Changes to rules for foreigners in Thailand would see increased demand from Russian/Chinese property buyers

[webfact]

Changes to rules for foreigners in Thailand would see increased demand from Russian/Chinese property buyers

 

File photo credit: Freepik

 

The head of the Phuket Real Estate Association told Bangkok Business News that he was bullish about the prospects for the rules changing for foreign nationals buying property.

 

These would see foreigners able to buy land and a house in estates for the very first time. 

 

Leases would also be increased to 90 years and ownership of condos in buildings by foreigners would go up from 49% to 70% if the proposals are given the green light. 

 

Phatthannan Phisutwimol thought the changes to the percentage of condos threshold would be good but the effect of changes to land ownership and leasehold periods would have a marked effect.

 

He said that these measures would buoy the real estate market in Phuket post pandemic. 

 

He was quick to mention the Chinese saying they would snap up pool villas.

 

He said that the 10 million baht minimum purchase price - as previously reported by Thaivisa - would not be a problem for the Chinese, Russians and other Asians. 

 

-- © Copyright Thai Visa News 2021-06-17

 

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[The Cipher]

Xenophobic laments about how people from non-Western countries can afford to buy assets incoming. ????

[crazykopite]

I wish it were true I could sell my beachfront property and get the hell out of this country sadly it’s only a pipe dream and if you want to sell to a Chinese buyer you have to increase the asking price by a good 15% in order to achieve what you are hoping to get as they love to think they got a bargain .

[dunroaming]

22 minutes ago, crazykopite said:

I wish it were true I could sell my beachfront property and get the hell out of this country sadly it’s only a pipe dream and if you want to sell to a Chinese buyer you have to increase the asking price by a good 15% in order to achieve what you are hoping to get as they love to think they got a bargain .

Certainly the normal practice when buying in Thailand.  Nobody I know pays the full asking price.   In the UK the top properties are usually bought by Russian or Chinese and have been for some years now.  They represent a good investment.  But for Thailand I think you could add Indians to the list as there are an increasing amount of young wealthy ones around these days.

 

Thailand can still be attractive for some western ex-pats of course????

[chilli42]

Indians, Russians, Chinese.  Of course nothing is going to happen with the property ownership regulations in Thailand with this current government in place.  Were the unexpected to happen though, they might consider applying a special tax to purchases by non resident foreigners.  This did little to slow the deluge of Chinese into the Canadian property market but at least it put some money in the bottomless tax coffers.

[bert bloggs]

We lived in our detached house for many years ,our son has purchased it at 1.4 million less than the bank valued it at, the repayments are less than the rent,so very happy.

[BumGun]

5 hours ago, webfact said:

ownership of condos in buildings by foreigners would go up from 49% to 70% if the proposals are given the green light. 

So how would this translate to the building governance juristic person ? has that been discussed ? not that I am expecting more then this kite flying but I am kind of carious.

 

1 hour ago, bert bloggs said:

We lived in our detached house for many years

 

I think that point is there that YOU don't own it, its nice whatever arrangement you have is working for you but I would never feel comfortable unless my name is on the land title as the owner.

 

 

2 hours ago, crazykopite said:

I wish it were true I could sell my beachfront property and get the hell out of this country

Why are are you being stopped from selling it ?

[Peterphuket]

Believe me, they don't change anything, only bla, bla, bla.

Today this, tomorrow something different, day after day, year after year.

Only tax, what they say about that, you have to believe that, for example: " we increase the excise tax on wine by 300%"

[Tonypandy]

The Chinese have learned very quickly that investing in property in Thailand is not like investing in China. In China the property rise is usually quite substantial, in Thailand there is no to little gain in the price and very difficult to sell at the best of times. In reality the China property boom in Thailand is over. 

[bert bloggs]

1 hour ago, BumGun said:

So how would this translate to the building governance juristic person ? has that been discussed ? not that I am expecting more then this kite flying but I am kind of carious.

 

 

I think that point is there that YOU don't own it, its nice whatever arrangement you have is working for you but I would never feel comfortable unless my name is on the land title as the owner.

 

 

Why are are you being stopped from selling it ?

How do you mean i dont own it,who cares,its my son who has the mortgage,do you think he is going to throw his old dad and mother out? At my age i have not that much longer left , him and his mum would have got it anyway.

[Hanuman2547]

18 hours ago, chilli42 said:

Indians, Russians, Chinese.  Of course nothing is going to happen with the property ownership regulations in Thailand with this current government in place.  Were the unexpected to happen though, they might consider applying a special tax to purchases by non resident foreigners.  This did little to slow the deluge of Chinese into the Canadian property market but at least it put some money in the bottomless tax coffers.

The Chinese have also invested heavily in real estate all along the west coast of the United States as well.  This all began about the time the lease on Hong Kong was about to expire but has expanded to the mainland Chinese.  

[chilli42]

3 hours ago, Hanuman2547 said:

The Chinese have also invested heavily in real estate all along the west coast of the United States as well.  This all began about the time the lease on Hong Kong was about to expire but has expanded to the mainland Chinese.  

That is correct.  In some cases this has  resulted in housing prices that are unaffordable for locals.