Thai media reports foreigners ready to make Thailand "their second home"

[sanuk711]

2 minutes ago, Surelynot said:

Financially it might be a good investment, but there are so many unknown factors that come into play it certainly isn't a "sound" investment..........politically unstable, financially unstable, changing laws, anti-foreign (or anti-farang) sentiments..........and tied to a property you might not be able to sell.............renting is a no brainer.

Its all about timing & your attitude to investment isn't it---I see people on here telling us what a great buy BitCoin & the other 1,583 cryptocurrencies are , & the same people saying how risky it would be to buy a house. -"politically unstable"... Can you tell when it was really stable here, this is S.E. Asia 11 countries and if its not communist or a monarchy, then Singapore would probably be the only one that would meet that yardstick.

"financially unstable,".... compared with what S.A Asian country.?

 

"Changing laws"...... , when we are talking about buying here, or Visa's then the laws just get easier. Not until 1999 could a Thai person own a house (land) if she/he was married to a Foreigner.  1/--now that was something to moan about.

Visa's...... about 2003-5 there was no such thing (as what we call Retirement visa's) No, when your Visa was up you left to roll the dice, go to another country-ask the Thai embassy in that country for another Visa.  Have sat on the bus for 16 hours with old age pensioners headed for Malaysia or where ever a friendly embassy was.

90 Days--Leave the country, even when you have a years visa , take a bus/Train to the nearest foreign country and do a ridicules U turn and come back, no tapping on a keyboard or visiting your nearest office.  

 

"anti-foreign (or anti-farang) sentiments"---If you tell me its happened to you, I believe you, but I really have not come across it, even when I lived in BKK & Pattaya.

 

.1/ It is only since the Ministry of Interior regulation (Letter Mor.Thor 0710/Wor.792 dated March 23, 1999) that a Thai national married to a foreigner is allowed to legally acquire land and following the prescribed procedure is allowed to register ownership of land

[DirtyHarry55]

47 minutes ago, Daithi85 said:

Couldn't meet the visa requirements?? Surely if they could afford to own property here they'd have  no problem paying  a visa agent to help them  out. 

 

They made the mistake of putting all their capital into Property and using an Agent is against the law, many got busted and they're not always easy to find outside Bangkok and in the Provinces.

[Freeduhdum]

It's plausible, look at who the article is marketing to. People who don't really have much extra cash, but believe and would accept a 30m2 box as a vacation home in a perceived exotic locale. Or... the investor who will be looking to buy up properties to rent out to all of you who think renting is the next best thing... Take that nest egg, go buy up some rental properties and live off the rental income?

[Daithi85]

Just now, DirtyHarry55 said:

 

They made the mistake of putting all their capital into Property and using an Agent is against the law, many got busted and they're not always easy to find outside Bangkok and in the Provinces.

Absaloutly not true.if using an agent is against the law, well there's going to be Alot of people  in trouble... And visa agents are very  easy  to find if you really need to find one..i think your making up fairytales.

[Surelynot]

7 minutes ago, sanuk711 said:

"Changing laws"...... , when we are talking about buying here, or Visa's then the laws just get easier. Not until 1999 could a Thai person own a house (land) if she/he was married to a Foreigner.  1/--now that was something to moan about.

Visa's...... about 2003-5 there was no such thing (as what we call Retirement visa's) No, when your Visa was up you left to roll the dice, go to another country-ask the Thai embassy in that country for another Visa.  Have sat on the bus for 16 hours with old age pensioners headed for Malaysia or where ever a friendly embassy was.

90 Days--Leave the country, even when you have a years visa , take a bus/Train to the nearest foreign country and do a ridicules U turn and come back, no tapping on a keyboard or visiting your nearest office.  

Excellent points all of which support my concerns.....laws/rules have moved quite quickly........and can move again.........perhaps not in a direction you found so convenient ..........imagine the tide turns and suddenly.......

 

Ownership laws change......no foreign ownership, you have 2 years to sell up

 

Visa restrictions..........5 million baht must be held on deposit.........probably not a problem for you, but for many expats, especially those with property it would be a nightmare.

 

Simply not worth the risk when you can rent, still make a positive return on the invested capital even after rent is taken into account and................you can just walk away if the need ever arises.

[sanuk711]

1 minute ago, Surelynot said:

.imagine the tide turns and suddenly.....

I can imagine those things Surlynot.......or I can imagine it proceeding the way it has for the last 2 decades.

[Surelynot]

2 minutes ago, sanuk711 said:

I can imagine those things Surlynot.......or I can imagine it proceeding the way it has for the last 2 decades.

Finger crossed for you..........????

[sanuk711]

18 minutes ago, dinsdale said:

Corrupt Chinese officials and Russian mafia. Thai definition being quality investors.

Why is that the "Thai" definition dinsdale ? 

 

1/ China has become the largest foreign buyer of U.S. residential real estate.

2/ Foreign buyers make up over 40% of London’s prime property market

3/ China purchased $113.2 billion worth of Australian residential and commercial property in the decade to the 2018-19, accounting for 19.3 per cent of all foreign asset purchases.

 

 

 

[DirtyHarry55]

14 minutes ago, Daithi85 said:

Absaloutly not true.if using an agent is against the law, well there's going to be Alot of people  in trouble... And visa agents are very  easy  to find if you really need to find one..i think your making up fairytales.

The methods agents use to get the Visas for 20k are Illegal.
Of course some Agents are legit but then you need the cash on your Bank Account and they just do the leg work for you and they don't cost 20k

more like 4-5k.

[dinsdale]

7 minutes ago, sanuk711 said:

Why is that the "Thai" definition dinsdale ? 

 

1/ China has become the largest foreign buyer of U.S. residential real estate.

2/ Foreign buyers make up over 40% of London’s prime property market

3/ China purchased $113.2 billion worth of Australian residential and commercial property in the decade to the 2018-19, accounting for 19.3 per cent of all foreign asset purchases.

 

 

 

Because the story is about Thailand. 

[4MyEgo]

As long as their not delusional, i.e. that it is a cheap place to live, e.g. if they have free healthcare back in their country, private health care cover here costs a lot depending on age, and going without it can cost even more is one has an emergency or requires elective surgery.

 

Property is relatively cheap, depending on where one comes from and where one wants to live here in Thailand, but getting your money back might be another thing and or take a long time to sell.

 

Private schooling for kids is not cheap either, but again, depends on whether you want your kids to have an education or not.

 

Imported foods and wines are more expensive than they are back in the home country as are medications.

 

In the almost 6 years I have been here I have seen our budget double, fortunately for me I always 2.5 times everything I plan for, so still have 0.5% to go before I start going into my own reserves.

 

The strangest thing is if I went back to my home country the only thing I would be worse off is not having the big place we live in and my life savings would have to go straight back into a property which would be about 4 times smaller than this place with neighbours at each side, behind and across the road, no thanks, not yet anyway.

Edited May 24, 2021 by 4MyEgo

[sanuk711]

1 minute ago, dinsdale said:

Because the story is about Thailand

Yup your right dinsdale.....

I forgot we are not allowed to make relevant comparisons...????

[jak2002003]

1 hour ago, sungod said:

 

Always depends where you buy, one of mine has doubled in price in 15 years, didn't initially buy it as an investment, rather somewhere to live where I liked and not to throw away money by renting.

 

Having your own condo to live in also keeps you off ' the landlord wont pay back my deposit, what shall I do?' threads. ????

See how you double  investment plans out for you when your try to sell it. We can all get valuations that sound good on paper, but when we come to sell it might not be that easy to get the money you want.  

[AlfHuy]

18 minutes ago, sanuk711 said:

Why is that the "Thai" definition dinsdale ? 

 

1/ China has become the largest foreign buyer of U.S. residential real estate.

2/ Foreign buyers make up over 40% of London’s prime property market

3/ China purchased $113.2 billion worth of Australian residential and commercial property in the decade to the 2018-19, accounting for 19.3 per cent of all foreign asset purchases.

 

 

 

yes, to launder all the dirty cash.

[dinsdale]

12 minutes ago, sanuk711 said:

Yup your right dinsdale.....

I forgot we are not allowed to make relevant comparisons...????

I didn't say that. You asked a question I gave you an answer. Believe me I have been saying for many years that China, is the most dangerous country on Earth and the west has been bending over to them. 

Edited May 24, 2021 by dinsdale

[ThailandRyan]

1 hour ago, Daithi85 said:

Any examples? 

I know a few guys who wrapped up their savings on buying property and building a house with the misses.  After all of the savings were spent to make life easy the pension left is barely enough to cover the 40k a month, yet it still covers the necessities and thats it, nothing for emergencies, and a few fell behind the 40k a month transfers due to the exchange rates.  One has returned to the US at 70 and has been working as a Walmart greeter while living with his daughter for the past 9 months to build up his reserves again so he can return.  He did not have the funds to pay for an agent, and his family is not well off enough to loan him the money.  He had already borrowed from a few of us and has been unable to return the money so no one he knew would loan him the funds.  He could have gone to a loan shark, but then where would he be.  He has saved enough so far, and plans on returning in another 6 months or so provided the quarantines are removed, as that amount would cover 2 months of basic living expenses.  He has lived in Udon for over 20 years.  Covid shut the finance door on him as his wifes tourism job evaporated.  The other ones are in similar boats.....not all of us expats are cut from the same financial coat.

[sanuk711]

Just now, dinsdale said:

I didn't say that

No its not you-- we have been told that on other posts, not to compare...I just forgot.

[Rampant Rabbit]

2 hours ago, Surelynot said:

I would imagine this is quite true.....for anyone with the cash they must be eying opportunities here......advertised prices might stay steady but negotiated prices must be way down.

Not  that Iv'e seen, Wife  was  offered a  condo recently at a knockdown price.... except it wasn't much of a knockdown, 1.6 million  normally  1.8  million to 2.0  million and rental  income only 7000 baht a month is  poor  compared to one we bought two  years ago at 800k and rental  income 8000 baht.

[worgeordie]

I am sure there must be millions of people who cannot wait to

get here and buy a small box to live in as their second home ????

 

Did the writer of this article used to work at T.A.T. same  B/S.

 

regards worgeordie

[AlfHuy]

2 minutes ago, Rampant Rabbit said:

Not  that Iv'e seen, Wife  was  offered a  condo recently at a knockdown price.... except it wasn't much of a knockdown, 1.6 million  normally  1.8  million to 2.0  million and rental  income only 7000 baht a month is  poor  compared to one we bought two  years ago at 800k and rental  income 8000 baht.

800k for an apartment?

Was it this one here.

The 15m2 luxurious ocean view condo?

[Rampant Rabbit]

2 hours ago, Taboo2 said:

This is one article where I can agree....I will make Thailand my second home, but I will not buy a Condo....that is not a good investment.

Not true,  have bought and sold  many over the last 18 years, although it's  my Wife doing it, she hasn't  lost  money yet and way  back in early 2003-4-5 the market went  crazy and she bought many, all since sold and all at a  profit  usually fater renting them out for 1-3  years. She  still  holds 7  currently.

[Pottinger]

2 hours ago, Surelynot said:

I would imagine this is quite true.....for anyone with the cash they must be eying opportunities here......advertised prices might stay steady but negotiated prices must be way down.

 

Indeed they are, and people are hurting; on the Thai language FB page advertising condos and houses for rent and sale in Bangkok, there a many places, clearly bought as investments in the good times, being advertised at discounts of 15-20%, both rental and purchase. Sadly there are many household items - furniture, white goods etc - also being advertised there, which suggests their owners are desperately bailing to keep their lives from capsizing.

[Surelynot]

10 minutes ago, Pottinger said:

 

Indeed they are, and people are hurting; on the Thai language FB page advertising condos and houses for rent and sale in Bangkok, there a many places, clearly bought as investments in the good times, being advertised at discounts of 15-20%, both rental and purchase. Sadly there are many household items - furniture, white goods etc - also being advertised there, which suggests their owners are desperately bailing to keep their lives from capsizing.

Our soi is lined with tuk-tuks, motorbike taxis, taxis and now people with private cars......all touting for business...pretty grim.......one guy had a  Mercedes SUV.

[samtam]

2 hours ago, Misterwhisper said:

 

This image really lends the article a touch of trustworthiness. Well done, Thai Rath!

 

I'm guessing the background picture is Hong Kong. Certainly nowhere like this in Bangkok, which is a flat as a pancake. The buildings on the left are on a hill, much like Hong Kong island.

Edited May 24, 2021 by samtam

[Rampant Rabbit]

21 minutes ago, AlfHuy said:

800k for an apartment?

Was it this one here.

The 15m2 luxurious ocean view condo?

Woefully  poor  , rented now with ease for over two  years this  is the actual room. 800k paid inc  taxes, rent 8k month@city condo studio room think its 30-35m2 7th  floor pool view. Currently they sell  for about  1.4-1.6m

 

Edited May 24, 2021 by Rampant Rabbit

[CrunchWrapSupreme]

2 hours ago, DirtyHarry55 said:

Know quite a few Expats who were forced out because they couldn't meet the Visa requirements

I remember when those embassy letters stopped. My local Issan watering holes cleared out the following months. Most had decent pensions, but not enough to meet the requirements. Others had enough money, but as I recall from their rants, could no longer jump through immigration's hoops of deposits on certain days, bank books updated on certain days, deposits marked with certain codes, or the money sitting in their accounts with just enough "seasoning".

[Rampant Rabbit]

1 minute ago, CrunchWrapSupreme said:

I remember when those embassy letters stopped. My local Issan watering holes cleared out the following months. Most had decent pensions, but not enough to meet the requirements. Others had enough money, but as I recall from their rants, could no longer jump through immigration's hoops of deposits on certain days, bank books updated on certain days, deposits marked with certain codes, or the money sitting in their accounts with just enough "seasoning".

Yes ridiculous requirments, what does it  matter what day the money is  brought in as long as it  is  brought in.

[Daithi85]

25 minutes ago, ThailandRyan said:

I know a few guys who wrapped up their savings on buying property and building a house with the misses.  After all of the savings were spent to make life easy the pension left is barely enough to cover the 40k a month, yet it still covers the necessities and thats it, nothing for emergencies, and a few fell behind the 40k a month transfers due to the exchange rates.  One has returned to the US at 70 and has been working as a Walmart greeter while living with his daughter for the past 9 months to build up his reserves again so he can return.  He did not have the funds to pay for an agent, and his family is not well off enough to loan him the money.  He had already borrowed from a few of us and has been unable to return the money so no one he knew would loan him the funds.  He could have gone to a loan shark, but then where would he be.  He has saved enough so far, and plans on returning in another 6 months or so provided the quarantines are removed, as that amount would cover 2 months of basic living expenses.  He has lived in Udon for over 20 years.  Covid shut the finance door on him as his wifes tourism job evaporated.  The other ones are in similar boats.....not all of us expats are cut from the same financial coat.

Yes sounds terrible for the old guy having to go back to the states, but he would  of been  covered  by the visa amnesty and now  be on the covid extensions  at 1900 baht a pop. There was no need  to leave... 

[clivebaxter]

Anybody that does has my sincere sympathies! 

[Emdog]

I bought my small condo about 15 yrs ago, 800k (and this was when $ was around 40 baht). Rents were about 15k/month at the time ($5400/yr). Using calculator, it was paid off in about 4 1/2 years, so I've been living "rent free" for at least 11 years. I know that due to lack of demand plus overbuilding would have led to lower monthly rent, I'm still far ahead of renting. Condo fees cheap here, maybe $300/year.

I could walk away from this place and still come out ahead of renting even if I gave it away. I didn't see this as an investment per se, but more like eliminating a monthly drain.