Easing of property laws for foreigners should not price Thais out of the market

[Percy P]

5 hours ago, mikebell said:

If I had ten million baht I wouldn't be be begging Thailand to let me in to buy a more expensive house than I need in an area not of my choice!  Why can't they see that the best investment is in retirees who live here permanently; adopt Thai children abandoned by their fathers; support the mothers/families and local companies all year round yet get treated as terrorists in every walk of Thai life.

A lot of foreigner do that now . I've looked after 1 family for 40 years  ,and the children who's mother and father past away 15 Years ago. 

[hotchilli]

6 hours ago, webfact said:

Those foreigners need to be loaded with money,

Nice to see how they slip that one in every time.

[thaibeachlovers]

Easing of property laws for foreigners should not price Thais out of the market

 

Did his nose grow longer when he said that?

[Dogmatix]

2 hours ago, Seik said:

"Lastly if more than 49% of condos end up being allowed to be sold to foreigners - as mooted in the cabinet's plans - foreigners should not be allowed to vote."

 

Great, so you buy something and have no control over it. No thanks.

Many condos already have a big problem with not getting a quorum for AGMs etc and often the farangs are the only ones interested.  This will help a lot. 

[Dogmatix]

No worry about land prices because they will never allow it.

[KKr]

6 hours ago, webfact said:

Only foreigners with ten million baht and more should qualify. They should be prevented from buying in the 3 - 8 million baht range favored by most Thai employees as this would lead to pricing Thais out of the market.

The Thai employees I know in the provinces, including those working for the Government, think 25-30.000 is a great salary.
They are already prevented from buying in that range.

"favored", yet unaffordable.

[biggles45]

I wonder if reform would come easier if all the hi-so overseas property owners were told by those countries that in the interest of fairness and recipricosity Thais could no longer own any property and must sell within xxx time

Edited September 21, 2021 by biggles45
Typo

[itsari]

Most Thai people are already out of the market .

[worgeordie]

6 hours ago, webfact said:

limited to where they can buy and potentially stopped from having a vote if more than 50% of a condo project is owned by them.

Maybe the West needs to implement the same rules ...Thailand needs to

realise land sold to Farangs , stays in Thailand they cannot carry it away,

regards Worgeordie

 

[MadMac]

Let the Chinese back in, they will buy all the oversupply of sh*ty quality shoebox condos. Oh wait, these are to be reserved for Thais? Ok, let the Chinese buy after the bank reposses the units from the Thais. Should not take too long.

 

Or maybe even the Chinese wont come anymore. Then your developers *and* banks are equally F*d. Well done. Or as Hannibal said, I like it when a plan comes true ????

Edited September 21, 2021 by MadMac

[Jimbo2014]

6 hours ago, webfact said:

He said that Thais should keep more than 50% of voting rights irrespective of how many own units in buildings. 

Cant see that roping them into the condo market ????

[Captain Monday]

There needs to be some kind of zoning just let us own houses in certain Moo-bahns and condos Just exclude commercial property, agricultural land, certain downtowns , near cultural sites, etc. Thailand is a huge country really

 

The 49 percent condo ownership  an economic distortion that lowers the value of Thai owned units. Think as a Thai owner. Do you just want to buy cheap or be smart and realize you'll hold an asset that has to be flogged off at a discount in cases where the foreign quota is full? Backwards.

 

But even Farangs getting control of a condo board is unthinkable.????

 

Nothing will ever change in Thailand. Forever to cling fast to xenophobics, protectionism, high tariffs/luxury taxes, and failed economic policies from the 1970s.

 

Hidebound, moribund,  forever the "sick man of Asia".

 

Edited September 21, 2021 by Captain Monday

[Mywayboy]

Who would buy a Thai built home ,most won't last the 30 year land lease.

NFI How to build a proper dwelling.

[CM Dad]

I have lived here for more than 30 years and I have never been even a tiny bit interested in buying either a condo or a house in a a crowded, look-alike, cookie-cutter housing estate.  When and if I ever do decide to buy land in Thailand, it most definitely will not be in my name.  I would only buy in the names of my children who are both Thai citizens and over age 18.  I would not even buy in my wife's name.  By the way, the gentleman protesting this issue looks much more Chinese than Thai to me.

[GeilGeilertzen]

They have no clue about what will be the results. They only want money. 
 

Its a very very bad idea to open up the property market more. 
Foreigners not married into a Thai family should not be allowed to buy any land plot in Thailand. 
 

Keep it like it is today. 

Edited September 21, 2021 by GeilGeilertzen

[LongTimeLurker]

7 hours ago, webfact said:

stopped from having a vote if more than 50% of a condo project is owned by them.

They will still be able to influence AGMs with a much smaller percentage than that as there will be owners that don't show up or appoint proxies.

 

The condo I'm in in virtually controlled by someone with 20% ownership as only around 34% of ownership turns up at an AGM

[LongTimeLurker]

"Easing of property laws for foreigners should not price Thais out of the market"

 

That would be up to the Thais wouldn't it?

 

As it will be Thais selling land or condo units in the 51%, then if other Thais are priced out of the market, it is because the Thais are asking more from Farangs than their fellow countrymen are willing to pay.

 

So don't blame foreigners for pricing Thais out of the market!

[MGM16]

"Dr Wichai Wiratkaphan said the government's one million foreigners, one trillion baht investment and economic stimulus plan was a great idea."

 

Someone's looking for a pat on the back!

 

If you were a scratch golfer, are you always keen to play with high handicappers? 

[tonypattaya]

Whatever land or property is bought by foreigners stays in Thailand!!. Foreigners cannot take it back home. Can the brainless idiots who oppose foreigners owning land not see this?

Large swathes of England, in particular London, is owned by foreigners. Greater property ownership creates further development and, in turn, jobs. Additionally wealth is brought into the country.

What is the argument about who owns a piece of land or property?

[chalawaan]

He's right, it will price Thais out of the market, just like various Asian foreigners priced me out of my home market. But now I'm the top dog in this market, and they are greedy greaseballs just like every other human on the planet, so I'm looking forward to handsum (man) returns this decade in downtown Sukhumvit.

 

Their protectionism only works up until a certain point then the law of diminishing returns kicks in, they have no choice but to man up and open up.

 

Oh dear, how sad, nevermind.

[BumGun]

7 hours ago, mikebell said:

 Why can't they see that the best investment is in retirees who live here permanently; adopt Thai children abandoned by their fathers; support the mothers/families and local companies all year round yet get treated as terrorists in every walk of Thai life.

No need to attract them or do anything more in that regard, they are already in Thailand and willing to stay apparently, I didn't, too many hoops to jump through. The ones with lots of $$$ who aren't there are the ones they want to attract.  As pointed out, people with money have "options" so they need to make it attractive to them, the guys living off their aged pension etc are already there.   Perhaps Thais think, why would people want to be anywhere else so no need to make it easier ? but then Australians think the same thing about their country as do many others about their country.

[BumGun]

25 minutes ago, tonypattaya said:

What is the argument about who owns a piece of land or property?

Affordability for the average joe. Australia and NZ have ridiculous property prices as do much of Canada and the US for example.  I don't agree with banning them  but I DO think it should perhaps be a reciprocity thing, eg if an Aussie can't own land in Thailand, then a Thai can't own it in Australia etc So have it incorporated in any trade deal negotiations.  I would be happy if there was a foreign national tax on top eg an extra 5% or something to throw a bone to the xenophobes..

[Almer]

IMO, if i had 10 million to spend on a pad it would not be an overpriced condo on the 20 th floor in Bangkok more like a pool villa overlooking the ocean somewhere down south.

[bkkcanuck8]

They could implement easing but with the following restrictions:

- Owners of property must be resident (i.e. live here in the house 6+ months of the year). 

- Implement capital gains on foreign ownership if property divested (without buying a new one) where the proceeds are not inherited by Thais (high capital gains with proceeds earmarked for land reform for 'poor').  Proceeds of sale have to go into a trust account if the purpose is selling one property to buy another.

- Property must not be for investment purposes.

[Isaan sailor]

How about giving western imports a break?  They have what amounts to free trade with China.  That’s just peachy, but we didn’t come here to buy Chinese stuff.  Cars, alcoholic beverages, food, boats, clothes etc all overpriced here in LoS.

[the green light]

shady Chinese investor who want to hide their money 

Arabs with ton of illegal money

drug lord who wants to laundered their money..

and Many more..

 

Thailand welcomes you - bring money. and we will close the eyes

[the green light]

8 hours ago, mikebell said:

If I had ten million baht I wouldn't be be begging Thailand to let me in to buy a more expensive house than I need in an area not of my choice!  Why can't they see that the best investment is in retirees who live here permanently; adopt Thai children abandoned by their fathers; support the mothers/families and local companies all year round yet get treated as terrorists in every walk of Thai life.

these people have done the right thing to help the country and the community.

Thai official should recognize that and try to make their life easier living in Thailand

 

there are other farang living and working overseas still support the Thai community by sending money to their loved one.

 

Nobody like this new law for for rich tourists to come in and live in Thailand. It is design to attract the Chinese with untraceable shady money only.

[jayboy]

It's a rather poorly written article but the quoted comments of Dr Wichai are quite revealing because they so clearly demonstrate the mindset of the Sino-Thai commercial class. Looking at Dr Wichai's handsome features I'm guessing his not so distant ancestors hailed from the rice fields of Southern China.If a bunch of foreigners ever cornered the Thai property market, his lot did.

[cape]

Thanks for the usual warm welcome Doc. I will take my millions to another s e asian country - Laos looks nice

[bangon04]

18 minutes ago, the green light said:

shady Chinese investor who want to hide their money 

Arabs with ton of illegal money

drug lord who wants to laundered their money..

and Many more..

 

Thailand welcomes you - bring money. and we will close the eyes

You forgot the Russian oligarchs....

 

Anyway it works perfectly in the UK.