents very social and nice people 

 plus very quite in the evenings 

[Excel]

40 minutes ago, noone223 said:

I had this girlfriend in Highschool who was very shy and timid from sex.

Had to leave her.

Few years go by, she Skype calls me, tells me she does anal and shows me a butt plug.

 

Thailand reminds me of her.

 

She sounds just the type many of us dream about ????????

[SupermarineS6B]

4 minutes ago, sungod said:

 

I think its great news if it happens, should generate some good income.

 

Try having a moan at that!

Confusious say........ Show wealth and success in Thailand as a foreigner and your days are numbered.....  Why do you think the old Chinese shop keepers used to dress in the same shirt and trousers for years, finish work, go out the back and get into the Merc and go home .......  Never show success or wealth in Thailand, it'll go quick......    Too many people in Thailand are applying western logic to a situation where it's alien....... East is east.........   Environment....... Kao jai mei ?  

[Gabor56]

Much Ado about Nothing.... business as usual 

[Excel]

40 minutes ago, noone223 said:

I had this girlfriend in Highschool who was very shy and timid from sex.

Had to leave her.

Few years go by, she Skype calls me, tells me she does anal and shows me a butt plug.

 

Thailand reminds me of her.

 

She sounds just the type many of us dream about ????????

[smylee52]

10 minutes ago, ChrisKC said:

Am I right that some people think the law about land ownership for foreigners is a bureaucratic one? I don"t think so. It is about the abuse there (could) would be in buying property simply to sell it on to another foreigner at a substantially higher price. This is arising from the property prices in the West being very much greater than in Thailand. One sells their property in USA for example,  at the going rate, say $500,000. This capital will allow two similar Thai properties to be purchased and sold on with a profit of say, $100,000, to two other foreigners who will still get something better than an equivalent price back home.

 

This scenario artificially creates a rise in property prices that begins to exclude Thai people

 

I am in favour of land ownership in Thailand but with conditions that prevent the above.

 

 Seriously ? Have you tried to sell a house in Thailand ? Listings last for years . You can't compare the hot Western markets to the plodding real estate market in Thailand .  

 

The people who build make big profits in a good market but resellers are not so fortunate unless you take the risk of buying off-plan .

 

No conditions necessary . Allow proper foreign home ownership and give the economy a shot in the arm .

[Tonypandy]

22 hours ago, holy cow cm said:

I would gather there will be fill areas inundated with Chinese living there after the purchase. They should put limitations on who can buy what and where and not leave it wide open to be desecrated by o ne race. And I am not talking about the token low number of 100 people available per year able to get PR.

The Chinese already realise that Thailand is not a good place to buy property. In China they can make profit when selling a property, they have learned that is not the case in Thailand. Many Chinese come here to educate thier children at International schools, going forward these previous potential buyers will become renters only. They can leave when they decide and not get stuck with an unsellable house or condo. 

[newnative]

Great!  Looking forward to the condo foreign quota being raised.  Would be nice if they had a lower figure for house ownership--10MB is way too high. 

[ChrisKC]

5 minutes ago, smylee52 said:

 

 Seriously ? Have you tried to sell a house in Thailand ? Listings last for years . You can't compare the hot Western markets to the plodding real estate market in Thailand .  

 

The people who build make big profits in a good market but resellers are not so fortunate unless you take the risk of buying off-plan .

 

No conditions necessary . Allow proper foreign home ownership and give the economy a shot in the arm .

My comment refers to the current and long time law, not current circumstances - that could change!

 

In any case, I am not suggesting that one sells and buys in very short time. The amount of potential profit is worth waiting for and beats any other way of making substantial income from doing very little.

[ThailandRyan]

3 minutes ago, newnative said:

Great!  Looking forward to the condo foreign quota being raised.  Would be nice if they had a lower figure for house ownership--10MB is way too high. 

Could buy a triplex of townhouses and rent out the ones on the ends...lol

[scorecard]

QUOTE:

"Firstly the Condo Act of 2008 is set to be changed, they suggested.

 

At present 49% of condos in a block can be owned by foreigners according to law.

 

This is set to change to somewhere between 70% and 80% though those above 49% who are foreign would not have voting rights at Juristic Person meetings."

 

This whole report is put forward by Thai business people, not the gov't.

 

Bottom line is very simple; developers have many unsold units and they want to build even more so they concoct these 'reports' for one purpose; build more sales, revenue and profits.

 

 

[ramrod711]

22 hours ago, Pattaya Spotter said:

Nothing like a little racism to brighten the day.

I don't believe that protecting your country from Chinese ownership is racism, I think it's survival. China can not feed itself. That is a fact, search "China buying farmland in Canada". The worlds second largest country with a population of 45,000,000 allowing the takeover of a huge swathe of Saskatchewan, which represents roughly 45% of Canadas agriculture.

[PGSan]

21 hours ago, Pattaya Spotter said:

who presumably don't anticipate living more than 50 years

Heh!  Some of us certainly do so anticipate.  

[PGSan]

10 minutes ago, ramrod711 said:

protecting your country from Chinese ownership is racism, I think it's survival

So! What is the difference between these two? 

[PGSan]

11 minutes ago, ramrod711 said:

allowing the takeover of a huge swathe of Saskatchewan

Good for them! 

[Raphael Hythlodaeus]

Thanks, but as a long-time resident here . . .

 

(1) I do not want to buy a house/land in a Thai housing estate. Maybe in an area of my choice, without restrictions.

(2) I would not buy another condo if I do not have voting rights.

[Raphael Hythlodaeus]

2 hours ago, SymS said:

Why limit this to housing estates? What is the rational behind it?

Because this plan was formulated by the property developers for their own interests.

[Noah K]

I read that some "don't believe any of this" and that is understandable. I can tell you how I feel, but let me instead tell you what I know. For most of the expats that I have met, well, they don't have 10 to 15 million to invest in property, let alone build on that property. As an expat, I understand that I have to follow the rules as crazy as they may seem. However, my Thai partner (we are not registered as married) but we are living together and acting as married. According to our attorney, that is good enough. We have a land title in both our names, no percentages are mentioned. And because Thai law prohibits me from outright owning property, we had our attorney draw up documentation as to what happens if my wife dies first, what happens if I die first, and what happens if we both die together at the same time, i.e. plane crash. It is all perfectly legal. And because I am on the deed, I was able to pull permits to build the house. This legal document and will, showing where, when, who, and why is all you need to feel at ease when purchasing and investing your money in Thailand.

[bbbbooboo]

Hmmmm.......  .I'm not holding my breath

[BumGun]

23 hours ago, webfact said:

The amount of foreign owned condos in a building is also set to increase well above the 49% ceiling though they would not have voting rights.

No voting rights ? That would be a big NO from me dawg. Just impose a CPI indexed 100% CGT  for non citizens if they are worried about rampant prices from foreign owners. That is, when sold any GAIN after CPI (if you are fortunate enough to see any) will be taxed at 100%

 

That said, I am not the target, while I have the money I am always squirely about sovereign risk and would rather invest where that isn't an issue and then just rent where it is a risk.

 

As mentioned by others this is currently just a kite flying proposal by a few Thai business people.

[Raphael Hythlodaeus]

4 minutes ago, Noah K said:

We have a land title in both our names, no percentages are mentioned.

How are you able to own land in Thailand, unless perhaps under the US-Thailand Treaty of Amity?

[digger70]

Thai govt considers allowing foreigners to more easily buy/own property. 

 

After reading that  ???? Nothing will change for the Average  Joe . 

And If they change their Mind  after 3/5 years,,,Knowing to happen ,,, Back to square one.

[Caldera]

Too much hassle, no rule of law, no thanks! I'll continue to rent in Thailand.

[Noah K]

9 minutes ago, Raphael Hythlodaeus said:

How are you able to own land in Thailand, unless perhaps under the US-Thailand Treaty of Amity?

I don't own land, WE own land together. There are no percentages mentioned on the deed, just think of it as "dual ownership" but, and there's always a but, we had to legally document what would happen to our joint ownership if we were to say; break up, or if one of us, or both of us were to die. As long as you and your partner are willing to sign documents to the facts (drawn up by an attorney is best) you have little to worry about. If my partner was to die, I as an expat have two choices, one is to sell the property, because I can't out right own it myself, or two, find another Thai partner to share ownership with. But, because we have legal, notarized, documentation as to our wishes, no one can say, "Hey, that's was my mom's land, she died, now it's my land. The cost was reasonable all things considered, it can bring piece of mind if you have any doubts of your partners sincerity. 

[LukKrueng]

23 hours ago, ThailandRyan said:

So for those who say there is no such thing as a land lease for 30/30/30 this would make it a 50/40 lease and will it stand the test of time or will one loose the whole enchilada as some have indicated in another thread.

At the moment 30 years is the maximum period for a lease, therefore 30+30+30 is not legal and can't be enforced by court. But they are taking about changing our amending the law. If they do the option of 50+40 will exist, and therfore 30+30+30 might be legal as well as both options total 90 years

[RichardColeman]

6 hours ago, shdmn said:

No of course not.  If you own the land you own the land. 

Yea, but Thai laws are you as a farang CANNOT own the land

[farik]

falangs owning more than 49%, who would like to live in a condo where there are too many drunk and annoying falangs? At least now Thai make living there bearable, but later on? Who wants to see falang morons there in even larger numbers?