Real estate sector to propose alternative to foreigners buying land in Thailand

[webfact]

 

Thai real estate business operators will propose that the government allow foreigners to buy houses on up to 0.16 hectares (one rai) of land, as an alternative to the right to buy the land on which it sits, for residential purposes, as defined in the Interior Ministry’s edict, which has met with resistance from nationalist groups.

 

Meesak Choonharatchote, president of the Thai Real Estate Association, said Friday that real estate organisations, which include the Thai Condominium Association, the Housing Business Association and 14 other associations, as well as the Thai Chamber of Commerce, will meet on Thursday to discuss the controversial foreign land-ownership issue.

 

He said that the meeting is expected to come up with an alternative proposal, to be sent to the government for consideration. The proposal is to allow foreigners to buy houses in Thailand, but that there should be limits on the sizes of the houses and prices, on top of the requirement that they hold long-term residential visas.

 

Full story: https://www.thaipbsworld.com/real-estate-sector-to-propose-alternative-to-foreigners-buying-land-in-thailand/

 

-- © Copyright Thai PBS 2022-11-07

 

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[ukrules]

37 minutes ago, webfact said:

Thai real estate business operators will propose that the government allow foreigners to buy houses on up to 0.16 hectares (one rai) of land, as an alternative to the right to buy the land on which it sits, for residential purposes, as defined in the Interior Ministry’s edict, which has met with resistance from nationalist groups.

Sounds like a lease but full details are not given in the proposal.

 

In essence they appear to be offering something that looks like a purchase as a long term rental where you pay the whole lot up front.

 

A fake sale if you will.

 

How long would it last for if it's not permanent and what happens to the land at the end of the term?

 

I'm going to presume that ownership returns to the original seller because the foreigner can't own the glorious land on which the accomodation sits.

 

Where I come from we call that a rental, likely a very long term rental where you pay decades worth of rent up front - but still a rental all the same and likely without any kind of the services you would expect from a rental.

 

In other words, they're proposing something that would rip us off.

 

[scubascuba3]

I guess the illegal buying in thai company name will continue, less of a fuss that way

[Gknrd]

If you are coming here to retire RENT. 

End of story. Thailand is not bad if you don't get caught up in their scams.

Some very nice rentals here, and when the place needs repairs move to the next newest one. They are a dime a dozen here.

Edited November 6, 2022 by Gknrd

[ThailandRyan]

Sounds no different than the currently owned home on leasehold land.

[2baht]

2 hours ago, ukrules said:

In other words, they're proposing something that would rip us off.

Is that not a deep seated cultural thing! ????

[Orinoco]

45 minutes ago, Gknrd said:

If you are coming here to retire RENT. 

End of story. Thailand is not bad if you don't get caught up in their scams.

Some very nice rentals here, and when the place needs repairs move to the next newest one. They are a dime a dozen here.

Nah, money lost forever.

At least leave her a home to live in after your gone. just don't spend to much for it.

 

[RichardColeman]

4 hours ago, webfact said:

He said that the meeting is expected to come up with an alternative 'unrealistic' proposal, to be sent to the government for consideration.

There corrected

[daveAustin]

Lol. Whatever they come up with, it will be unrealistic and not favour the foreigner. I can see their point regards preventing rich Chinese business folk, or whatever, buying the place up in certain areas, but for, say, genuine retirees who just want to be secure in their home, whatever is proposed will likely suck giant monkey balls. 

[Tropicalevo]

1 hour ago, Gknrd said:

If you are coming here to retire RENT. 

End of story. Thailand is not bad if you don't get caught up in their scams.

Some very nice rentals here, and when the place needs repairs move to the next newest one. They are a dime a dozen here.

A bit of a naive view.

'They' are not a dime a dozen here on Samui.

22 years ago I 'bought' the land and put three houses on it.

I sold one house and had 160% return on my original investment.

I have just sold the second house and made more money again.

Where is the benefit in renting?

[Tropposurfer]

I see this as others here do; Its a "fake sale" (ukrules) for sure.  I waffled on about this the other day when the News feeds and Thai emanating objections were dropped  into the internet-sphere.

Being a growing 'grumpy-old-man' lol ???? and parallel pessimist I won't be holding my shallow breath in the hope some semblance of sanity, and moderacy ever arises on this subject by Thai authorities.

.16 of a Rai what a bl.ody farce. 

[Tropposurfer]

16 minutes ago, Tropicalevo said:

A bit of a naive view.

'They' are not a dime a dozen here on Samui.

22 years ago I 'bought' the land and put three houses on it.

I sold one house and had 160% return on my original investment.

I have just sold the second house and made more money again.

Where is the benefit in renting?

Touche' ... I recently got offered (by a falang visitor) a 50% capitol gain on a home I built on Phuket less than 3 years ago. Planning, designing, building, landscape design and build ... all the joys of ownership.

Mowing the lawn, pruning the hedges and topiary, tending my putting green, the veggie gardens, fruit trees. Planting and harvesting as I please without a landlord to say yes or no. Walking out into the garden in the morning and picking a couple of limes for my kick-start juice, fresh off the vine passionfruit for breakfast ... bliss ????????

[Alotoftravel]

I really do not understand what the intention is for this proposal:

 

they can propose realistic requirements to encourage sale that we will accept /buy or 

they can discourage and we will not bite 

so what exactly are they trying to do?

If unsure, why even propose ? TIT
 

[Gknrd]

2 hours ago, Tropicalevo said:

A bit of a naive view.

'They' are not a dime a dozen here on Samui.

22 years ago I 'bought' the land and put three houses on it.

I sold one house and had 160% return on my original investment.

I have just sold the second house and made more money again.

Where is the benefit in renting?

Guess you can do what ever you want with your money. I come here to enjoy myself not hassle with buying property I cannot own, build and invest here. I have done that already.. Why would anyone come here on retirement and want to invest? 

I would say people that come here and invest in property and homes are the most likely to get scammed..  Or any business here for that matter. 

 

Edited November 7, 2022 by Gknrd

[ThailandRyan]

59 minutes ago, Gknrd said:

Guess you can do what ever you want with your money. I come here to enjoy myself not hassle with buying property I cannot own, build and invest here. I have done that already.. Why would anyone come here on retirement and want to invest? 

I would say people that come here and invest in property and homes are the most likely to get scammed..  Or any business here for that matter. 

 

Wow, sounds like you have read to many horror stories.  Many of us have bought condos and homes, never scammed.  You invest what you can and at the end of the day you either enjoy what you have or you don't, no sour grapes either way.  Of course if you do not have the extra cash to do so then it makes sense to just rent.  One wonders if people who have Thai partners, long term partners, never plan for them after they are gone.  To me that is just selfish to leave someone whom has given you a large portion of there life with nothing.  

Edited November 7, 2022 by ThailandRyan

[KhunLA]

2 hours ago, Tropicalevo said:

A bit of a naive view.

'They' are not a dime a dozen here on Samui.

22 years ago I 'bought' the land and put three houses on it.

I sold one house and had 160% return on my original investment.

I have just sold the second house and made more money again.

Where is the benefit in renting?

Yes ... I've live here for 22+ yrs, basically rent free, and some tidy profits, from Land/Houses, that basically paid for our present house, and then some.

[KhunLA]

58 minutes ago, Gknrd said:

I would say people that come here and invest in property and homes are the most likely to get scammed..  Or any business here for that matter. 

Only ignorant or stupid people that don't do any research beforehand.  No different than living in any other country.

[hotchilli]

They really don't like foreigners do they?

[bangon04]

4 hours ago, daveAustin said:

Lol. Whatever they come up with, it will be unrealistic and not favour the foreigner. I can see their point regards preventing rich Chinese business folk, or whatever, buying the place up in certain areas, but for, say, genuine retirees who just want to be secure in their home, whatever is proposed will likely suck giant monkey balls. 

but it probably will not restrict the chinese buyer, who can usually "find" or maybe "rent" a Sino-Thai "cousin" to complete the paperwork....

[Boomer6969]

8 hours ago, ukrules said:

Sounds like a lease but full details are not given in the proposal.

 

In essence they appear to be offering something that looks like a purchase as a long term rental where you pay the whole lot up front.

 

A fake sale if you will.

 

How long would it last for if it's not permanent and what happens to the land at the end of the term?

 

I'm going to presume that ownership returns to the original seller because the foreigner can't own the glorious land on which the accomodation sits.

 

Where I come from we call that a rental, likely a very long term rental where you pay decades worth of rent up front - but still a rental all the same and likely without any kind of the services you would expect from a rental.

 

In other words, they're proposing something that would rip us off.

 

Which would be a bit like land leases in Canberra. What will happen there after 2035 was an unanswered  question frequently asked, while no one was really concerned. But who  could trust a Thai government?

[Adumbration]

6 hours ago, Gknrd said:

If you are coming here to retire RENT. 

End of story. Thailand is not bad if you don't get caught up in their scams.

Some very nice rentals here, and when the place needs repairs move to the next newest one. They are a dime a dozen here.

Bar stool piffle and poor advice at best.  I purchased the westcoast house by the beach I am currently in for 270K Thai baht.  Freehold detached rendered brick split level on full red chanote block.  I have a life usufruct in my name stamped on the back of the title and it cost me 75 baht to do that at the local land office.  My GF is named on the front of the Chanote as the owner and she has a will registered with the Amphur leaving the property to me in the event that she dies.

 

My house is connected to town water and this months bill was 80 baht including 20baht water meter rental.

 

Because I have a house in this vilage I am allowed to moor my fishing boats at a community owned spot in the local estuary.  I actually moor mine right next to the OrBorTor's boat.  Similiar mooring oportunities in Phuket would cost me hundreds of thousands of baht every year (per boat).

 

Please explain to me in simple terms, like I am a four year old, or a golden retriever, why I would be better off renting?

[Foghorn]

5 hours ago, Tropicalevo said:

45 minutes ago, Adumbration said:

Bar stool piffle and poor advice at best.  I purchased the westcoast house by the beach I am currently in for 270K Thai baht.  Freehold detached rendered brick split level on full red chanote block.  I have a life usufruct in my name stamped on the back of the title and it cost me 75 baht to do that at the local land office.  My GF is named on the front of the Chanote as the owner and she has a will registered with the Amphur leaving the property to me in the event that she dies.

 

My house is connected to town water and this months bill was 80 baht including 20baht water meter rental.

 

Because I have a house in this vilage I am allowed to moor my fishing boats at a community owned spot in the local estuary.  I actually moor mine right next to the OrBorTor's boat.  Similiar mooring oportunities in Phuket would cost me hundreds of thousands of baht every year (per boat).

 

Please explain to me in simple terms, like I am a four year old, or a golden retriever, why I would be better off renting?

Wait until she decides that if your dead she gets the house ,  that could be one reason , you won’t know until Bf helps you along . Ps I hope you live a long life and die of old age doing what you like best. Also she can change her will and not tell you , you won’t know until she’s gone

Edited November 7, 2022 by Foghorn

[Gknrd]

4 hours ago, ThailandRyan said:

Wow, sounds like you have read to many horror stories.  Many of us have bought condos and homes, never scammed.  You invest what you can and at the end of the day you either enjoy what you have or you don't, no sour grapes either way.  Of course if you do not have the extra cash to do so then it makes sense to just rent.  One wonders if people who have Thai partners, long term partners, never plan for them after they are gone.  To me that is just selfish to leave someone whom has given you a large portion of there life with nothing.  

Nonsense, most come over here with no idea what is going on. The last thing that they need to do is invest. I would venture to say no matter how much money you have the number one thing people regret when retiring here is buying property and investing heavely.

AS far as women goes? You can plan for them and yourself more security than buying land and building houses for them..  I am always amazed at the guys that give this advice.  

Personally I set up a trust for my GF here. With payments to her until she dies. Then the stocks will be sold and given to my heirs.

 

Edited November 7, 2022 by Gknrd

[Gknrd]

1 hour ago, Adumbration said:

Bar stool piffle and poor advice at best.  I purchased the westcoast house by the beach I am currently in for 270K Thai baht.  Freehold detached rendered brick split level on full red chanote block.  I have a life usufruct in my name stamped on the back of the title and it cost me 75 baht to do that at the local land office.  My GF is named on the front of the Chanote as the owner and she has a will registered with the Amphur leaving the property to me in the event that she dies.

 

My house is connected to town water and this months bill was 80 baht including 20baht water meter rental.

 

Because I have a house in this vilage I am allowed to moor my fishing boats at a community owned spot in the local estuary.  I actually moor mine right next to the OrBorTor's boat.  Similiar mooring oportunities in Phuket would cost me hundreds of thousands of baht every year (per boat).

 

Please explain to me in simple terms, like I am a four year old, or a golden retriever, why I would be better off renting?

I would but if you are a golden retriever then it would be lost on you.  270K baht.. Did you buy it 25 years ago... haha.. Post some pics.

Only an idiot would buy property here in another persons name.  I would bet to venture 5 out of 10 end in a disaster. And I would venture to say it would be more like 8 out of 10.

Edited November 7, 2022 by Gknrd

[Rhys]

The Russians and Chinese are coming is the ultra wave of buckets of baht.

[ThailandRyan]

15 minutes ago, Gknrd said:

Nonsense, most come over here with no idea what is going on. The last thing that they need to do is invest. I would venture to say no matter how much money you have the number one thing people regret when retiring here is buying property and investing heavely.

AS far as women goes? You can plan for them and yourself more security than buying land and building houses for them..  I am always amazed at the guys that give this advice.  

Personally I set up a trust for my GF here. With payments to her until she dies. Then the stocks will be sold and given to my heirs.

 

Sounds like sour grapes to me. So tell us how much h you lost.

[Gknrd]

This is almost as bad as retirees coming over here and starting a new family...  

[Gknrd]

2 minutes ago, ThailandRyan said:

Sounds like sour grapes to me. So tell us how much h you lost.

I have never lost one penny? Actually my net value has doubled since I started traveling here ..

Edited November 7, 2022 by Gknrd

[ThailandRyan]

1 minute ago, Gknrd said:

This is almost as bad as retirees coming over here and starting a new family...  

Why wouldn't a 50 year old retiree start a family?

[ThailandRyan]

3 minutes ago, Gknrd said:

I have never lost one penny? Actually my net value has doubled since I started traveling here ..

Aha, a crypto millionaire.....