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

[kynikoi]

Keeping foreigners out of the property market only protects wealthy Thais and keeps prices lower than they might be otherwise.

 

It's not that the prices will necessarily rise higher although that certainly possible. Rather, all of a sudden the wealthy Thais have competition and bidding for the property.

 

I mean what average tie can purchase a 10 million baht condo or a piece of land valued in the hundreds of millions of baht?

 

The property market itself is effectively Gray and extremely opaque. Opening this up to foreigners it's just problematic for the local sketchy folk.

[talahtnut]

I would not trust anything coming from the real estate industry,

or indeed, the Thai government.

[thailand49]

The Association has zero power but to suggest "  many layers before a law can be amended "  " take years "

Guess what this is already in the trash when it comes under consideration what will happen is the old leaders get a good laugh and when they done will ask what fool is suggesting the idea?????

[mrmicbkktxl]

13 minutes ago, LivinLOS said:

No they grandfathered those extensions in.. 

They didn't, I bought a condo at that time at one point I left Thailand for 18 months and they didn't give me a new investment visa when I wanted to come back.They change the rules whenever it fits them

[Fex Bluse]

This is one of those rare cases where I understand the Thai reluctance to allow foreigner land ownership. 

 

Particularly as they have China in their backyard. 

 

Wealthy Chinese criminals and legitimate wealthy Chinese will buy Thailand dry. In a single generation. 

 

It's a bad move to be too liberal with land ownership and it's something many Western countries don't understand 

 

The Thais should control it and monitor it religiously 

Edited June 10, 2021 by Fex Bluse

[Pilotman]

1 minute ago, Fex Bluse said:

This is one of those rare cases where I understand the Thai reluctance to allow foreigner land ownership. 

 

Particularly as they have China in their backyard. 

 

Wealthy Chinese criminals and legitimate wealthy Chinese will buy Thailand dry. In a single generation. 

 

It's a bad move 

 

They should control it and monitor it religiously 

you are absolutely right, selling off your land, your prize assets to foreigners makes no sense at all. I just wish the UK would adopt the same polices as Thailand ,keep the Russian criminals and the Chinese megalomaniacs from owning anything. 

[digger70]

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

 

Of course he would say that . Selling More properties at Jacked up prices for foreigners.

[Surasak]

All pigs fed and ready to fly. Let me know when take off is scheduled, I'd like to be there.

[Pungdo]

I've been saying for a long time now, that if you are legally married to a Thai, then you should be allowed joint ownership of your principal place of residence, even if a size limit was applied to the plot of land the home sits on and even a caveat that if you want to sell that home and move to another that the first property must be sold before joint ownership was possible on the new property, no harm in that I believe.

[spidermike007]

1 hour ago, aussienam said:

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)

 

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 28,000 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 or sell anything, at this time.

 

Another friend told me that a girlfriend of his works as a senior level executive for one of Thailand's biggest developers. She told him that they have reduced their building by 90% of what it was pre-Covid, which was around 100 to 120 developments a year. They have stopped projects mid construction. She said it is nearly impossible to sell, lease or rent anything right now. 

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 major bargains right now.

 

It does not make sense to invest in anything here, right now, unless it is discounted 40% or more, than it was pre-covid. Personally, I think when this is all over, it will be far worse than the 1997 collapse. 

 

Edited June 10, 2021 by spidermike007

[MRToMRT]

I have been waiting 28 years for them to give me the right to buy a small piece of land legally. I think it will be another 28 before it actually comes to fruition.

 

In that 28 years I only heard one PM actually talk about it as a possibility. It was the one I used to (before this lot) dislike the most, Thaksin S. 

[RichardColeman]

I can confirm at least 95% of all my facebook Thai friends are angry about it going by their posts.

[BumGun]

4 hours 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.

SO if I buy a Condo that I own for B10 Mil, I am entitled to a visa ? or do I need to spend extra per annum to hold said visa, can I come and go with it ? What's this visa called ? How long does it last for ? What hoops are there to go through ? does it include my parter or just me ?

[Toby1947]

Commenting  as someone who is not short of a Bob or two. I wouldn’t buy a box of matches in Thailand 

[the green light]

Ownership of condo has never  been a great idea for the average farangs  to  buy due to the monthly maintenance fees .

 

Typical farangs who wants to buy a house are the married to Thai wife with children. They  do not want to be  bothered  with  other monthly expenses and the threat of the wife to take it all.

 

The competitors for land , houses and condo in thailand are the Thai people themselves. The government will not do anything to tilt the balance for the rich tourists,  but rather make it more expensive and difficult for the rich tourist o buy in Thailand.

 

Land ownership has never been a decisive factors for tourists. The two reasons that  has affected tourism are the value of the Baht , easy of immigration rule and ability to move around and see the country 

 

A lesson to learn from the history of Microsoft. IBM laughed at Bill gates when he proposed to sell his operating system cheap, ."how can you make money"

 

Tourists' volume is the answer for TAT. see how you can attract back the backpackers , and the one/two week tourist. an not the rich. Rich tourists  have their own agenda  on how to spend their money.

 

"Here we go again"  another  TAT quick rich scheme .

 

 

[kynikoi]

4 hours ago, Neeranam said:

I'm buying a house to live in and as my legacy to my offspring. Do you rent? 

Why would I buy the SP500 when I can buy bitcoin? 

 

 

Because even if it's fractional ownership a stock or ETF is literally fractional ownership in a thing.

 

Bitcoin is no-thing

[kynikoi]

6 minutes ago, the green light said:

Bill gates when he proposed to sell his operating system

Technically it wasn't his operating system.

 

He's actually a marketing guy.

 

Dos was a thing and he bought it.

[Thingamabob]

This comes up from time to time but the only change occurred some years ago allowing foreigners to buy condos subject to certain conditions. Personally, in the event that I owned landed property here, I would anyway leave it to my wife, who is Thai, so I have no need for such property to have ever been in my name.

 

[Isaan sailor]

You don’t need that.  Find a good Thai girl you can trust, marry her, and you can buy any land through her. Then get a lease for the property, and you’re good.  If Key is to find one you can trust a long time.

[Lingba]

Warning...a foreigner will never be able to own land in Thailand..don't be fooled by anything that they say

[Showtime]

There is so much wrong with this proposal it is unbelievable.

1.  Who wants to own land if the law can be changed at any second?

2. Who wants to own land where the government can take it from you at any time.

3. Who wants to lease land for 70 years and build something on it?  That is just not long enough not to mention #1 and #2 above.  The shorter the term the more risk for the next owner of the building so why would someone buy the building.

[Showtime]

5 hours ago, Guderian said:

 

And that's all you need to know...

 

I think it is better classified as a fantasy.  

[2009]

4 hours ago, Neeranam said:

I'm buying a house to live in and as my legacy to my offspring. Do you rent? 

Why would I buy the SP500 when I can buy bitcoin? 

 

 

Sure, there are better investments than the SP500. I was using that to illustrate a point that even that far beats the property market.

 

I get it - I bought a house for my kid too.

 

I just kinda wish I had waited 5 years or so (and invested elsewhere) then I could have bought a few houses if I'd wanted too.

[tgw]

15 minutes ago, Lingba said:

Warning...a foreigner will never be able to own land in Thailand..don't be fooled by anything that they say

 

there already are thousands if not tens of thousands of foreigners owning land in Thailand legally, for example through the BOI scheme.

[Neeranam]

43 minutes ago, kynikoi said:

 

Because even if it's fractional ownership a stock or ETF is literally fractional ownership in a thing.

 

Bitcoin is no-thing

Of course bitcoin is a thing. Countries have started using it as a currency. El Salvador, this week. 

[Neeranam]

24 minutes ago, Isaan sailor said:

You don’t need that.  Find a good Thai girl you can trust, marry her, and you can buy any land through her. Then get a lease for the property, and you’re good.  If Key is to find one you can trust a long time.

Oh, so many make the mistake and don't listen to my advice. 

 

Never marry a Thai girl until you've been in Thailand for 5 years and don't buy a house until you've been married for 5 years. 

[tgw]

57 minutes ago, BumGun said:

SO if I buy a Condo that I own for B10 Mil, I am entitled to a visa ? or do I need to spend extra per annum to hold said visa, can I come and go with it ? What's this visa called ? How long does it last for ? What hoops are there to go through ? does it include my parter or just me ?

 

not only condos, but also other investments, such as Thai government bonds.

it's called the "investment visa".

use google and do your own research

[Bobydog]

6 hours ago, Geoffggi said:

SHooooosh, the Chinese may be listening .............................LOL

No Maybe about it, the Chinese are very interested in Thailand to the detriment of all Expats living in Thailand. The Chinks will put money in the General's pockets to get a foot in the door.

[bangon04]

"The target groups are wealthy foreigners, retirees over 50 who have $250,000 in government bonds or real estate, those with special skills the Thais want in the marketplace ."

 

so let us start cautiously and just allow the Chinese ....  then later we can think about others......

[BritManToo]

17 minutes ago, Neeranam said:

Never marry a Thai girl until you've been in Thailand for 5 years and don't buy a house until you've been married for 5 years. 

Not with your own money anyway, best to borrow 90% from a bank in her name.