Top ten nations for condo ownership in Thailand revealed - Chinese make up over half, Brits in fourth

[Excel]

9 minutes ago, PB172111 said:

Stands to reason that the Chinese are in the top spot.

Why they have no more rights than any other country.

[newnative]

4 hours ago, condobrit001 said:

It's actually worse than that. Foreigners can only buy 49% of any condo devolopment. So, on average, each building will be 75% Thai/Chinese owned. There goes the quiet retirement!

     Incorrect regarding foreign ownership being limited to 49% of a condo project.  Foreign quota is limited to 49%.   A foreigner can buy any unit for sale in any condo project regardless of the percentage already owned by foreigners in the project.  If the foreign quota is full, the foreigner would need to buy in company name but he could still buy in the project.  It's likely the condo project where I live in Pattaya has more foreign owners than Thai when both foreign quota owners and foreign buyers in company name are added up.  

[DefaultName]

It would be interesting to know how many of these condos are the main residence for the owner, and how many are used for investment or renting out.

[Bozo travel]

Well at least you can buy in Thailand with some degree of confidence.

Vietnam’s corrupt immigration have been selling “bogus” visas to expats , and have told them to leave.   They sell you a “dud” and then say it’s your fault.  
Many have bought assets here & are screwed. 
Never buy anything in Vietnam that won’t fit in a suitcase……they have a bad reputation for a reason. 

[eastendanto]

10 hours ago, RotBenz8888 said:

Hell, why not make it a zillion? 

now you're taking the proverbial Michael ????????????

[eastendanto]

If you can afford to invest substantial sums of money into bonds and/or property why should you need to provide qualifications/employment.... talk about not just wanting your cake but double dose of icing on the top.....good luck on reaching that trillion baht figure.... 

[the green light]

This article is not telling anything to affect the trend of foreigners living in thailand. But merely who is doing business in thailand whether selling, buying or support their industries.. It has nothing to do with tourism.

 

owning Condos in Bangkok is not for the  "normal joe". they are expensive and the maintenance fees are quite high.

 

the main buyers are foreign businesses for themselves or their employees to live short term in Thailand and never for the  60 days tourist .

 

Some of them will buy them to lease them for profit  to bring certain group of people to live close by like the Russian and Chinese. Japanese and American typically lease apartments. It is just a preferred choice and not a trend

 

Retirees like to live next to the seaside  or buy a house in up country

 

Jus to say the top condo are own by Chinese.. does not say anything. a "sleeper" article

[holy cow cm]

1 hour ago, sawadee1947 said:

Some years ago I was looking for a Condo in CM. Lot of occasions. Breathtaking views from the balcony. 

Finally I bought a house. 

Why? 

My wife checked out the offered condos and were contacting people living there. 

Many owners were trying to sell because they were fed up with the noise of partying loud Russians or noisy Chinese cooking with open doors. 

So to buy a condo as a retiree is a risky thing if you're hoping to find peace and harmony. ????????

Not sure on the Russians but absolutely for the Chinese in the droves, and I have first hand seen and experienced that. I would also bet a few Russians on a drinking escapade could be quite loud. For brand new condos you would definitely need to know who bought them or might be in trouble. For already older condos if you could Airbnb fir a week or so might be helpful. 
 

As for a house here, that can also be a can of worms if choose wrong. I literally have crossed everyone who just didn’t care until now I have peace for the most part. But that still needs to be kept in check with them. 

[JamieM]

I wonder how many years it would take for a Chinese national to legally withdraw enough money from China to legally buy a decent condo in Thailand (one expensive enough to get a free 10 year visa).

 

Chinese Nationals can only transfer $50,000 dollars a year legally (out of China) without breaking Chinese law. 

 

So unless the Thai authorities are going to turn a blind eye to money laundering by the Chinese, these predictions don't make any sense.

 

How are they expecting over half a trillion baht to get from China to Thailand by Chinese condo buyers with these Chinese laws in place? ????

 

 

 

https://www.nationalcrimeagency.gov.uk/who-we-are/publications/445-chinese-underground-banking/file

Edited June 18, 2021 by JamieM

[zaZa9]

Glad to see my country is way down the list of  gullible investors..

[Iron Tongue]

15 hours ago, bradiston said:

Same story in the UK, and probably elsewhere in the world. Chinese and other overseas buyers buying whole floors in new developments in London's property market. Then let out. Wait for price rises and offload. It happens everywhere.

Chinese buyers don't sell.  They leverage the increased equity to buy more properties, over and over, could be dozens of properties linked to each other this way.  This creates a balloon that, when it bursts, will wipe out everybody elses equity as well and take years before banks are willing to lend again.

Ever see someone tipping dominoes?

 

[Salerno]

9 hours ago, JamieM said:

How are they expecting over half a trillion baht to get from China to Thailand by Chinese condo buyers with these Chinese laws in place? ????

 

The same way they get it to Australia etc.

[bradiston]

3 hours ago, Iron Tongue said:

Chinese buyers don't sell.  They leverage the increased equity to buy more properties, over and over, could be dozens of properties linked to each other this way.  This creates a balloon that, when it bursts, will wipe out everybody elses equity as well and take years before banks are willing to lend again.

Ever see someone tipping dominoes?

 

Many nationals did that in the buy to let market. End up with 100s of properties, all paying for themselves. In theory.

[elgenon]

I wonder if the Chinese owners like having Chinese as neighbors. From what I've read they much prefer their own "tribe".

[bojo]

3 minutes ago, elgenon said:

I wonder if the Chinese owners like having Chinese as neighbors. From what I've read they much prefer their own "tribe".

For sure..............birds of a feather........................'flock' perhaps...........

[elgenon]

Just now, bojo said:

For sure..............birds of a feather........................'flock' perhaps...........

I think I wasn't clear, I read they have their family circle along with their friends and that's their "tribe". Other Chinese are not included.

 

But I guess they would prefer other Chinese to other nationalities.

[jomtienisgood]

15 hours ago, JamieM said:

What great morals you are teaching your children. I wonder what kind of job your daughter might end up in if this is what you teach her? ????‍♂️

Maybe a better one than just learning Thai......

[jomtienisgood]

56 minutes ago, elgenon said:

I wonder if the Chinese owners like having Chinese as neighbors. From what I've read they much prefer their own "tribe".

That would then be pretty similar to many farang...

[jomtienisgood]

12 hours ago, zaZa9 said:

Glad to see my country is way down the list of  gullible investors..

Would that be Belgium???? ????

[SomchaiCNX]

23 hours ago, peterdarby said:

They don't actually live in the condos, just bought them for investment and as a potential escape if things go pear shaped back home.

Many are listed on airBNB and as usual they don't give a <deleted>. Many guest changed the condo o the same day as the place was completely different from the one listed. The Chinese had a couple and used the pictures from the best one. Happened a couple times that I know of first hand.

[inThailand]

Add another porky to this week's LOS news? 

[hwt]

The past one year, I watched quite a lot of YouTube videos from Chinese nationals residing in Thailand.  It is possible Chinese nationals have bought a lot of apartments.  Some "bought" landed properties, both legally (basically long-term rents), and illegally (through companies and human proxies).

 

There are a few reasons :

* Some are trying to escape from China, especially for the education of their kids.  Because to them, the Chinese education is so bad that any international or private school in Thailand beats it hands-down.  Some say the air and food qualities in major Chinese cities, especially Beijing, are a joke.  These intend to stay in Thailand for ten years or longer.  So, they naturally buy.  Some rent a house near the school.  They buy an apartment in a tourist area for AirBnB to (help) sustain their lives in Thailand.

* Some got rich when being evicted from their old houses in major Chinese cities.  The compensations are usually in millions or tens of millions of CNY.  Some of them complain that they do not get enough money to buy an equivalent house at the same place.  Some migrate to suburban areas with lower house prices, so they have free cash.  A few who can accept foreign lives use the money to buy "vacation" homes outside China.  2 million CNY, which is a pretty common compensation, is almost 10 million THB, enough for the vast majority of Thai apartments.

* Some migrate to outside China.  Most of these are likely to have received tons of money from the evictions.  These should be mostly staying in landed properties in Thailand.  But they are likely to buy apartments to generate income.

* Youngsters who cannot afford apartments in the Chinese cities they are staying in.  They are likely to be renting or staying with parents.  They have seen how apartment prices in China went up hundreds of percent over the past ten years.  Now most of them cannot afford.  They think Thai apartments, which are currently affordable, are also going to give such a lucrative return.  So, instead of using their income to buy their own Chinese apartments and live in there, they buy Thai apartments far-away.  In China, it seems easy to borrow money, as credit control appears to be very loose compared to even developing countries.  This may be the reason many of them got into financial difficulty.  It is probably also the reason why some Chinese can pay tons of money.  It is not their money.  They do not care much about financial security (almost all Chinese these day demonstrate this behavior).  They think salaries can only go up, house prices will only appreciate, there will only be more and more well paying jobs, and the trends will continue for decades non-stop.  Non-Chinese usually have seen upturns and downturns in their own countries, so they are more conservative.

 

Just about a year ago, a Chinese complained about the Bangkok Posh-12 apartment project being abruptly terminated, and her 2-3 million THB virtually lost.  That may be one of the examples of a project sold mostly to Chinese nationals.  They have basically no clue what is happening outside their country (some do not even know what is happening in their own country....), just blindly charge forward, following the footsteps of other Chinese, and believing in whatever information disseminated in (their) public domain.  This may be a reason why they snapped up so many Thai apartments.........

Edited June 19, 2021 by hwt

[jomtienisgood]

31 minutes ago, hwt said:

The past one year, I watched quite a lot of YouTube videos from Chinese nationals residing in Thailand.  It is possible Chinese nationals have bought a lot of apartments.  Some "bought" landed properties, both legally (basically long-term rents), and illegally (through companies and human proxies).

 

There are a few reasons :

* Some are trying to escape from China, especially for the education of their kids.  Because to them, the Chinese education is so bad that any international or private school in Thailand beats it hands-down.  Some say the air and food qualities in major Chinese cities, especially Beijing, are a joke.  These intend to stay in Thailand for ten years or longer.  So, they naturally buy.  Some rent a house near the school.  They buy an apartment in a tourist area for AirBnB to (help) sustain their lives in Thailand.

* Some got rich when being evicted from their old houses in major Chinese cities.  The compensations are usually in millions or tens of millions of CNY.  Some of them complain that they do not get enough money to buy an equivalent house at the same place.  Some migrate to suburban areas with lower house prices, so they have free cash.  A few who can accept foreign lives use the money to buy "vacation" homes outside China.  2 million CNY, which is a pretty common compensation, is almost 10 million THB, enough for the vast majority of Thai apartments.

* Some migrate to outside China.  Most of these are likely to have received tons of money from the evictions.  These should be mostly staying in landed properties in Thailand.  But they are likely to buy apartments to generate income.

* Youngsters who cannot afford apartments in the Chinese cities they are staying in.  They are likely to be renting or staying with parents.  They have seen how apartment prices in China went up hundreds of percent over the past ten years.  Now most of them cannot afford.  They think Thai apartments, which are currently affordable, are also going to give such a lucrative return.  So, instead of using their income to buy Chinese apartments, they buy Thai apartments.  In China, it seems easy to borrow money, as credit control appears to be very loose compared to even developing countries.  This may be the reason many of them got into financial difficulty.  It is probably also the reason why some Chinese can pay tons of money.  It is not their money.  They do not care much about financial security (almost all Chinese these day demonstrate this behavior).  They think salaries can only go up, house prices will only appreciate, and the trends will continue for decades non-stop.  Non-Chinese usually have seen upturns and downturns in their own countries, so they are more conservative.

 

Just about a year ago, a Chinese complained about the Bangkok Posh-12 apartment project being abruptly terminated, and her 2-3 million THB virtually lost.  That may be one of the examples of a project sold mostly to Chinese nationals.  They have basically no clue what is happening outside their country, and just blindly charge forward, following the footsteps of other Chinese.  This may be a reason why they snapped up so many Thai apartments.........

You should watch more YouTube and find out how many ' farang ' got F.....d up by promoters over here.... 

[hwt]

To add one more reason.

* Thai apartments are being marketed in China by Chinese property companies.  These companies handle the sales.

[JamieM]

11 hours ago, Salerno said:

 

The same way they get it to Australia etc.

You mean via criminal gangs? money laundering etc?

[Salerno]

4 minutes ago, JamieM said:

You mean via criminal gangs? money laundering etc?

 

No idea, but pretty sure the hundreds/thousands of Chinese students in Australia that end up starting/adding to their property portfolio are not all in criminal gangs or involved in money laundering.

Edited June 19, 2021 by Salerno

[JamieM]

8 hours ago, jomtienisgood said:

Maybe a better one than just learning Thai......

Well if he's teaching his kids to follow the money they would be better off learning English properly the average household income in China is $10,000 vs $84,000 in USA. 

[JamieM]

8 minutes ago, Salerno said:

 

No idea, but pretty sure the hundreds/thousands of Chinese students in Australia that end up starting/adding to their property portfolio are not all in criminal gangs or involved in money laundering.

 

Well Chinese law means they can only transfer $50,000 a year out of China (to any other country) any more than that is illegal so anyone transferring more than that (for buying a condo or any other reason) is a criminal according to Beijing and the only way to move it is by illegal means.

 

That's why this story doesn't make sense unless they are planning to lure Chinese criminals into Thailand.

 

Edited June 19, 2021 by JamieM

[boogiewoogie]

23 hours ago, sawadee1947 said:

Some years ago I was looking for a Condo in CM. Lot of occasions. Breathtaking views from the balcony. 

Finally I bought a house. 

Why? 

My wife checked out the offered condos and were contacting people living there. 

Many owners were trying to sell because they were fed up with the noise of partying loud Russians or noisy Chinese cooking with open doors. 

So to buy a condo as a retiree is a risky thing if you're hoping to find peace and harmony. ????????

Russians are loud?

U ever been in Benidorm, u pretentious highbrow intellectual?

[kynikoi]

On 6/18/2021 at 10:29 AM, Ron jeremy said:

That’s why they are looking at the Chinese market, by far the biggest players! Fasted growing middle class in the world. Looking to get their money out of China.

 

But by law cannot send serious amounts of money abroad. So the scheme is built on gray money to start.

 

They will marry, get citizenship. I guarantee it.