99-Year Land Lease To Foreigners Will Harm Thailand: Jatuporn

[Kerryd]

Funny.
Yesterday it was "200,000" condos.

Today it's 1.3 MILLION !

Yesterday:

Quote

Deputy Prime Minister and Finance minister Pichai Chunhavajira confirms the government is moving forward with a project to allow foreigners to lease condominiums for 99 years, aiming to stimulate the real estate sector, which has over 200,000 unsold units.

Today:

Quote

real estate businesses struggling to sell a backlog of approximately 1.3 million unsold condominium units

Do they get their numbers from the same place TAT gets their tourism numbers ? (Which is probably the same place that supplies everyone with their "lucky" lottery numbers.)

[BangkokReady]

5 hours ago, webfact said:

Though additional measures ensure Thai nationals retain 51% control over condo management, concerns remain about the potential exploitation of these policies.

 

What about the foreigners who would get unequal representation?  They will be being exploited.

[renaissanc]

If you don't marry a bar girl and you live your life with love, compassion, kindness, and care, in that case, I don't think a foreigner needs to worry about not owning the house where he lives. ... Buying a condominium is a bad investment because you will have great difficulty selling it owing to the unending oversupply. Moreover, if the condominium is in Bangkok, good luck selling it now that everyone knows that Bangkok will flood more and more over the coming years and decades. That leaves leasing and renting. Renting is much better because you will be able to move elsewhere when you want to. A 30-year lease is just a scam. It's far too short a time.

[smccolley]

My friends and family in Aus and NZ have seen housing prices skyrocket into the unattainable as Chinese investors buy up property all over those countries. I don't think this law is trying to target Westerners buying one house for themselves, it is trying to prevent China from taking over and driving Thais to homelessness and poverty. 

[Spilornis]

Condos and Land are completely different issues. The space for building more condos is relatively unlimited and tying up a foreigners money in bricks and mortar (especially newly built condos) is great for the local economy. Sure you have to maintain some balance and try and avoid overheating but in general it's manageable.

Landed properties and rural land are comparatively scarce and keeping them for citizens is reasonable.

A tax on unoccupied condos might get some of the overhang moving. There seems to be no pressure to reduce prices to meet the market as we would normally see in the West. I live next door to a 15 year old upmarket condo building (US$1m per apartment). Of the forty floors , 3-4 apartments are occupied. Most are still concrete shells not fitted out. I can't understand it but .. it is the way.

My own local real estate investment is at best zero return over 12 odd years but the lifestyle return has been enormous so I'm happy

[Surasak]

Sounds about right to me.

[Sydebolle]

The 99 years lease will not create extra business to talk about; the backlog of approximately 1.3 million unsold condominium units is nothing but a speculation gone wrong. If you look at the insane and obscene profits those few developers made ........... 
As said earlier, I'd like to see any condominium after 20, 30 and 50 years; there are such exceptions to the rule of run-down condominium blocks all over town. If the condo become inhabitable, as the sinking fund is not fed, the elevators don't get maintained and serviced, the pool turns into a bio topical laboratory and the tennis court looks like a forgotten potato field ....... the land owner heirs can redo the job all over again and sell again condominiums with a 99 years lease ticket. 

The digital post-voting token of appreciation to the voter - with the compliments of pre-dominantly Bangkok's tax payers - is another thing but it will allow the rest of the crooks to keep buying more submarines, Air Force toys, tanks and just some more warfare equipment. Good for those insecure petties suffering from severe inferiority complex lining their pockets but then again - that is and remains a Thai domestic affair.

Trying to finance this with (meanwhile failed) arrival taxation of tourists or re-taxing already taxed pensions of all those retirees (latter being the highest spenders in the land) are all attempts to quick-fix a monetary abyss which has deepened over the last decades. 

The bottle neck is always on top of the bottle; slow steps in getting Thailand towards the 21st century would be appreciated 😉

[Surasak]

2 hours ago, 2baht said:

It's called Chronic Xenophobia!

A translation of an Oxford dictionary would need to be supplied when using big words like that. Do try to remember where you are.

[Kwaibill]

I have so far seen little real justification for this notion but rather the traditional insularity and xenophobia of the Thai ruling class. Which to be fair is historically an Asean traditilon not at all limited to Thailand.

Signed,

One gaijin.☺️

[stoner]

16 minutes ago, Kwaibill said:

One gaijin.

 

how are you my gwai lo brother.

[GammaGlobulin]

3 hours ago, Scouse123 said:

 

 

You obviously have a very blinkered vision of the world.

 

I just wish to see Thailand remain much the way it is.

 

I happen to actually LIKE Thailand.

 

The land around Chiang Mai has been rapidly rising in price.

 

I do not like that.

 

I want the land prices to return to what they were in the 1980s.

 

I want to see the population density, around Chiang Mai, decrease to 2000 levels.

 

People were much happier before rampant price rises for land and  housing and high rents.

 

 

MOST IMPORTANTLY:  We need to save as much farm land as possible.  We don't need no Farang or other foreigners leasing large tracts of land, and then converting farm land to housing and commercial rental properties.  We need to protect our farm land, and land which has not yet been converted to either farm land or commercial land.  Otherwise, we will just add to Global Warming.

 

Anyway, the population here is crashing now.  There will soon be no one to buy all the new housing that investors are hoping to build.  Investing in housing projects is foolish short-term behavior.   The population here in Thailand, just as in Japan, and everywhere else, is CRASHING.   We are now looking at Human Extinction, as well.  There is NO POINT for a 99-year lease, when humans will be extinct within 10 YEARS.  So, no change is required now.

 

 

No change!

 

 

[tomazbodner]

3 hours ago, ChipButty said:

Lets say they agree to the 99 year lease, what would happen to the existing 30 year ones? would they have to extend them to 99 years, 

They would need to be renewed at the end of 30 years or anytime before that to 99 years, if both parties agreed, but it won't convert a 30 year lease into 99 year lease.

[ChipButty]

1 minute ago, tomazbodner said:

They would need to be renewed at the end of 30 years or anytime before that to 99 years, if both parties agreed, but it won't convert a 30 year lease into 99 year lease.

There lies a problem, can you see a Thai renewing a lease? doubt it.

[BobBKK]

4 hours ago, ChasingTheSun said:

The banning of foreign ownership of land and the 49% foreign condo ownership rules are probably two of the smartest laws in Thailand.

It keeps the land and its control for the Thai people.

 

Western countries should also enact similar laws to protect their citizens from foreign buyers.

 
Absurd analysis - it allows the wealthy Thais to buy everything and keep poor Thais poor.

Allow Granny Thai to sell her land to a farang and get a good price to send her grandson to University - what you suggest is absurd protectionism for the 1%.

[GammaGlobulin]

4 hours ago, ChasingTheSun said:

The banning of foreign ownership of land and the 49% foreign condo ownership rules are probably two of the smartest laws in Thailand.

It keeps the land and its control for the Thai people.

 

Western countries should also enact similar laws to protect their citizens from foreign buyers.

 

I completely agree with you, Sir.

 

AND, this is actually an important issue, and one that is much more important than most issues, and I am referring to the useless US election, and may other similar hopeless issues.

 

 

[BobBKK]

12 minutes ago, GammaGlobulin said:

 

I just wish to see Thailand remain much the way it is.

 

I happen to actually LIKE Thailand.

 

The land around Chiang Mai has been rapidly rising in price.

 

I do not like that.

 

I want the land prices to return to what they were in the 1980s.

 

I want to see the population density, around Chiang Mai, decrease to 2000 levels.

 

People were much happier before rampant price rises for land and  housing and high rents.

 

 

MOST IMPORTANTLY:  We need to save as much farm land as possible.  We don't need no Farang or other foreigners leasing large tracts of land, and then converting farm land to housing and commercial rental properties.  We need to protect our farm land, and land which has not yet been converted to either farm land or commercial land.  Otherwise, we will just add to Global Warming.

 

Anyway, the population here is crashing now.  There will soon be no one to buy all the new housing that investors are hoping to build.  Investing in housing projects is foolish short-term behavior.   The population here in Thailand, just as in Japan, and everywhere else, is CRASHING.   We are now looking at Human Extinction, as well.  There is NO POINT for a 99-year lease, when humans will be extinct within 10 YEARS.  So, no change is required now.

 

 

No change!

 

 

 "I want to see the population density, around Chiang Mai, decrease to 2000 levels"

When are you leaving?

[GammaGlobulin]

1 minute ago, BobBKK said:

 
Absurd analysis - it allows the wealthy Thais to buy everything and keep poor Thais poor.

Allow Granny Thai to sell her land to a farang and get a good price to send her grandson to University - what you suggest is absurd protectionism for the 1%.

 

Most people should not attend university.

 

Your argument is completely warped and skewed according to what is best, only for you, and it is not based on what is best for Thailand, or the Thai people.

 

 

[fondue zoo]

This may have been stated, but judging by the average build quality/maintenance of condos here, it's highly unlikely they will still be livable at 50 years into the future let alone a century. 

[BobBKK]

11 minutes ago, GammaGlobulin said:

 

Most people should not attend university.

 

Your argument is completely warped and skewed according to what is best, only for you, and it is not based on what is best for Thailand, or the Thai people.

 

 

I respectfully disagree - we have no such rules in Europe or America, and they THRIVE compared to Thailand. You want to keep Thailand poor and rural because "you like it". 

Poor Thais would benefit - the economy would benefit, and the rich Thais, who make up 0.001%, would lose their monopoly on buying cheap land and property.  

[itsari]

2 hours ago, Kerryd said:

Funny.
Yesterday it was "200,000" condos.

Today it's 1.3 MILLION !

Yesterday:

Today:

Do they get their numbers from the same place TAT gets their tourism numbers ? (Which is probably the same place that supplies everyone with their "lucky" lottery numbers.)

200,000 unsold condos in the 30 to 40 million range is what i read .

[GammaGlobulin]

4 minutes ago, BobBKK said:

I respectfully disagree - we have no such rules in Europe or America, and they THRIVE compared to Thailand. You want to keep Thailand poor and rural because "you like it". 

Poor Thais would benefit - the economy would benefit, and the rich Thais, who make up 0.001%, would lose their monopoly on buying cheap land and property.  

 

If it is land reform you are after, then fine.

 

Just seize the land from huge wealthy landowners, and distribute the land to those with no land.

 

We do not need the help of Farang or other foreigners for this.

 

No need to take land from those that are already poor.

 

You just wish to see poor Thais pushed off of their land by buying at super cheap prices, and then pushing up the price of land, so that Farang can make a killing at the expense of poor Thai people.

 

 

[GammaGlobulin]

10 minutes ago, BobBKK said:

I respectfully disagree - we have no such rules in Europe or America, and they THRIVE compared to Thailand. You want to keep Thailand poor and rural because "you like it". 

Poor Thais would benefit - the economy would benefit, and the rich Thais, who make up 0.001%, would lose their monopoly on buying cheap land and property.  

 

 

There is NOTHING to stop you from investing and building a high-tech manufacturing or research company here.

 

Set up a biotech company, for example.

 

If you set up enough of these, then we will need more uni grads.

 

So, respectfully, instead of buying land, you should invest in high tech in Thailand, for the good of Thai people.

 

 

[David9]

And who the hell is Jatuporn again? Who cares what he says anyway? All these Thai public figures just murmuring about whatever bull<deleted> pop up in their empty brains. Junk information, exaggerated data, and mindless analysis…

[GammaGlobulin]

3 hours ago, ChrisY1 said:

The currennt lease hold is 30 years, not 10. Xenophobia is childish..get a life!

 

I wish to see it REDUCED to 10 years.

 

I have a life.

 

I do not wish to see it ruined by Farang and other foreign fools who care for nothing but lining their own pockets.

 

Concerning Xenophobia, ...No.

But, I do not like bathing in temple fountains, in the nude, is all I am saying.

 

So, Thailand for the Thais, and the polite westerners, and other Asians, is fine with me.

 

 

[GammaGlobulin]

3 hours ago, john donson said:

 

fair would be, same rules for thais outside of thailand

 

that thailand for thais is just xenophobic

 

why would  a foreigner not be allowed to own 1 rai of land to build HIS house in HIS name

 

bigger long scam... in divorce, foreigner lose house ...  specially if family moved in and threaten the person a bit to move or get an accident... high stakes...

 

if 30 year lease got to pay 75% of the value of the condo, so a 99 year lease, thai style, would double or tripple the price, for foreigners, for sure...

 

I do NOT care about what you consider "fair".

Not a bit.

 

I only care about what is best for Thailand and Thai people.

 

Where did you ever hear of the word FAIRNESS being used in the Great Game?

 

 

[BobBKK]

12 minutes ago, GammaGlobulin said:

 

I do NOT care about what you consider "fair".

Not a bit.

 

I only care about what is best for Thailand and Thai people.

 

Where did you ever hear of the word FAIRNESS being used in the Great Game?

 

 

 Yeah, only YOU care about Thai people, right?

[BobBKK]

27 minutes ago, GammaGlobulin said:

 

If it is land reform you are after, then fine.

 

Just seize the land from huge wealthy landowners, and distribute the land to those with no land.

 

We do not need the help of Farang or other foreigners for this.

 

No need to take land from those that are already poor.

 

You just wish to see poor Thais pushed off of their land by buying at super cheap prices, and then pushing up the price of land, so that Farang can make a killing at the expense of poor Thai people.

 

 

 The land is saved for rich, stinking Thais, who make up 0.001% of Thai people. They do this by manipulating land and property - keeping it cheap so they can land grab it ALL.

[NoDisplayName]

8 hours ago, webfact said:

to sell a backlog of approximately 1.3 million unsold condominium units

 

I am confused yellow.

 

Condo units are bought outright by foreigners, not leased.

 

How would offering 99-year rental contracts on units that won't exist in 20 years increase condo sales?

[GammaGlobulin]

1 hour ago, BobBKK said:

 Yeah, only YOU care about Thai people, right?

 

I am NOT one of the MANY Farang who come to Thailand to escape their Home Countries....only to...

 

Try to Change Thailand to be the spitting image of their home countries.

 

Most Farang leave places they say they do not like, and then travel to better places.

Then, they try to change the better places into the problem places they left behind.

 

This process, which happens almost everywhere, must STOP here in Thailand,...

 

Before it is  too late.

 

 

[GammaGlobulin]

1 hour ago, BobBKK said:

 The land is saved for rich, stinking Thais, who make up 0.001% of Thai people. They do this by manipulating land and property - keeping it cheap so they can land grab it ALL.

 

So then, according to your plan, maybe:

 

We can have some rich Farang developers come to Thailand and "develop" the land?

 

We can build millions of low-cost subsidized housing for the Chinese tourists to purchase and inhabit, or to just leave empty until the condos rot from neglect?

 

Sounds like a plan!

 

Anyway:  Far better for rich Thai people to hold onto the undeveloped land.  This is a much better use than building USELESS Condo Junk Houses that are TOO HOT and waste much money on AC cooling.  They are not insulated, for one thing.  And they fall apart soon, for another thing.  And, the concrete required to build these garbage houses requires HUGE amounts of energy, which just needlessly adds to the ongoing Global Warming problem.

 

Sounds like a  plan!