Finance Ministry Pushes 99-Year Leases for Foreigners

[impulse]

4 hours ago, Scouse123 said:

but they walk into to he UK and buy anything they want in their own name.

 

They are lot less vocal in the UK because they earn fabulous money and get the benefits of democracy.

 

No big mouth anti foreigners rhetoric when they are in our country.

 

I'm open to correction, but for the life of me, I don't ever remember gangs of foreigners protesting on the streets of Thailand and burning stuff down. (Aside from the Japanese in the '40s)

 

Maybe they've got the right idea?

 

[newnative]

Huh??? Useless. Get  moving  on upping the foreign quota instead.

[MalcolmB]

2 hours ago, David9 said:

They are even dumber. No, they are simply brainless, dumb is too clever for them. And aside of brainless, they have an unbelievable ego and pride of what they are. Which is very hard to understand by the outside world.

I think selling leases is smarter than selling freehold. 
 

if I was selling I know what I would prefer to do.

[Antioch]

Most of the Free World has a massive housing problem including Australia.  Foreign ownership pushes up the price of housing beyond the majority of locals to compete.

When we foreigners come in with our pensions and investments it makes the local Thai worker look like something out of Dickens'. 

Having said that, living in Thailand means that we should all be able to find reasonably priced accommodation.  Maybe shorter term leases would be appropriate as 99 years is beyond all of us.

[Will B Good]

No thank you.

 

99 years living next to drunken, loud, inconsiderate morons of any nationality does not appeal.......one year I can do.

[Liverpool Lou]

5 hours ago, rwill said:

Why would you want to lease a unit when you can buy one?

Because they can't afford the B30+m to buy it, perhaps?

Edited July 12 by Liverpool Lou

[Sydebolle]

They've done it again; the joke of the week reading - this week - as follows: 

"Lease condominiums for 99 years, aiming to stimulate the real estate sector, which has over 200,000 unsold units". With some very few exceptions I could not recall a majority of condominiums which were built 50 years ago in Thailand. 

Why should anyone want to lease something (s)he will never own, will be completely in ⅓ or the lease period if you can rent something. 

Just yet another excuse of "government facilitated everything so it is not the government's fault". 

Clean up your racism on all levels, abolish all this nonsense and start treating everybody the same irrespective of race, religion, ethnic background etc. For the time being Thailand applies "everybody is the same except some are samer than others" - even among their own tribes ...... 

[Guderian]

8 hours ago, webfact said:

However, the Ministry of Finance sees that allowing foreigners to lease condominiums for 99 years is a suitable policy to reduce the backlog of unsold units. Yet, there must be clear zoning criteria determining where foreigners can lease, with each unit valued at more than 30-40 million baht.

 

What is this guy smoking?

[john donson]

7 hours ago, ChasingTheSun said:

This would destroy the home-ownership dreams of Thai people.

 

Pathetic shortsighted idea sponsored by land owners and builders.

 

house price in my moo baan went up 50% compared to 10 years ago

 

nothing to do with FOREIGNERS,   but with THAI GREED and the silly agents

[Toby1947]

99yr lease on condos that are falling apart after 10yrs 😂🤣😂. They're not worth 20 baht.

[Toby1947]

99yr lease on condos that are falling apart after 10yrs 😂🤣😂. They're not worth 20 baht.

[spidermike007]

2 hours ago, Enzian said:

A thing is only worth what others are willing to pay. If there are unsold units then it means the developers and owners have a break-even level that they are currently unwilling to go below. But as Pita mentioned the possibility of catastrophe in another thread, here we have the question of when the economy will reach the point of general capitulation, when the majority just gives up and takes what they can get, and hopes they will survive the effective margin calls. But as far as trust in the policy makers of this country, the damage has been done.

I agree and I understand the concept of at least wanting to break even, but there are market realities, and I suspect you're right. There will come a time when these guys decide something is better than nothing, and something is better than bankruptcy, rather than following the Chinese lead and allowing things to just completely fall off the cliff. 

 

People just don't understand how much trouble China is in, how precarious their economy is, and how enormous both their internal and their external debt load is. I am hoping the CCP falls like a ton of bricks. 

[jaywalker2]

Notice that Sansiri, the prime minister's company, is planning on launching 20 condominium projects this year, valued at 22 billion. They're targeting foreigners, mainly Chinese, for at least a third of pre-sales.

 

Which brings up the question of whether trying to push through legislation to increase the percentage of foreign buyers for condominium projects is unconstitutional. The military specifically forbids Cabinet members from sponsoring legislation that benefits them personally. Even if Srettha nominally transferred shares to his daughter he is still indirectly benefiting. Is this going to be allowed to happen?

[bokningar]

Not hard to figure out why

Sansiri (Thai: แสนสิริ) is one of the largest real estate developers in Thailand. It was founded in 1984 by Srettha Thavisin—who currently serves as the country's prime minister,

 

https://en.wikipedia.org/wiki/Sansiri

[tomacht8]

..... there must be clear zoning criteria determining where foreigners can lease, with each unit valued at more than 30-40 million.

 

35 million baht invested:

conservatively - diversified in dividend investment funds and stocks, should earn interest of around 6% per year. Should bring a gross return of around 2.1 million per year. Would be around 175,000 baht a month. For that money you can also rent something nice wherever you want. And you get the flexibility to change your place of residence relatively quickly if necessary, and you don't have your capital tied up.

 

I have the feeling that Thai politicians often overstate the attractiveness of Thailand for foreigners.

[DonniePeverley]

14 hours ago, spidermike007 said:

Best solution is to lower prices. Greedy developers, who were too lazy to do any market research, before building. The numbers are likely far higher. The economy is sluggish, and the correction has not even come yet. If you are thinking of buying, just wait 

 

 

Ownership has slowed down. But rental prices have gone up. 

 

 

[DonniePeverley]

ecoligical disaster. 

 

Only ones who stand to benefit - property moguls. 

Edited July 12 by DonniePeverley

[DonniePeverley]

18 hours ago, Mason45 said:

The simple solution is cut out the Thai/Foreigner ownership rule. Any foreigner should be allowed to own a property in their name. Maybe they could place a ceiling on the cost and/or land size as in houses. Maybe a one property per farang limit. Take my instance, I've been married for 22 years and I can't even be a joint property owner with my wife.

 

 

The Thai eco system is very fragile. At the moment local Thai's can still afford to live in central Bangkok and work. If you allow foreigners to come and speculate and invest (not to live), then you push up prices. This then causes a ripple that local Thai's will need more wages to keep up. This then demands more wages and ultimately places hardship on Thai's and pushes up prices - as the cost is passed onto the consumer. 

 

Mess with that at your peril. Go see European cities worldwide to see the mess they are in 

[arick]

For 20-30 million Condo???  Thailand or Canary wharf?

Edited July 12 by arick

[Xonax]

On 7/12/2024 at 7:54 AM, Peterphuket said:

Have asked the question before but is it true if you buy a condominium worth more than 4 million thb, you have to pay 35% tax?
If the answer is yes, then I cannot imagine anyone buying anything in LOS anymore.

That would be true, if you will have to pay income tax of the money you transfer to Thailand to buy the condo, as it has been rumored for a very long time. As far as I am concerned, a u-turn has not yet been made on this idea.

Edited July 14 by Xonax