Easing restrictions on foreign property ownership in Thailand a good idea, says leading industry figure

[regard39]

I had a dream

[bradiston]

The only solution is to adopt crypto as legal tender, as in El Salvador. Every multi millionaire wishing to cash in his coins will come flooding into Thailand eager to buy everything in sight. It'll be spend spend spend until the c̶o̶w̶s̶ chickens come home to roost. 

Edited June 10, 2021 by bradiston
Accuracy

[Seeall]

1 hour ago, tgw said:

 

the thing is - if you invest at least 10 million, you also get a visa, that is the current law.

 

so foreigners can right now invest 10 million in a condo and live in Thailand, that is not a problem.

I have invested 17 m here..  but I beleive its "approved" investents ... so its a bummer

[Derek918]

As appealing as it sounds to have foreigners being able to own land in Thailand. Don’t do it! You will be creating a bigger problem down the road. Take it from me, I’m from Hawaii. There, people came and speculated on land, and built big vacation homes. This will cause the prices to rise to a point where ordinary Thais wouldn’t be able to afford to buy their own house. The cost of an affordable home in Hawaii is now is about $700,000.00, yes they consider this an AFFORDABLE home price. I remember in the 1970’s when the Japanese came and started paying ridiculous prices for homes & property. (ridiculous for Hawaii back then). But you have to realize it was cheap if you were from Japan (the Yen was 300 Yen to the USD then, now its 109 Yen to the USD)How can a family in Hawaii afford to buy a home. In Japan now, they have Generational 100 year mortgages. When you die, your kids are on the hook. Real estate salespeople will love ❤️ it, cause the higher the price, higher the commission. I feel the present laws in owning property (51% Thai/49% Farang) will limit speculation, and being able to own a condo if building is 51% Thai is good also. I admired the real property laws of Thailand when I first got here. They will protect the citizens of Thailand, and not open it up to speculators from outside the country. What I thought was funny, was the media & people in Hawaii started to blame people from Japan for the high prices. Nobody blamed the true culprits, the people who sold the property. But could you really blame them, when  someone offered them more money than what they’ve made in their lifetime. How different would it have been, if Hawaii had the same laws, where if you were local (someone born in Hawaii) 51% local, 49% out of state ownership, 100% on condos on buildings with local ownership of 51%. Keep the law, if you want to own something, buy a condo. ????

[mrmicbkktxl]

1 hour ago, tgw said:

 

the thing is - if you invest at least 10 million, you also get a visa, that is the current law.

 

so foreigners can right now invest 10 million in a condo and live in Thailand, that is not a problem.

20 years ago they gave everyone who bought a condo 3millions up a visa,a few years later they <deleted>...ed. them all and told them can not extend.Same will happen again

[ChipButty]

57 minutes ago, Freigeist365 said:

On my gravestone will be the following inscription: "I spent a good portion of my hard-earned money on booze, motorbikes and b1tches, and I am proud of it!" ????

 

 

And the rest you squandered it? I think that saying was made famous by George Best

[KhaoYai]

1 hour ago, worgeordie said:

In principle , BUT it's never really going to happen , the restrictions

they would impose ,would not make it viable for Farangs .

regards Worgeordie

My thoughts exactly.

[ChrisKC]

The message is clear:

 

No outright ownership of land by foreigners for years to come, even supposing it gets as far as the law being recommended for change.

 

Can't make plans with this situation!

 

[ChipButty]

6 minutes ago, Derek918 said:

As appealing as it sounds to have foreigners being able to own land in Thailand. Don’t do it! You will be creating a bigger problem down the road. Take it from me, I’m from Hawaii. There, people came and speculated on land, and built big vacation homes. This will cause the prices to rise to a point where ordinary Thais wouldn’t be able to afford to buy their own house. The cost of an affordable home in Hawaii is now is about $700,000.00, yes they consider this an AFFORDABLE home price. I remember in the 1970’s when the Japanese came and started paying ridiculous prices for homes & property. (ridiculous for Hawaii back then). But you have to realize it was cheap if you were from Japan (the Yen was 300 Yen to the USD then, now its 109 Yen to the USD)How can a family in Hawaii afford to buy a home. In Japan now, they have Generational 100 year mortgages. When you die, your kids are on the hook. Real estate salespeople will love ❤️ it, cause the higher the price, higher the commission. I feel the present laws in owning property (51% Thai/49% Farang) will limit speculation, and being able to own a condo if building is 51% Thai is good also. I admired the real property laws of Thailand when I first got here. They will protect the citizens of Thailand, and not open it up to speculators from outside the country. What I thought was funny, was the media & people in Hawaii started to blame people from Japan for the high prices. Nobody blamed the true culprits, the people who sold the property. But could you really blame them, when  someone offered them more money than what they’ve made in their lifetime. How different would it have been, if Hawaii had the same laws, where if you were local (someone born in Hawaii) 51% local, 49% out of state ownership, 100% on condos on buildings with local ownership of 51%. Keep the law, if you want to own something, buy a condo. ????

Thats exactly what will happen even with the present laws the price of land in places like Phuket went up when farang became involved even rented property the minute they see a farang interested

[hotchilli]

2 hours ago, webfact said:

TAT says one million foreigners could come and stay in Thailand generating 1 trillion baht for the economy.

Yeah okay.

[aussienam]

Don't do it.

Example: Australian prime real estate has been bought up by wealthy Chinese and caused massive property price hikes that left average Aussies in the gutter and rent slaves, or pushed put into outer suburbs. 

Federal and State governments stepped in eventually and implemented punitive taxes, but some inadvertantly impacted Australian citizens too.  

Now China owns a ton of real estate and prime farm land that exports directly to China.  No benefit to Aussies. 

Once in the market, regular Aussies are bought out and Chinese expand into suburbs causing massive gentrification.  Then, like some Suburbs, you are basically an unwelcome 'visitor'in your own country.  Many Chinese don't like us down under but they still come and set up.  We also have gentrification of other nationalities, some also hostile to Aussie values whereas others have welcomed it (Greeks and Italians great people).

Chinese superpower is already expanding massively globally and this is yet another way to infiltrate and overtake.  I hope Thailand do not go ahead, despite the grumblings of expats and other investors wanting to own parts of Thailand.  Look at Cambodia, basically an annex of China. Not a xenophobic bash of Chinese.  There are many good Chinese people. I am referring to the elite classes.  

[ChipButty]

Thai people cant afford to live in Phuket now to rent a room is about 5000 baht a month thats why they share between 3 or 4 people to one room 

[Keesters]

1 hour ago, tgw said:

 

 

designated areas and restriction for residential use are the answers.

Yes. Baby steps. A full blown no restriction land grab is just plain stupid. 

[Dukeleto]

It’s not difficult, they have been doing it Malaysia for years with no problems. Thailand cannot wrap their heads around foreigners owning anything in Thailand and yet all their wealthy elite can own what they want else where...strange that.????

[Thomas J]

1 hour ago, 2009 said:

Why would I buy a Thai property now when I could just buy the S&P500 and in 10 years I will be able to buy 3 of them instead? 

 

That's the way it would have worked if you had invested in the S&P a decade ago vs. a condo here - 3 for the price of 1!

 

And the housing market has done even worse than the condo market which I will never understand, but anyway...

A home is not an "investment" it is a way of life.  You are absolutely correct.  Investing in the stock market provides you with upwards of a 1.5% to 5% dividend income each year depending on what stocks you own.  Assuming you make reasonably good picks those dividends increase over time.   With price appreciation your return should be upwards of 10% annually.  

Finally, there is no cost of maintenance, insurance, taxes, community fees etc on stocks versus a house.  Owning a house is no different than owning a car in the sense that it provides a nicer way of life, the same as a car provides a more convenient and personalized way of transport versus a bus or taxi. 

In terms of liquidity, you can get your money immediately, even borrow against your stock market investments easily as contrasted to a home and with many brokerages today there is no cost to sell your stocks.  

Finally, I see very nice homes in Thailand for lease for 20,000 to 60,000 baht per month depending on size and location.  They are also advertising these same properties for sale.  At the lease price, you would be foolish to purchase.  As little as a 3% - 5% return on your investment would pay all or a substantial portion of the monthly lease and you don't have the carrying cost.  

Edited June 10, 2021 by Thomas J

[mickymouse1]

BRILLIANT IDEA SPARKY.Never thought about it 555

[dinsdale]

2 hours ago, Hockeybik said:

"...clarification on whether foreigners would actually be allowed to own land in Thailand is needed." 

 

Clarification? Does anyone know how farang can freehold land in Thailand now? What needs clarified? Under what circumstances can foreigners own land now? I thought it was a non-starter now. (I'm not talking about owning a company that owns land.). 

Easy answer. Corrupt Chinese officials. Russian mafia. Big brown paper bags.

[spidermike007]

Now that Thailand is looking at record unemployment and economic contraction (which few here will admit to), and a condo sales market that has stopped in it's tracks, combined with a moribund economy, maybe, just maybe this might be a good idea to stimulate the economy?

 

As we know, there is still a massive gap between someone from the (anemic, nearly stopped in it's tracks) private RE sector, suggesting something, and the government acting on it. This would be a progressive idea, passed by a retrograde administration. I would love it, but I would be utterly shocked if it happened. 

[WinterGael]

38 minutes ago, sead said:

Land prices..... 

Can they be higher ????

This is so true.  All they need to do is look at other jurisdictions.   In Canada foreign ownership has made housing in some areas unaffordable for Canadians... this has led to new taxes on foreign ownership,  new restrictions, etc.  The problem is, once the bag is opened its hard to close.  And the people who pay in the end will be the average Thai who already carries a large debt load... 

[ChipButty]

If it flys floats or <deleted> in Thailand then just rent it 

[Parsve]

2 hours ago, webfact said:

mainly the so-called digital nomads.

I am one of those digital nomads and in my opinion very few of us, if any, could be described as very wealthy. We would not struggle with working then, would we?

[from the home of CC]

imo, it will never happen.. 

[aussienam]

32 minutes ago, spidermike007 said:

Now that Thailand is looking at record unemployment and economic contraction (which few here will admit to), and a condo sales market that has stopped in it's tracks, combined with a moribund economy, maybe, just maybe this might be a good idea to stimulate the economy?

 

As we know, there is still a massive gap between someone from the (anemic, nearly stopped in it's tracks) private RE sector, suggesting something, and the government acting on it. This would be a progressive idea, passed by a retrograde administration. I would love it, but I would be utterly shocked if it happened. 

A condo market stopped in its tracks??? I hear the 'honest' real estate 'agents' (anyone in Thailand can get a gig as an agent) saying the market now is great! As we know, real estate agents never lie!  (tongue firmly planted inside cheek)

[Libai]

If the world was fair then, as we cannot own land here then Thais should not be able to purchase land abroad 

[timberpond]

To produce 1 trillion from 1 million people is each have to spend 1 million baht a year.

I easily spent twice this amount here a year yet I'm treated like a soi dog flee in Thailand.

Time to liquidate and move... 

 

Wealthy = Smart. Let's see how many wealthy idiots fall for it. 

[Parsve]

Strictly seen the king own all land in Thailand, so how should decide about  this? He, the owner or the government?                         

[LivinLOS]

3 hours ago, Hockeybik said:

"...clarification on whether foreigners would actually be allowed to own land in Thailand is needed." 

 

Clarification? Does anyone know how farang can freehold land in Thailand now? What needs clarified? Under what circumstances can foreigners own land now? I thought it was a non-starter now. (I'm not talking about owning a company that owns land.). 

Investing 40m or more.. 1 rai in limited circumstances for a personal home. 

BOI Directors, CEO of multi nationals etc. Same 1 rai. 

Inheritance, 1 year to disposed of it. 

[connda]

Wealthy foreigners will buy land with the intention of flipping it. 
Guys married to Thai women will buy land and pass it down to their Thai family.

They'll fubar themselves with all this emphasis on opening up land purchases to the wealthy.  But?  Greed consumes itself in the long-run.

[kynikoi]

More (Thai) hopium.

 

Again, it's everything for Thais nothing for investor / homeowner.

 

First, even the article is entirely skeptical that something like this could happen.

 

Second, only an absolute idiot would go out and purchase property without the full backing of Thai law which is codified into the Thai legal system and published in the Royal Gazette.

 

Third, 70 year leases lol. What moron would put down 70 years worth of what essentially is rent given to a Thai outright. That just seems to be 2.5 times more stupid than the 30-year lease.

 

They just absolutely cannot come up with anything which is the least bit appealing even to those of modest incomes.

 

Like everything else that this group proposes it's going absolutely nowhere.

[LivinLOS]

1 hour ago, mrmicbkktxl said:

20 years ago they gave everyone who bought a condo 3millions up a visa,a few years later they <deleted>...ed. them all and told them can not extend.Same will happen again

No they grandfathered those extensions in..