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POLL: Should Thailand scrap the quota on foreign condo ownership?


webfact

Should Thailand scrap the quota on foreign condo ownership?  

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File photo//REUTERS/Jorge Silva

 

Many have been recently reading that the Thai government has proposed to ease the restrictions with regards to foreigners owning property, and even land, in Thailand.

 

The government sees the easing of restrictions on property ownership as a key part of its post pandemic economic recovery. 

 

However, while some commentators have welcomed the idea, others have cautioned against the move, and have even gone as far to say that allowing foreigners to own land in Thailand would be treasonous

 

But perhaps a bigger issue is still about the 2008 Condominium Act, which states that at least 51% of a condo project must be owned by Thai nationals. 

 

In the past, in resorts like Pattaya, developers found they could often sell more than the 49% allowed for foreign ownership.

 

However, they would then encourage Thais to buy the rest of the condos, often at a lower price and with easier terms.

 

Now that Covid has decimated the tourist market, foreign buyers are a scarcity, and Thais are not willing or financially able to take up the slack.

 

Previously, it was reported that there are as many as 100,000 empty condo units in Bangkok alone, while Hua Hin and Cha Am have more than 6,000 empty condo units

 

It is likely that thousands of these units are left unoccupied and unsold because of these unmanageable quota regulations.

 

The 2008 Condominium Act does not seem to serve anyone especially if the building is located in a resort like Pattaya, Hua Hin or Phuket.

 

What should be done?

 
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I admit to voting undecided. I own nothing here. Nothing in My name, but live in a 3 bedroom 2 bathroom so the floor house in the middle of nowhere in Isaan all owned by the wife. 

If it all goes tits up, nothing to pack, no fees, no selling...hotel first then back to where I was born, or perhaps northern Italy, Cyprus is nice too. Skiing in the Troodos mountains then sunbathing on the beach....

 

I would, however, be interested in people's reasoning behind their vote. A condo building full of non-native Thais, or 49/51 split...

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The Post article is very telling. My guess it's not average Thais but wealthy Thais worried about competition on high end RE and land.

 

There was a bit of insanity to such as apparently banning foreigners from second hand condo ownership. It would be insane enough on its own but Thais are noted to shun second hand condos.

 

I think another reason this 49% thing is an issue is it's all the mafia, crony management companies complaining to government. With farang at 51% they'd have to clean up their act. Might even lose contracts.

 

It's totally insane. Foreigners cannot own a box in a tall cement building with no real land rights because???

 

People not so bright forget two things. First, there is lots of property, houses and condos. Right now...too many! Second, the property never leaves the country.

 

They can make laws to govern Thais get in in the action of foreign housing developments.

 

This is such a senseless debate carried out by morons.

 

None of this matters in that no sensible foreigner unless perhaps married would buy anything even a car worth over 1m in this country.

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     I voted to raise the foreign quota but I frankly don't see that it will make much difference to most projects.  The sales will likely be spread out--a few in this project, a few in that.  Some projects that have reached their foreign quota might be able to sell a few of the leftover unsold units.  Some owners might switch from company ownership to foreign quota.  I see it as a positive and it's at least trying something, rather than the current, useless thumb twiddling.  

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Thailand's paranoid nationalist straight jacket has held it back for years, because it only serves the elite and the few. The winds of change are blowing in many places around the world... Asia included. The old way of doing things will not fly for much longer as the Internet/social media has seen to that... hence why so many authoritarian governments are so scared of it.

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17 hours ago, Jingthing said:

It's in my self Interest to vote no as I own one. They're valued higher.

I tend to agree.  I don't trust the Thai government.  I think they would tread lightly on any Condo that is majority Thai owned.

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21 hours ago, webfact said:

In the past, in resorts like Pattaya, developers found they could often sell more than the 49% allowed for foreign ownership.

 

However, they would then encourage Thais to buy the rest of the condos, often at a lower price and with easier terms.

Welcome to Thailand.

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I think the bigger problem is affordability. A market economy but not market pricing. When a developer still has unsold units after 15 years the pricing is wrong. Tax those unsold units to the point where it is a disincentive to hold on to them.

 

Off shore buyers have helped create ridiculous housing prices in big cities in Canada. After the COVID housing affordability is our biggest public concern. Much of it is from mainland Chinese looking for a safe haven in case of problems in their homeland.

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They keep saying to protect affordability for Thais, so why is it in my building there only about 10 foreigners and everyone else is Thai and has a raft of flash cars.

 

I am the one who needs price protection.

Edited by MRToMRT
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3 hours ago, scubascuba3 said:

Poll is misleading, first you say should it be scrapped (Yes), then in question you say should it remain the same quota (No)

I agree.  As usual, a poor, misleading headline. I voted incorrectly initially and had to change my vote.  

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20 hours ago, khunPer said:

If foreigners shall be allowed to own property - i.e. a condo beyond the 49 percent limit, or a small plot of land under en certain limit, which for example could be half a rai that is similar size to many a home-plot around the World, or whatever is reasonable - then in my modest opinion, there should be a claim of not more than one home per foreigner, and that the foreigner shall live in the home at least 180 days during a calendar year, to avoid property speculation. In other words, it's homes for foreigners that wish to live in the nation, which also might make it more attractive for foreigners to settle, and even pay some taxes, i.e. at least the small property tax, and v.a.t. from their consumption. The latter can be quite a lot of tax from some foreigners...????

Sensible approach. I like the 180 days per year concept.

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14 hours ago, Sir Dude said:

Thailand's paranoid nationalist straight jacket has held it back for years, because it only serves the elite and the few. The winds of change are blowing in many places around the world... Asia included. The old way of doing things will not fly for much longer as the Internet/social media has seen to that... hence why so many authoritarian governments are so scared of it.

Agree. The only reason that there's such a discussion now, is probably due to the fact that even the hi-so Thai elite have suffered income loss because of the pandemic.

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49 minutes ago, cyril sneer said:

If they allow 100% ownership, all the property will be bought by Chinese and eventually turn into a sewer

Absolutely. Look at what happened to property prices in other cities and the Chinese don't want to buy in China right now..

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1 hour ago, John Drake said:

Good idea. Surround all those British and Russian condo owners with 95 percent Chinese. They seem to like them so much.

That would get on my tits,

Slipping on all that gob,  on the floor 24/7 !!!!!!!!!!!!!!! LOL.

 

 

Edited by Orinoco
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Biggest condo problem is AirBnB short term rentals in Pattaya IMO. 

These people are not monitored, you get 4 Indians in a studio, cooking smelly <deleted> at 9pm on their balcony and drinking Hong Thong from 7-11 while screaming at the moon and each other all night.

Our condo management told us to complain to the Tourist police?!? No, it is your job to manage condo and make sure rules are followed, not just put up signs.

Peace

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